The export of aircraft parts from Singapore has shown fluctuating trends over the past decade. From 2013 to 2019, the export value experienced a mixture of growth and decline, with significant drops in 2014 and 2020, the latter likely due to global disruptions. However, a strong recovery phase began in 2021, with a notable increase in value through to 2022. As of 2023, the export value stands at approximately $7.49 billion USD, reflecting steady growth. The year-on-year change indicates moderate improvement, with an average annual increase of 3.39% over the last five years. Looking forward, the forecast indicates a moderate growth trajectory, with the export value expected to continue rising to approximately $8.56 billion USD by 2028, leading to a forecasted five-year CAGR of 2.16% and an overall growth rate of 11.27%.
Future trends to watch for:
- Technological advancements in aircraft manufacturing and their impact on parts demand.
- The recovery and growth of global air travel post-pandemic potentially increasing demand.
- Shifts in global trade policies that could either advance or hinder export capabilities.
- Environmental regulations driving innovation in aircraft parts, influencing export patterns.
