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     FrontPage Edition: Sat 5 May 2007

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Key Survey Findings on Transport & Storage Services 2005



Transport & Storage Services

The transport & storage services industry comprised 9,300 establishments in 2005. The industry employed a total of 112,400 workers, or an average of 12 workers per establishment.
Total operating receipts generated by the transport & storage services industry was $57.9 billion in 2005, an increase of 16.2 per cent over 2004.
The increase was mainly due to the strong growth registered by water transport services particularly shipping lines and ship & boat leasing firms. On a per establishment basis, operating receipts increased by 18.9 per cent in 2005 over 2004.
Total operating expenditure incurred went up by 16.0 per cent from $42.1 billion in 2004 to $48.9 billion in 2005. Correspondingly, operating expenditure per establishment increased by 18.7 per cent to $5.3 million in 2005.
Total operating surplus rose by 7.6 per cent from $11.7 billion in 2004 to $12.6 billion in 2005. On a per establishment basis, operating surplus increased by 10.2 per cent to $1.4 million in 2005.
Total value added generated was $18.9 billion in 2005, 7.1 per cent higher compared with the previous year. On a per establishment basis, value added grew by 9.6 per cent from $1.9 million in 2004 to $2.0 million in 2005.
Land1 transport firms which made up 43.8 per cent of total establishments in transport & storage services, accounted for the largest share of 27.2 per cent of the industry¡¯s total workforce in 2005 (Chart 1).

On a per establishment basis, however, air2 transport firms were the largest employer, hiring an average of 212 workers.
In spite of the relatively smaller number of firms engaged in water3 and air transport services, they accounted for 84.8 per cent and 75.0 per cent of transport & storage services¡¯ total operating receipts and value added respectively (Chart 2).

Remuneration was among the top 5 business cost items across all groups in transport & storage services. It accounted for 6 to 44 per cent of the respective group¡¯s total operating expenditure (Table 1). Except for firms in the water and air transport services, remuneration was the top business cost item for the other transport & storage services groups in 2005.

For water transport services, charter fees on vessels and other transport equipment was the most significant business cost item in 2005, constituting 26.6 per cent of the group¡¯s operating expenditure. For air transport services, the top business cost item was fuel.
Profitability Ratio of the transport & storage services industry dropped from 23.5 per cent in 2004 to 21.8 per cent in 2005. Within the industry, firms engaged in storage & warehousing services continued to register significantly higher profitability ratio of 34.0 per cent in 2005, though this was lower than the 37.0 per cent recorded in 2004 (Chart 3).
Except for the ¡°Other Transport¡± group, all the transport & storage services groups registered lower profitability ratios in 2005.

Earnings-expenditure Ratio remained the highest for firms in storage & warehousing services, at 43.3 per cent in 2005 (Chart 4). However, this group also registered the largest drop when compared to their earnings-expenditure ratio of 48.0 per cent in 2004. The ¡°land¡±, ¡°water¡±, ¡°air¡± and ¡°post & courier¡± groups also recorded lower ratios, ranging from 17 to 30 per cent in 2005.

Average Annual Remuneration per Employee remained the highest for employees in air transport services. They received an average annual remuneration of $92,300 in 2005, significantly higher than the transport & storage services industry¡¯s average of $55,100 (Table 2).

Firms with less than 100 workers formed the majority (98.6 per cent) in the transport & storage services industry (Table 3). However, firms with 200 workers & above, which constituted only 0.7 per cent, contributed the most to total operating receipts (59.8 per cent).


1 Includes supporting services to land transport

2 Includes supporting services to air transport

3 Includes supporting services to water transport

Source: Media Release 3 May 2007

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