Between 2013 and 2023, the import of parts of aircraft and spacecraft to Singapore showed significant fluctuations. From 2013 to 2014, the value experienced a decline, followed by a marginal increase in 2015. Consistent growth was observed from 2016 to 2019, barring a minor dip in 2019. The global pandemic in 2020 contributed to a notable drop. However, recovery ensued from 2021 to 2023, reaching a value of 8.2155 billion USD in 2023.
Highlights of variations include:
- 2013 to 2014: Decrease of 12.84%
- 2014 to 2015: Slight increase of 0.82%
- 2015 to 2016: Growth of 11.19%
- 2016 to 2017: Surge of 17.77%
- 2017 to 2018: Significant rise by 18.8%
- 2018 to 2019: Slight dip by 1.04%
- 2019 to 2020: Sharp decline by 13.76%
- 2020 to 2021: Uptick of 18.67%
- 2021 to 2022: Growth by 8.92%
- 2022 to 2023: Minor increase by 3.29%
The compounded annual growth rate (CAGR) over the last five years averaged 2.64%, reflecting a moderately steady trend despite some year-on-year volatility.
Forecasts from 2024 to 2028 suggest continued growth in import values, with an expected CAGR of 2.44% and an overall growth rate of 12.8%. This implies a steady upward trend, albeit at a modest rate compared to previous fluctuations.
Future trends to watch include potential impacts of technological advancements in aviation, geopolitical developments, and global economic conditions. Sustainability initiatives and changes in global aircraft manufacturing patterns may also influence future import values significantly.
