Onion Price in Singapore - 2023
Contents:
- Onion Price in Singapore (CIF) - 2023
- Onion Price in Singapore (FOB) - 2023
- Onion Imports in Singapore
- Onion Exports in Singapore
Onion Price in Singapore (CIF) - 2023
In June 2023, the average onion import price amounted to $550 per ton, waning by -6.4% against the previous month. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in November 2022 an increase of 11% against the previous month. Over the period under review, average import prices hit record highs at $721 per ton in December 2022; however, from January 2023 to June 2023, import prices remained at a lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was the Netherlands ($3,847 per ton), while the price for Pakistan ($227 per ton) was amongst the lowest.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (+19.0%), while the prices for the other major suppliers experienced more modest paces of growth.
Onion Price in Singapore (FOB) - 2023
In June 2023, the average onion export price amounted to $496 per ton, growing by 20% against the previous month. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in December 2022 when the average export price increased by 230% m-o-m. As a result, the export price attained the peak level of $1,584 per ton. From January 2023 to June 2023, the the average export prices failed to regain momentum.
There were significant differences in the average prices for the major overseas markets. In June 2023, the country with the highest price was Malaysia ($843 per ton), while the average price for exports to Indonesia totaled $468 per ton.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+1.0%).
Onion Imports in Singapore
After three years of growth, purchases abroad of onions (dry) decreased by -2.5% to 76K tons in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by 4.6% against the previous year.
In value terms, onion imports contracted to $50M in 2022. The total import value increased at an average annual rate of +5.1% from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 24%. As a result, imports attained the peak of $53M. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
| Import of Onion in Singapore (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Malaysia | 11.5 | 13.5 | 14.1 | 14.6 | 8.3% |
| India | 8.7 | 6.2 | 8.3 | 11.9 | 11.0% |
| Thailand | 4.2 | 7.0 | 8.5 | 7.0 | 18.6% |
| China | 6.7 | 7.7 | 6.6 | 6.3 | -2.0% |
| Netherlands | 1.7 | 2.7 | 2.3 | 2.7 | 16.7% |
| Pakistan | 3.3 | 5.1 | 5.6 | 1.8 | -18.3% |
| Myanmar | 0.3 | 1.3 | 0.7 | 1.2 | 58.7% |
| New Zealand | 0.7 | 1.5 | 1.6 | 0.9 | 8.7% |
| Others | 5.8 | 8.3 | 5.6 | 3.6 | -14.7% |
| Total | 43.0 | 53.3 | 53.3 | 49.9 | 5.1% |
Top Suppliers of Onion to Singapore in 2022:
- India (30.7K tons)
- Malaysia (15.1K tons)
- China (9.3K tons)
- Pakistan (5.3K tons)
- Netherlands (5.0K tons)
- Thailand (4.2K tons)
- Myanmar (2.5K tons)
- New Zealand (1.5K tons)
Onion Exports in Singapore
In 2022, approx. 14K tons of onions (dry) were exported from Singapore; increasing by 5.1% on 2021 figures. Over the period under review, total exports indicated resilient growth from 2019 to 2022: its volume increased at an average annual rate of +15.5% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +54.1% against 2019 indices. The growth pace was the most rapid in 2021 when exports increased by 29%. The exports peaked in 2022 and are likely to see steady growth in the near future.
In value terms, onion exports rose rapidly to $8.1M in 2022. In general, total exports indicated a strong increase from 2019 to 2022: its value increased at an average annual rate of +18.1% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +64.7% against 2019 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 29%. The exports peaked in 2022 and are likely to see gradual growth in years to come.
| Export of Onion in Singapore (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Indonesia | 4.4 | 5.9 | 6.5 | 7.5 | 19.5% |
| Malaysia | 0.5 | 0.5 | 0.7 | 0.6 | 6.3% |
| Others | 0.1 | N/A | N/A | N/A | 0% |
| Total | 4.9 | 6.4 | 7.2 | 8.1 | 18.2% |
Top Export Markets for Onion from Singapore in 2022:
- Indonesia (13.0K tons)
- Malaysia (0.8K tons)
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