The import of knitted or crocheted fabric to Singapore has shown a significant downward trend over the past years. From 2013's value of $93.99 million, the imports decreased to $42.088 million in 2023, marking a substantial decline. The year-on-year variation shows substantial fluctuations with a notable 12.19% decrease in 2023 compared to 2022. Over the last two years alone, imports have dropped by approximately 12.19% per year. Additionally, the CAGR from 2018 to 2023 stands at about -10.56%, pointing to a sustained downturn. Forecasts from 2024 onward predict further declines, with a forecasted five-year CAGR of -20.15%, culminating in just $11.578 million by 2028, translating to an approximate overall reduction of 67.55% over this period.

Future trends to watch for include:

Continued decline in import volumes, impacting local supply chains and potentially leading to a shift in market dynamics.
Exploration of alternative markets or sourcing strategies by local textiles and apparel industries.
Impact of global trade policies and economic conditions on import volumes.
Technological advancements in local manufacturing potentially reducing dependence on imports.