Key Market Indicators
Singapore's clothing accessories export market is projected to decline to approximately $99,000 by 2028, down from around $597,000 in 2023. This represents an annual decrease of 27.5% in compound annual growth rate (CAGR). The country's supply of clothing accessories has been on a downward trend since 1994, with an average annual decline of 15.6%. In 2023, Singapore ranked 20th in global clothing accessories exports, having been overtaken by South Africa, which reported exports amounting to about $597,000. The Netherlands, Malaysia, and Italy held the second, third, and fourth positions, respectively, in this ranking. On the import side, Singapore's market for clothing accessories is also set to shrink. Imports are expected to dip to roughly $435,000 by 2028, down from approximately $1.1 million in 2023. This indicates an average annual decline of 14.7% over the period. Since 1994, Singapore's demand for imported clothing accessories has seen an average annual decrease of 9.3%.
