Singapore: Grain Market 2024

Grain Market Size in Singapore

In 2022, after two years of decline, there was significant growth in the Singaporean grain market, when its value increased by X% to $X. Overall, consumption continues to indicate a mild downturn. Grain consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Grain Production in Singapore

In value terms, grain production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

The average yield of cereal grains in Singapore stood at less than X kg per ha in 2022, remaining constant against the previous year's figure. In general, the yield showed a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of cereal grains production in Singapore totaled less than X ha, leveling off at the year before. Over the period under review, the harvested area saw a relatively flat trend pattern.

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Grain Exports

Exports from Singapore

For the third year in a row, Singapore recorded decline in overseas shipments of cereal grains, which decreased by X% to X tons in 2022. Over the period under review, exports faced a deep setback. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, grain exports contracted notably to $X in 2022. Overall, exports recorded a perceptible downturn. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia (X tons), Brunei Darussalam (X tons) and Bangladesh (X tons) were the main destinations of grain exports from Singapore, with a combined X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bangladesh (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), Bangladesh ($X) and Malaysia ($X) were the largest markets for grain exported from Singapore worldwide, together comprising X% of total exports.

Bangladesh, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average grain export price stood at $X per ton in 2022, reducing by X% against the previous year. In general, the export price, however, recorded a strong increase. The most prominent rate of growth was recorded in 2020 when the average export price increased by X%. The export price peaked at $X per ton in 2021, and then shrank in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Myanmar ($X per ton), while the average price for exports to Samoa ($X per ton) was amongst the lowest.

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

Grain Imports

Imports into Singapore

In 2022, the amount of cereal grains imported into Singapore shrank to X tons, with a decrease of X% against 2021 figures. In general, imports showed a mild setback. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, grain imports soared to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Australia (X tons) constituted the largest supplier of grain to Singapore, with a X% share of total imports. Moreover, grain imports from Australia exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Canada (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Australia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Canada (X% per year).

In value terms, the largest grain suppliers to Singapore were Australia ($X), the United States ($X) and Canada ($X), together accounting for X% of total imports. Malaysia and India lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Malaysia, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average grain import price stood at $X per ton in 2022, increasing by X% against the previous year. Overall, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, grain import price increased by X% against 2017 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the United States ($X per ton) and Canada ($X per ton), while the price for Australia ($X per ton) and India ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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