June was a good month for the transportation sector in Singapore with a production increase of 4.6%. The engineering branch of this industry was the one registering the highest performance in June, as it rebounded from the 12.8% decline in the previous month to a 4.6% expansion. The good news does not stop here as Singapore companies in the transportation sector are expected to improve their income balance by 9% in the third quarter of the year.
Foreign investors interested in starting a business in the transportation sector can obtain information on the regulations they must comply with from our Singapore company formation consultants.
Transport engineering is one of the most complex industries in Singapore as it is comprised of several connected branches. One of the most performant branches of this industry was aerospace engineering which registered an output of 24.9% in June, 2.2% higher than the previous month.
Land transportation has also had one of its best moments with an output rising by 23.9% which was boosted by the production of motor vehicle spare parts.
Our company formation advisors in Singapore can also assist foreign investors who want to start businesses in the land transportation industry.
Foreign enterprisers who want to open Singapore companies have plenty of opportunities if they decide for the transportation industry. For example, Singapore is a logistics and transportation hub for the whole Southeast Pacific region. Free zones like Banyan LogisPark, and Changi International LogisPark cater to the needs of the largest international companies transporting goods by air; therefore, it is understandable why aerospace is one of the most important segments of the transportation engineering industry. The transportation sector is completed by the marine, offshore engineering and land transport.
Singapore owns 20% of the ship repair global market share and 25% of the aerospace maintenance, repair and overhaul of the Asian market share. At last, Singapore is also home to 6 of the largest automotive distribution centers in Asia.
For assistance in opening a company in the transportation sector, do not hesitate to contact our Singapore company formation experts.