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Source:
www.gov.sg |
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ECONOMIC SURVEYS SERIES
Reference Year 2004 |
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TRANSPORT SERVICES |
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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. |
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I. ECONOMIC PERFORMANCE |
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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. |
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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. |
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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. |
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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. |
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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. |
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II. MAIN ACTIVITIES IN TRANSPORT SERVICES |
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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). |
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On a per establishment basis, however, air
transport firms were the largest employer, hiring an average of 209
workers. |
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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). |
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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). |
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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). |
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III. KEY PERFORMANCE RATIOS |
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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). |
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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. |
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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). |
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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. |
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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). |
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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). |
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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. |
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IV. PERFORMANCE BY FIRM SIZE |
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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. |
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More..... |
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Source:
www.gov.sg Media Release 31 Mar 2006 |
Key Survey Findings on Transport Services 2004
