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     FrontPage Edition: Mon 7 April 2008

Key survey findings on Transport and Storage Services 2006

Source: www.singstat.gov.sg

ECONOMIC SURVEYS SERIES Reference Year 2006
Transport and Storage Services
The transport & storage services industry comprised 9,100 establishments in 2006. The industry employed a total of 117,900 workers, or an average of 13 workers per establishment.
I. ECONOMIC PERFORMANCE
Total operating receipts generated by the transport & storage services industry was $61.2 billion in 2006, a growth of 4.9 per cent over 2005.
The increase in 2006 was smaller compared with the double-digit growth of 17.0 per cent registered in 2005 when the strong growth in the water transport sector boosted the overall transport & storage services industry. On a per establishment basis, operating receipts increased by 2.8 per cent in 2006 over 2005.
Total operating expenditure incurred went up by 7.8 per cent from $49.4 billion in 2005 to $53.3 billion in 2006. Correspondingly, operating expenditure per establishment increased by 5.7 per cent to $5.8 million in 2006.
Total operating surplus dropped by 4.6 per cent from $12.6 billion in 2005 to $12.0 billion in 2006. On a per establishment basis, operating surplus decreased by 6.5 per cent to $1.3 million in 2006.
Total value added generated was $18.8 billion in 2006, 0.9 per cent lower compared to the previous year. The drop was mainly due to a lower value added registered by the water transport services in 2006 particularly shipping lines and ship & boat leasing firms. On a per establishment basis, value added dropped by 2.9 per cent to $2.1 million in 2006.
II. MAIN ACTIVITIES IN TRANSPORT & STORAGE SERVICES
Land[1] transport firms which made up 43.3 per cent of total establishments in transport & storage services, accounted for the largest share of 25.2 per cent of the industry’s total workforce in 2006 (Chart 1).

On a per establishment basis, however, air[2] transport firms were the largest employer, hiring an average of 205 workers. In spite of the relatively smaller number of firms engaged in water[3] and air transport services, they continued to account for the largest share of transport & storage services’ total operating receipts and value added at 84.3 per cent and 73.6 per cent respectively (Chart 2).

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 2006 (Table 1).

For water transport services, charter fees on vessels and other transport equipment was the most significant business cost item in 2006, constituting 26.1 per cent of the group’s operating expenditure. For air transport services, the top business cost item, fuel, accounted for more than one-quarter of the group’s operating expenses.
III. KEY PERFORMANCE RATIOS
Profitability Ratio of the transport & storage services industry dropped from 21.7 per cent in 2005 to 19.7 per cent in 2006. Within the industry, firms engaged in water transport services registered the largest drop from 24.3 per cent in 2005 to 20.9 per cent in 2006 (Chart 3). Firms engaged in storage & warehousing services continued to have the highest profitability ratio of 34.0 per cent in 2006.

Earnings-expenditure Ratio remained the highest for firms in storage & warehousing services, at 44.0 per cent in 2006 (Chart 4). While this group registered a higher earningsexpenditure compared to 2005, the “water transport services” group recorded a drop in their earnings-expenditure ratio in 2006. Due to a lower operating surplus but higher operating expenditure, the water transport services recorded a lower ratio at 24.8 per cent in 2006.

Average Annual Remuneration per Employee was the highest for employees in air transport services. They received an average annual remuneration of $95,100 in 2006, significantly higher than the transport & storage services industry’s average of $55,500 (Table 2).

IV. PERFORMANCE BY FIRM SIZE
Firms with less than 100 workers formed the majority (98.4 per cent) in the transport & storage services industry (Table 3). However, firms with 200 workers & above, which constituted only 0.8 per cent, contributed the most to total operating receipts (58.7 per cent).

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1 Includes supporting services to land transport

2 Includes supporting services to air transport

3 Includes supporting services to water transport

Source: www.singstat.gov.sg Media Release 4 Apr 2008

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