Price for Non-Furniture Refrigerating or Freezing Equipment in Singapore - 2022

Contents:

1. Price for Non-Furniture Refrigerating or Freezing Equipment in Singapore (FOB) - 2022
2. Price for Non-Furniture Refrigerating or Freezing Equipment in Singapore (CIF) - 2022
3. Exports of Non-Furniture Refrigerating or Freezing Equipment in Singapore
4. Imports of Non-Furniture Refrigerating or Freezing Equipment in Singapore

Price for Non-Furniture Refrigerating or Freezing Equipment in Singapore (FOB) - 2022

The average export price for non-furniture refrigerating or freezing equipment stood at $255 per unit in 2022, picking up by 18% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. The most prominent rate of growth was recorded in 2018 an increase of 20%. As a result, the export price reached the peak level of $255 per unit. From 2019 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Mexico ($255 per unit) and the United States ($255 per unit), while the average price for exports to Japan ($255 per unit) and China ($255 per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Price for Non-Furniture Refrigerating or Freezing Equipment in Singapore (CIF) - 2022

The average import price for non-furniture refrigerating or freezing equipment stood at $250 per unit in 2022, surging by 7.8% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The pace of growth was the most pronounced in 2018 when the average import price increased by 15% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Germany ($250 per unit) and Japan ($250 per unit), while the price for the UK ($250 per unit) and South Korea ($250 per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+2.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports of Non-Furniture Refrigerating or Freezing Equipment in Singapore

After three years of growth, overseas shipments of non-furniture refrigerating or freezing equipment decreased by -35.6% to 2.3M units in 2022. In general, exports showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by 40% against the previous year. As a result, the exports reached the peak of 3.5M units, and then contracted notably in the following year.

In value terms, non-furniture refrigerating or freezing equipment exports contracted rapidly to $579M in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 25% against the previous year. As a result, the exports reached the peak of $760M, and then contracted notably in the following year.

Top Export Markets for Non-Furniture Refrigerating or Freezing Equipment from Singapore in 2022:

1. China (1812.5K units)
2. Japan (158.4K units)
3. Mexico (62.1K units)
4. United States (51.0K units)

Imports of Non-Furniture Refrigerating or Freezing Equipment in Singapore

In 2022, the amount of non-furniture refrigerating or freezing equipment imported into Singapore soared to 846K units, growing by 24% compared with 2021 figures. Over the period under review, total imports indicated a buoyant expansion from 2019 to 2022: its volume increased at an average annual rate of +13.9% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +62.4% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 31%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, non-furniture refrigerating or freezing equipment imports surged to $211M in 2022. In general, total imports indicated a significant increase from 2019 to 2022: its value increased at an average annual rate of +20.0% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +81.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 36%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

Top Suppliers of Non-Furniture Refrigerating or Freezing Equipment to Singapore in 2022:

1. China (325.5K units)
2. United States (193.3K units)
3. Japan (88.8K units)
4. Malaysia (73.2K units)
5. Vietnam (43.4K units)
6. South Korea (23.5K units)
7. Italy (22.6K units)
8. Germany (16.3K units)
9. Taiwan (Chinese) (16.1K units)

Source: IndexBox Market Intelligence Platform