Plugs and Socket Price in Singapore - 2023
Contents:
- Plugs and Socket Price in Singapore (FOB) - 2022
- Plugs and Socket Price in Singapore (CIF) - 2023
- Plugs and Socket Exports in Singapore
- Plugs and Socket Imports in Singapore
Plugs and Socket Price in Singapore (FOB) - 2022
In 2022, the average plugs and socket export price amounted to $0.8 per unit, jumping by 39% against the previous year. Over the last decade, it increased at an average annual rate of +4.5%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($1 per unit), while the average price for exports to Hong Kong SAR ($0.7 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.
Plugs and Socket Price in Singapore (CIF) - 2023
In September 2022, the average plugs and socket import price amounted to $1.0 per unit, dropping by -9.6% against the previous month. Over the period under review, the import price faced a precipitous slump. As a result, import price reached the peak level of $2.4 per unit. From July 2022 to September 2022, the average import prices failed to regain momentum.
Prices varied noticeably by the country of origin: the country with the highest price was the United States ($3.9 per unit), while the price for Germany ($290 per thousand units) was amongst the lowest.
From June 2022 to September 2022, the most notable rate of growth in terms of prices was attained by China (-13.0%), while the prices for the other major suppliers experienced a decline.
Plugs and Socket Exports in Singapore
In 2022, overseas shipments of electrical plugs and sockets for under 1000 v decreased by -19.8% to 971M units for the first time since 2018, thus ending a three-year rising trend. The total export volume increased at an average annual rate of +3.8% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. As a result, the exports attained the peak of 1.2B units, and then declined markedly in the following year.
In value terms, plugs and socket exports reached $743M in 2022. In general, total exports indicated a remarkable increase from 2019 to 2022: its value increased at an average annual rate of +17.1% 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 +60.8% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 21%. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in years to come.
| Export of Plugs and Socket in Singapore (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Malaysia | 101 | 139 | 160 | 186 | 22.6% |
| Hong Kong SAR | 72.0 | 105 | 96.2 | 84.7 | 5.6% |
| Thailand | 54.6 | 52.7 | 66.0 | 81.1 | 14.1% |
| China | 44.4 | 61.2 | 82.3 | 71.4 | 17.2% |
| Indonesia | 32.6 | 27.0 | 36.0 | 65.9 | 26.4% |
| United States | 26.2 | 24.7 | 40.9 | 52.2 | 25.8% |
| India | 20.6 | 22.1 | 32.7 | 42.7 | 27.5% |
| South Korea | 15.7 | 20.6 | 24.8 | 26.5 | 19.1% |
| Philippines | 17.3 | 20.0 | 23.4 | 23.8 | 11.2% |
| Taiwan (Chinese) | 13.0 | 16.9 | 22.3 | 21.6 | 18.4% |
| Vietnam | 14.6 | 16.1 | 22.1 | 21.4 | 13.6% |
| Germany | 9.2 | 9.9 | 15.9 | 15.2 | 18.2% |
| Others | 40.7 | 37.1 | 44.3 | 50.3 | 7.3% |
| Total | 462 | 552 | 667 | 743 | 17.2% |
Top Export Markets for Plugs and Socket from Singapore in 2022:
- Malaysia (241.6M units)
- Hong Kong SAR (128.7M units)
- China (105.7M units)
- Thailand (101.0M units)
- Indonesia (64.1M units)
- United States (61.2M units)
- India (51.7M units)
- South Korea (36.4M units)
- Philippines (34.0M units)
- Vietnam (30.4M units)
- Taiwan (Chinese) (30.3M units)
- Germany (19.9M units)
Plugs and Socket Imports in Singapore
In 2022, after three years of growth, there was significant decline in purchases abroad of electrical plugs and sockets for under 1000 v, when their volume decreased by -5.5% to 671M units. The total import volume increased at an average annual rate of +10.1% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 27% against the previous year. As a result, imports attained the peak of 711M units, and then declined in the following year.
In value terms, plugs and socket imports fell to $472M in 2022. Over the period under review, total imports indicated a strong expansion from 2019 to 2022: its value increased at an average annual rate of +14.3% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +49.3% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 37% against the previous year. As a result, imports attained the peak of $498M, and then reduced in the following year.
| Import of Plugs and Socket in Singapore (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 83.8 | 114 | 161 | 162 | 24.6% |
| United States | 69.7 | 61.7 | 71.7 | 72.5 | 1.3% |
| Japan | 15.5 | 38.6 | 51.9 | 44.6 | 42.2% |
| Germany | 29.2 | 27.1 | 43.5 | 33.3 | 4.5% |
| Mexico | 21.0 | 20.6 | 30.3 | 31.8 | 14.8% |
| Malaysia | 20.1 | 13.8 | 18.3 | 20.1 | 0.0% |
| Taiwan (Chinese) | 9.3 | 14.8 | 17.5 | 16.3 | 20.6% |
| South Korea | 9.7 | 13.7 | 18.2 | 11.7 | 6.4% |
| Czech Republic | 4.3 | 6.9 | 10.4 | 9.9 | 32.0% |
| Vietnam | 2.6 | 4.1 | 7.5 | 9.7 | 55.1% |
| Indonesia | 3.7 | 1.9 | 4.1 | 6.5 | 20.7% |
| Philippines | 4.4 | 4.7 | 9.5 | 5.8 | 9.6% |
| Others | 42.4 | 42.0 | 53.7 | 47.0 | 3.5% |
| Total | 316 | 364 | 498 | 472 | 14.3% |
Top Suppliers of Plugs and Socket to Singapore in 2022:
- China (219.4M units)
- United States (115.9M units)
- Japan (71.3M units)
- Mexico (50.9M units)
- Germany (43.4M units)
- Taiwan (Chinese) (19.3M units)
- South Korea (18.7M units)
- Malaysia (18.5M units)
- Vietnam (15.5M units)
- Czech Republic (13.2M units)
- Indonesia (12.1M units)
- Philippines (9.3M units)
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