Singapore: Tin Bar Market 2024

Tin Bar Market Size in Singapore

The Singaporean tin bar market rose notably to $X in 2022, growing by 12% against the previous year. Over the period under review, consumption, however, continues to indicate buoyant growth. Tin bar consumption peaked in 2022 and is expected to retain growth in the near future.

Tin Bar Production in Singapore

In value terms, tin bar production shrank slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a perceptible reduction. The pace of growth was the most pronounced in 2014 with an increase of 108% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

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Tin Bar Exports

Exports from Singapore

Tin bar exports from Singapore expanded significantly to X tons in 2022, surging by 12% against the previous year's figure. Over the period under review, exports, however, faced a significant decrease. The pace of growth was the most pronounced in 2014 when exports increased by 84% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, tin bar exports soared to $X in 2022. Overall, exports, however, saw a precipitous shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 175% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Indonesia (X tons), Thailand (X tons) and Malaysia (X tons) were the main destinations of tin bar exports from Singapore, together comprising 66% of total exports. China, Vietnam, India, Hong Kong SAR and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of +18.5%), while the other leaders experienced mixed trend patterns.

In value terms, Indonesia ($X), Thailand ($X) and Malaysia ($X) constituted the largest markets for tin bar exported from Singapore worldwide, together comprising 71% of total exports. China, India, Vietnam, Hong Kong SAR and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 23%.

Among the main countries of destination, India, with a CAGR of +24.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average tin bar export price stood at $X per ton in 2022, picking up by 6% against the previous year. Over the period under review, the export price enjoyed a strong increase. The most prominent rate of growth was recorded in 2014 an increase of 49%. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+30.2%), while the prices for the other major destinations experienced more modest paces of growth.

Tin Bar Imports

Imports into Singapore

In 2022, tin bar imports into Singapore surged to X tons, increasing by 23% on 2021 figures. Over the period under review, imports, however, recorded a sharp curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 84%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, tin bar imports surged to $X in 2022. In general, imports, however, continue to indicate a precipitous decrease. The most prominent rate of growth was recorded in 2014 with an increase of 104%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest tin bar supplier to Singapore, accounting for a 66% share of total imports. Moreover, tin bar imports from Malaysia exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), sixfold. The third position in this ranking was taken by Indonesia (X tons), with a 9.9% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia stood at +12.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+26.9% per year) and Indonesia (-44.8% per year).

In value terms, Malaysia ($X) constituted the largest supplier of tin bars, rods, profiles and wires to Singapore, comprising 61% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 13% share of total imports. It was followed by Indonesia, with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia totaled +18.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+30.2% per year) and Indonesia (-39.2% per year).

Import Prices by Country

In 2022, the average tin bar import price amounted to $X per ton, rising by 19% against the previous year. Over the period under review, the import price showed a strong increase. The most prominent rate of growth was recorded in 2017 when the average import price increased by 39%. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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