Key Market Indicators
Singaporean musical instrument import is poised to drop by 0.5% to $60 million by 2026, down from $61 million in 2021. Since 1994, demand has decreased at an average rate of 1.2% annually. In 2021, Singapore was ranked 26th, with Sweden overtaking it at $61 million. Germany, China and Japan followed as the 2nd, 3rd and 4th biggest players in the market. Meanwhile, Singapore's musical instrument export is forecast to decline 2.8% to $19 million by 2026, from $22 million in 2021. Since 1994, its supply has decreased by 7.1% on average each year. In 2021, Singapore was placed 23rd while Thailand came in at $22 million. Germany, the US and Japan were the 2nd, 3rd and 4th largest exporters respectively.