Singapore: Tufted Carpet Market 2024

Tufted Carpet Market Size in Singapore

The Singaporean tufted carpet market amounted to $X in 2022, growing by 12% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded a pronounced reduction. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Tufted Carpet Exports

Exports from Singapore

In 2022, the amount of tufted carpets and other tufted textile floor coverings exported from Singapore dropped modestly to X square meters, waning by -3.7% on the year before. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 86% against the previous year. Over the period under review, the exports reached the maximum at X square meters in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, tufted carpet exports contracted to $X in 2022. In general, exports recorded a slight curtailment. The pace of growth appeared the most rapid in 2013 with an increase of 85%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia (X square meters), India (X square meters) and Indonesia (X square meters) were the main destinations of tufted carpet exports from Singapore, together comprising 66% of total exports. Japan, Taiwan (Chinese), Sri Lanka, Brunei Darussalam, Vietnam, Thailand, the Philippines, Australia, New Zealand and Saudi Arabia lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +119.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Malaysia ($X) and Indonesia ($X) were the largest markets for tufted carpet exported from Singapore worldwide, together comprising 57% of total exports. Japan, Vietnam, the Philippines, Sri Lanka, Australia, Brunei Darussalam, Thailand, New Zealand, Saudi Arabia and Taiwan (Chinese) lagged somewhat behind, together comprising a further 34%.

Among the main countries of destination, Taiwan (Chinese), with a CAGR of +66.5%, 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

In 2022, the average tufted carpet export price amounted to $X per square meter, waning by -4.5% against the previous year. Over the period under review, the export price saw a mild curtailment. The pace of growth was the most pronounced in 2013 an increase of 31% against the previous year. As a result, the export price reached the peak level of $X per square meter. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sri Lanka (+4.2%), while the prices for the other major destinations experienced more modest paces of growth.

Tufted Carpet Imports

Imports into Singapore

In 2022, purchases abroad of tufted carpets and other tufted textile floor coverings increased by 29% to X square meters, rising for the second year in a row after two years of decline. Over the period under review, total imports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +109.2% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 62%. Over the period under review, imports reached the peak figure at X square meters in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, tufted carpet imports amounted to $X in 2022. In general, imports, however, recorded a perceptible shrinkage. The pace of growth was the most pronounced in 2021 when imports increased by 25%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X square meters) constituted the largest tufted carpet supplier to Singapore, with a 72% share of total imports. Moreover, tufted carpet imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X square meters), more than tenfold. The third position in this ranking was held by Thailand (X square meters), with a 5.8% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+12.2% per year) and Thailand (-5.1% per year).

In value terms, China ($X) constituted the largest supplier of tufted carpets and other tufted textile floor coverings to Singapore, comprising 52% of total imports. The second position in the ranking was held by Thailand ($X), with a 13% share of total imports. It was followed by the United States, with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-5.6% per year) and the United States (-20.6% per year).

Import Prices by Country

The average tufted carpet import price stood at $X per square meter in 2022, declining by -21.1% against the previous year. In general, the import price saw a abrupt downturn. The growth pace was the most rapid in 2017 when the average import price increased by 22%. The import price peaked at $X per square meter in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per square meter), while the price for Malaysia ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+10.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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