From 2013 to 2023, Singapore's import of machines for public works and building, expressed in million kilograms, showed significant fluctuations. In 2023, the volume stood at approximately 1.7068 million kilograms. Over the last two years, the year-on-year variation observed minimal growth at 2.11% in 2022 and 2.02% in 2023. The average annual growth rate (CAGR) over the last five years was relatively modest at 1.55%, indicating stable yet slow growth.
Future trends to watch for include:
- Consistent growth in imports, with the forecasted volume reaching approximately 1.8835 million kilograms by 2028.- Potential external economic factors influencing growth rates, such as global supply chain changes and construction industry demands.- Technological advancements in public works and building machinery leading to increased imports.
