Singapore Freight Transport Report Q2 2015
BMI View: Our forecasts for freight transport volumes through the major Singapore facilities of ChangiInternational Airport and the port of Singapore are positive, reflecting a broadly positive domestic andglobal macroeconomic environment. Singapore's role as a global transhipment hub is both a blessing and acurse, with volumes prone to declining in times of global recession, but at present we expect that thecountry will benefit from relatively solid demand from key markets in Europe, where falling oil prices willsupport consumer demand growth. That said, the growth will be fairly lacklustre, especially in terms of airfreight, and there remain salient downside risks, not least a slowing Chinese economy.
Headline Industry Data
2015 air freight tonnage through Changi International Airport to grow 1.1% to 1.87mn tonnes after anexpansion of 0.3% in 2014. Growth over our forecast period (2015-2019) to average 1.2% a year to1.96mn tonnes.
The port of Singapore's gross tonnage will grow by 5.3% in 2015 to 611.57mn tonnes, with averageannual growth at 5.4% during our forecast period to 755.48mn tonnes.
The country's overall trade will grow by 4.4% in real terms in 2015, to average 4.3% to 2019.
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