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     FrontPage Edition: Tue 4 Apr 2006

Key Survey Findings on Transport Services 2004




The transport services industry comprised 8,800 establishments in 2004. The industry employed a total of 100,700 workers, or an average of 11 workers per establishment.
Total operating receipts generated by the overall transport services industry was $46.1 billion in 2004, an increase of 18.4 per cent over 2003.
The increase was mainly due to double-digit growths registered by water and air transport services. On a per establishment basis, operating receipts increased by 17.3 per cent in 2004 over 2003.
Total operating expenditure incurred went up by 13.2 per cent from $34.4 billion in 2003 to $39.0 billion in 2004. Correspondingly, operating expenditure per establishment increased by 12.2 per cent to $4.4 million in 2004.
Total operating surplus rose from $8.2 billion in 2003 to $10.9 billion in 2004, an increase of 34.1 per cent. This was mainly attributed to the strong growth in water transport particularly shipping lines and ship and boat leasing firms. On a per establishment basis, operating surplus increased by 32.9 per cent to $1.2 million in 2004.
Total value added generated was $16.5 billion in 2004, an increase of 24.3 per cent over the previous year. On a per establishment basis, value added grew by 23.2 per cent from $1.5 million in 2003 to $1.9 million in 2004.
Land transport firms which made up 47.5 per cent of total establishments in transport services, contributed to a significant share of 29.0 per cent of the industry¡¯s total workforce in 2004 (Chart 1).

On a per establishment basis, however, air transport firms were the largest employer, hiring an average of 209 workers.
In spite of the relatively smaller number of firms engaged in water and air transport services, they accounted for 85.1 per cent of total transport services¡¯ operating receipts and 76.6 per cent of total value added (Chart 2).

Depreciation of fixed assets was among the top four business cost items across all the groups in transport services. It made up 5-19 per cent of the respective group¡¯s total operating expenditure (Table 1).

For water and air transport services, cargo handling fees was the most significant business cost item in 2004, forming 29.0 per cent and 28.2 per cent of the respective group¡¯s total operating expenditure. This was followed by charter fees on vessels and other transport equipment for water transport (20.8 per cent) and fuel cost for air transport (19.7 per cent).
Profitability Ratio of the overall transport services industry rose from 21.0 per cent in 2003 to 23.7 per cent in 2004. Among transport services¡¯ firms, those engaged in storage & warehousing services continued to register significantly higher profitability ratio of 38.8 per cent in 2004, though this was slightly lower than the 40.9 per cent recorded in 2003 (Chart 3).
Except for ¡°Storage & Warehousing¡±, all the transport services groups registered higher profitability ratios in 2004, with firms in water transport services showing the most improvement with a profitability ratio of 26.9 per cent in 2004 compared to the 23.0 per cent registered in 2003.

Cost Effectiveness, as measured by the earnings-expenditure ratio, remained the highest for firms in storage & warehousing services, at 51.7 per cent in 2004 (Chart 4).
With the exception of storage & warehousing, all the other industry groups within transport services were more cost efficient in 2004 compared with the previous year. The drop in the earnings-expenditure ratio of the storage & warehousing services group was due to lower operating surplus and higher operating expenditure.

Average Annual Remuneration per Employee remained the highest for employees in air transport services. They received an average annual remuneration of $91,700 in 2004, significantly higher than the transport services industry¡¯s average of $54,800 (Table 2).

Value Added per Worker was $221,900 for air transport services in 2004, a 43.2 per cent increase from the $155,000 registered in 2003. (Chart 5).
The growth was the highest among the transport services groups, resulted from higher value-added and lower employment. Firms engaged in water transport services continued to record the highest value added of $369,800 per worker.

Small firms (i.e. less than 10 workers) formed the majority (88.0 per cent) in the transport services industry (Table 3). However, large firms (100 workers & above), which constituted only 1.4 per cent, contributed the most to total operating receipts (72.4 per cent). This group¡¯s value added per worker was also the highest at $175,000 in 2004.


Source: Media Release 31 Mar 2006


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