Construction exports to Middle East tops $1b in 2006
BCA data shows region accounted for half of total exports from sector
CONSTRUCTION exports to the Middle East surged five times to $1 billion last year, though the total value of exports continued to decline.
According to figures from the Building and Construction Authority (BCA), construction exports to the Middle East counted for half of all the sector’s exports. Qatar and the United Arab Emirates (UAE) were the most popular destinations.
In 2005, construction exports to the Middle East worth $203 million counted for only 10 per cent of all sector exports. Unfortunately, construction exports to other regions did not do as well last year.
Those to South-east Asia dipped to $539 million from $581 million, counting for 29 per cent of construction exports in 2005 and 26 per cent last year. Malaysia was the largest export market with a 30 per cent share, followed by Indonesia and Brunei.
Singapore contractors were also less busy in China and India - exports to China plunged from $414 million to $144 million last year, while exports to India fell to $93 million from $222 million. BCA said the fall in exports to China could be due to a drop in demand for pure construction services offered by foreign firms. Demand for environment-related projects such as water treatment plants by Singapore firms remained strong, it said.
Singapore firms also clinched fewer overseas consultancy projects in fewer countries last year. They won 360 projects in 28 countries compared with 450 projects in 35 countries in 2005. BCA says this could be due to more domestic job opportunities, given the upturn in the local construction industry.
China and India remained the largest export destinations for local consultants, counting for almost half of all projects secured in 2006. However, the Middle East also sparkled as a rising export destination for consultancy services, with the number of projects rising to 45 last year from just five in 2003.
Construction exports on the whole continued their two-year decline. The value of overseas construction contracts hit a 10-year high of $2.5 billion in 2004 but fell to $2.2 billion in 2005, then dipped further to $2.1 billion last year.
Ministry of Trade and Industry figures showed the construction sector grew a sizzling 9.7 per cent in the first quarter of this year.
Source : Business Times - 23 May 2007
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