Musical Instrument Strings Price in Singapore - 2022

Musical Instrument Strings Price in Singapore (CIF) - 2022

The average musical instrument strings import price stood at $2.5 per unit in 2022, remaining constant against the previous year. Over the last decade, it increased at an average annual rate of +3.4%. The most prominent rate of growth was recorded in 2021 an increase of 9.5% against the previous year. As a result, import price attained the peak level of $2.5 per unit, leveling off in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($4.4 per unit), while the price for Mexico ($1.3 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+9.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Musical Instrument Strings Price in Singapore (FOB) - 2022

In 2022, the average musical instrument strings export price amounted to $5.4 per unit, with an increase of 7.6% against the previous year. Overall, export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, musical instrument strings export price decreased by -6.5% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the average export price increased by 41%. Over the period under review, the average export prices attained the peak figure at $5.8 per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($6.3 per unit), while the average price for exports to Lao People's Democratic Republic ($0.1 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 the United States (+6.7%), while the prices for the other major destinations experienced more modest paces of growth.

Musical Instrument Strings Imports in Singapore

Musical instrument strings imports into Singapore was estimated at 1.7M units in 2022, with an increase of 9.2% on the year before. Overall, total imports indicated a resilient expansion from 2019 to 2022: its volume increased at an average annual rate of +11.3% 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 +77.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 63% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, musical instrument strings imports rose significantly to $4.2M in 2022. Over the period under review, imports saw a prominent increase. The growth pace was the most rapid in 2021 with an increase of 78% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Import of Musical Instrument Strings in Singapore (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	1,305	1,177	2,109	2,102	17.2%
Germany	188	186	166	324	19.9%
China	198	177	365	280	12.2%
Austria	330	176	292	240	-10.1%
Indonesia	85.4	15.6	52.4	203	33.5%
Italy	83.8	66.5	116	199	33.4%
Japan	122	79.9	38.3	193	16.5%
United Kingdom	59.8	73.4	106	96.4	17.3%
Others	195	196	581	520	38.7%
Total	2,567	2,147	3,826	4,156	17.4%

Top Suppliers of Musical Instrument Strings to Singapore in 2022:

United States (880.3K units)
Italy (129.9K units)
Indonesia (114.7K units)
China (108.2K units)
Austria (88.2K units)
Japan (78.1K units)
Germany (72.8K units)
United Kingdom (30.4K units)

Musical Instrument Strings Exports in Singapore

In 2022, exports of musical instrument stringses from Singapore dropped to 281K units, waning by -7.9% compared with the previous year. Over the period under review, exports showed a slight descent. The most prominent rate of growth was recorded in 2021 with an increase of 31% against the previous year. As a result, the exports attained the peak of 305K units, and then declined in the following year.

In value terms, musical instrument strings exports dropped to $1.5M in 2022. In general, exports showed a slight decrease. The pace of growth appeared the most rapid in 2021 with an increase of 14%. The exports peaked at $1.6M in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Export of Musical Instrument Strings in Singapore (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Indonesia	483	437	744	1,079	30.7%
Malaysia	169	244	241	203	6.3%
China	N/A	N/A	N/A	77.4	0%
United States	6.9	2.3	49.8	43.8	85.2%
Philippines	30.0	79.8	81.9	41.4	11.3%
Brunei Darussalam	55.9	184	127	31.5	-17.4%
Hong Kong SAR	758	308	228	3.2	-83.8%
Lao People's Democratic Republic	N/A	N/A	N/A	0.5	0%
Others	100	88.1	59.7	36.8	-28.3%
Total	1,604	1,343	1,531	1,517	-1.8%