Overview of the Construction and Mining Industry in Singapore and How to Buy Equipment.
Singapore
Singapore is an island city in Southeast Asia. It is bordered by Malaysia from the north and by Indonesia from the south.
- Singapore has a population of 5.704 million.
- Capital: Singapore
- Official Languages: Tamil, English, Malay, and Mandarin Chinese
- Total Area: 728.3 km²
- Currency: Singapore Dollar
Economic Statistics of Singapore
In 2019, Singapore had a Gross Domestic Product (GDP) of 372.1 billion USD and is measured to trend around 3.23% in 2022 and 2.73% in 2023.
Economic Sector Divide
Here are the shares of the economic sectors in the GDP:
- Agriculture: 0.5%
- Industry: 24.8%
- Services: 75.2%
Trade Statistics
The major trading partners of the country are:
Main Import Partners
- Hong Kong, China: 11.82%
- Malaysia: 10.90%
- China: 12.24%
- Indonesia: 8%
- United States: 7.74%
Main Export Partners
- China: 13.40%
- Malaysia: 11.55%
- United States: 11.36%
- Other Asia: 8.48%
- Japan: 5.98%
Industries of Singapore
Mining Industry of Singapore
It is said that Singapore is a good platform for the growth of the international mining industry – especially Asia – as it has a large supply of metals and minerals and for oil and gas.
The mining sector share in Singapore’s GDP had fallen to 66551.90 SGD Million in the second half of 2020 from 74819.60 SGD Million in the first half of 2020. Mining industry in Singapore is forecasted to be at 70612.00 SGD Million by the end of 2021.<./p>
Businesses and firms are investing in mineral extraction projects and for selling and marketing crucial reserves such as coal and gold. The government is focusing on providing enough opportunities for international companies to settle law firms and operate to prevent risks in the process of mining transitions which has been an issue.
Camamach has the best quality mining equipment if you’re looking to get involved in the business.
Construction Industry of Singapore
In 2020, Singapore’s construction sector accounted for 12.1 billion Singapore dollars to the country’s GDP, and it is estimated to be around 3839.00 SGD Million in 2022 and 3919.00 SGD Million in 2023.
Even though due to covid the construction demand has not been at its highest, the government aims to make a successful recovery in the next few years.
There are many projects on hold to be commenced including infrastructure, healthcare, and residential construction.
If you are looking to be a part of this recovery for Singapore Camamach has high-quality machinery at reasonable prices.
Seaports and Trading Hubs of Singapore
Singapore is accessible through both land and sea. Its main seaport is the Port of Singapore
What heavy machinery or equipment does Singapore Import?
Some of the imported equipment includes Backhoe Loaders, Heavy Duty Trucks, Self-Loading Concrete Mixers, Concrete Batching Plants, etc.
What regulations are there on importing equipment to Singapore?
You need to register at the Accounting and Corporate Regulatory Authority or contact the Unique Entity Number issuance agency to Activate your customs account and import goods.
Import Documentation
Common import documentation includes:
- Customs Permit
- Invoice
- Packing List
- Bill of Lading
For further comprehensive details on the import regulations in Singapore, you can visit this official site.
Why should the Singapore import equipment?
- Availability - In comparison to the domestic market, foreign suppliers are always well-stocked to suit your needs.
- High Equipment Cost- Domestic vendors are often more expensive than foreign suppliers..
- Equipment Quality- International providers, such as Camamach, address both the immediate and long-term concerns of delivery.
- Infrastructural Development- The country's increasing infrastructure development necessitates the use of high-quality equipment at reasonable prices.
Where Can I Buy Equipment for Singapore ?
Camamach has been exporting equipment to Singapore for years. Feel free to contact us at [email protected] or WhatsApp us at +86-131-2037-9271 for a FREE quotation. We also ship worldwide; for other countries, check out our experience here.
