Singapore: Public Works Machinery Market 2024

Public Works Machinery Market Size in Singapore

The Singaporean public works machinery market fell sharply to $X in 2021, with a decrease of -34.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a significant increase. Public works machinery consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Public Works Machinery Exports

Exports from Singapore

In 2021, approx. X units of machinery for public works and building were exported from Singapore; surging by 13% against 2020 figures. In general, exports saw a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 302% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, public works machinery exports fell sharply to $X in 2021. Over the period under review, exports, however, continue to indicate a noticeable decline. The pace of growth was the most pronounced in 2018 when exports increased by 142% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Bangladesh (X units) was the main destination for public works machinery exports from Singapore, accounting for a 47% share of total exports. Moreover, public works machinery exports to Bangladesh exceeded the volume sent to the second major destination, the Philippines (X units), fourfold. The third position in this ranking was taken by Indonesia (X units), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to Bangladesh amounted to +161.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+85.9% per year) and Indonesia (-2.7% per year).

In value terms, the largest markets for public works machinery exported from Singapore were Malaysia ($X), Indonesia ($X) and the Philippines ($X), with a combined 64% share of total exports.

The Philippines, with a CAGR of +74.7%, recorded the highest growth rate of the value of exports, among 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

In 2021, the average public works machinery export price amounted to $X per unit, reducing by -63% against the previous year. Over the period under review, the export price saw a abrupt descent. The most prominent rate of growth was recorded in 2018 when the average export price increased by 146% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to Bangladesh ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (-6.5%), while the prices for the other major destinations experienced a decline.

Public Works Machinery Imports

Imports into Singapore

In 2021, imports of machinery for public works and building into Singapore reduced remarkably to X units, dropping by -23.8% compared with 2020. In general, imports, however, showed significant growth. The pace of growth was the most pronounced in 2015 when imports increased by 213% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, public works machinery imports declined markedly to $X in 2021. Over the period under review, imports continue to indicate a abrupt contraction. The growth pace was the most rapid in 2018 with an increase of 54%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

China (X units), the UK (X units) and Italy (X units) were the main suppliers of public works machinery imports to Singapore, with a combined 82% share of total imports. These countries were followed by the United States, Canada, Sweden, the Netherlands and Malaysia, which together accounted for a further 14%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of +69.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Italy ($X) and the United States ($X) appeared to be the largest public works machinery suppliers to Singapore, together comprising 51% of total imports. The UK, the Netherlands, Malaysia, Canada and Sweden lagged somewhat behind, together comprising a further 19%.

In terms of the main suppliers, Sweden, with a CAGR of +26.1%, recorded 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

In 2021, the average public works machinery import price amounted to $X per unit, declining by -53.2% against the previous year. Overall, the import price saw a sharp reduction. The most prominent rate of growth was recorded in 2018 when the average import price increased by 317% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+6.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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