After three years of decline, the Singapore crane market grew by X% to $X in 2020. But overall, consumption faces a severe downturn. The rate of growth was most pronounced in 2013, when market cap increased by X% year-over-year. Consumption of cranes peaked at $X in 2007; however, from 2008 to 2020, consumption was at a lower level.
In 2020, the number of cranes and mobile cranes exported from Singapore dropped significantly to X units, down -X% from the previous year. Overall, exports fell sharply. The most significant growth rate occurred in 2008, with an X% year-on-year increase. As a result, exports peaked at X units. Export growth failed to regain momentum between 2009 and 2020.
Crane exports fell sharply to $X in 2020 by value. Overall, exports showed a deep decline. In 2010, the growth rate was the fastest, with an increase of X% year-on-year. During the period under review, exports hit an all-time high of $X in 2011; however, from 2012 to 2020, exports have remained low.
The United Arab Emirates (unit X), Indonesia (unit X) and Malaysia (unit X) were the main destinations for Singapore's crane exports, together accounting for X% of total exports. Thailand, Taiwan (China), Australia, Vietnam, Hong Kong SAR, Myanmar, the United States, Cambodia and the Philippines are slightly behind, with the most significant growth in shipments from 2007 to 2020, with Taiwan (China) gaining the main destination countries, while exports from other leaders experienced a more modest pace of growth.
In value terms, Indonesia ($X) remains the leading foreign market for Singapore's crane exports, accounting for X% of total exports. In second place is Hong Kong Special Administrative Region ($X), which accounts for X% of total exports. It is closely followed by Malaysia with an X% share.
From 2007 to 2020, the average annual growth rate of value to Indonesia is -X%. Exports to other major destinations recorded the following average annual export growth rates: Hong Kong SAR (+X% per annum) and Malaysia (-X% per annum).
For the fourth year in a row, Singapore's foreign purchases of cranes, mobile cranes fell -X% to X units in 2020. During the period under review, imports recorded a marked decline. The most significant growth rate occurred in 2008, when imports increased by X% year-on-year. During the period under review, imports peaked at X units in 2013; however, from 2014 to 2020, imports declined slightly.
In 2020, crane imports fell to X dollars in value. Overall, imports fell sharply. The most significant growth rate occurred in 2008, when imports increased by X% year-on-year. During the period under review, imports reached a record $X in 2013; however, from 2014 to 2020, imports decreased slightly.
In 2020, China (X units) was the largest crane supplier in Singapore, accounting for X% of total imports. In addition, the number of cranes imported from China exceeded the number recorded by the second largest supplier, Italy (X units) by more than ten times. Third in the ranking is Malaysia (X units) with an X% share.
From 2007 to 2020, the average annual growth rate of sales from China reached +X%. The average annual growth rates of imports for the remaining suppliers are as follows: Italy (+X% per annum) and Malaysia (-X% per annum).
China (USD X) is the largest crane supplier to Singapore by value, accounting for X% of total imports. In second place is Japan ($X) with X% of total imports. It is followed by Germany with an X% share.
From 2007 to 2020, the average annual growth rate of value from China is +X%. The average annual growth rates of imports for the remaining suppliers are as follows: Japan (-X% per annum) and Germany (-X% per annum).
China is Singapore's largest crane supplier by value, accounting for 59% of total imports. In second place is Japan, which accounts for 12% of total imports. It is followed by Germany with a share of 7.8%.
In value terms, Indonesia remains the main foreign market for Singapore’s crane exports, accounting for 41% of total exports. In second place was the Hong Kong Special Administrative Region, which accounted for 16% of total exports. It is closely followed by Malaysia with a share of 9.6%.
The average export price of cranes in 2020 was US$19,440 per unit, an increase of 33% over the previous year.
The average import price for cranes in 2020 was $24,584 per unit, roughly mirroring the previous year’s level.
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