singapore

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SINGAPORE

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INTRODUCTION In today’s global business, print faces constant change and multinational challenges. In order to react intelligently and be proactive printing industry business leaders urgently need worldwide data to reference when making internationally-based business decisions. PRIMIR recently released a series of three reports on the “World Wide Market for Print.” Pira International was commissioned to investigate the key global print markets. This study identified 51 country markets that make up 99% of the global commercial printing industry. The series of reports detail social and economic climate in each region, demographic profiles, advertising trends, internet usage/adoption, print markets and applications, print process share, and market sizing for presses, equipment, consumables and paper. Forecasts are provided through 2011. The report that follows is a summary of data and information from all three reports pertaining to this specific country. Note: Unless otherwise noted, the data is presented in U.S. Dollars, taking into account forecast rates for GDP growth and inflation, constant 2006 exchange rates have been applied. The final report includes a database where statistics are provided for both current and constant U.S. Dollars as well as in local currency (both current and constant).

SINGAPORE - OVERVIEW Singapore is an island state and the smallest country in south-east Asia. A former British colony, it became fully independent in 1965. Soon after, it adopted a democratic socialist policy with a welfare system. From an economically undeveloped country, it has made strides to attain First World status by the end of the 20th century. GDP in 2006 is projected to reach US$129.3 billion with GDP per capita at US$29,546.

The Republic of Singapore has a parliamentary system of government. The President is the chief of state and is duly elected. His powers include legislative appointments, government budgetary affairs and internal security matters. The prime minister and the cabinet hold executive powers. Legislative powers are vested in both the Parliament and government. The leader of the party or coalition of parties having majority in the Parliament is elected as Prime Minister. Elections are held every five years and the

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current government formed in 2001 is led by the People’s Action Party (PAP), which has dominated the political scene since 1965.

DEMOGRAPHIC TRENDS Singapore’s population came to 4.3 million in 2005, set to rise to 5.2 million by 2050 with the median age rising from 38.1 years to 52.1 years by 2050. The literacy rate is 95%, with 61.6% of people aged above 15 having secondary or higher qualifications. Singapore has a labor force of 2.3 million, with 26.5% employed in professional and technical jobs, 10.8% in administrative and managerial jobs, 21.4% in manufacturing, 4.9% in finance services and 10.9% in business services.

Figure 1 Singapore: Long-term Demographic Trends by Age Group, 2000-2050 0-14

15-64

65+

Total population 6,000

80 70

5,213

5,144

5,000

60 % population

4,000 64.4

71.1

3,000

40 56.1

31.3

30 2,000

22.3

21.7 20

13.3

12.6 1,000

7.2

10 0

0 2000

2025

Source: United Nations

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2050

Population ('000s)

4,017 50

ECONOMIC TRENDS The highly developed market-based economy of Singapore with a heavy dependence on exports saw a slump between 2001 and 2003 due to the global recession and the outbreak of Severe Acute Respiratory Syndrome (SARS). Revitalizing policy changes and improvements in global trends have seen Singapore recover. GDP in 2006 is projected to reach US$129.3 billion, with GDP growth of 5.5% versus 6.4% growth in 2005, forecast to decline to 4.5% in 2007. Although inflation is rising, it is still well under control at under 3%.

Despite high per capita GDP, the relatively small population generates low domestic demand. The economy has a high dependence on exports especially in electronics and manufacturing. In 2005/06, exports surged ahead with a value of SUS$382 billion, with imports valued at SUS$333 billion. Singapore had a comfortable foreign exchange reserve position of SUS$193 billion at the end of 2005. The Singapore dollar continues to appreciate against the US dollar. The current account surplus at the end of 2006 will remain substantial.

Manufacturing industry, essential to exports, has diversified into electronics, chemicals, mechanical engineering and biomedical sciences. Purchases of natural resources and raw materials are processed for re-export as in the wafer fabrication industry and oil refining.

Government revenues were augmented by the Goods and Service Tax introduced in 1994. This has come in handy for reorienting the economy and reducing dependence on electronics manufacturing. Ways to be less vulnerable to external business cycles are also being worked upon. Sustained efforts are being made by the government, to establish Singapore as the financial and high tech hub in South Asia.

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Table 1 Singapore: Key Economic Indicators, 2003-2007 Indicator Population ('000s) Exchange rate (=US$1) Purchasing power parity (=US$1) GDP (local currency, millions, current prices) GDP (local currency, millions, constant 2000 prices) GDP (current, US$ million) GDP, PPP (current, US$ million) GDP per capita (US$) GDP per capita, PPP (US$) GDP growth (%) GDP deflator (%) Consumer price index (2000=100) Imports (US$ million) Exports (US$ million)

2003 4,200 1.74 1.53 161,547 167,120 92,727 104,128 22,080 24,794 2.9 -0.9 101.1 127,934 144,182

2004 4,262 1.69 1.55 181,704 181,660 107,502 115,854 25,221 27,181 8.7 3.5 102.8 173,585 198,637

2005 4,326 1.65 1.55 194,360 193,286 117,882 123,441 27,250 28,535 6.4 0.6 103.3 200,047 229,649

2006p 4,378 1.62 1.56 210,051 203,917 129,339 131,675 29,546 30,080 5.5 2.5 105.9 n/a n/a

2007f 4,430 1.60 1.57 224,412 213,093 140,287 140,372 31,669 31,689 4.5 2.3 108.3 n/a n/a

Note: p=projected; f=forecast Source: Pira International, Ltd calculations from the United Nations (population data), International Monetary Fund (economic data)

THE MEDIA ENVIRONMENT The media in Singapore is highly regulated, with censorship, regulated Internet access and a ban on private ownership of satellite dishes. Singapore Press Holdings has a monopoly of the newspaper industry, and Media Corp operates TV and radio stations. The government has a strong influence in both print and electronic media. Political debates are more open on Internet, though those posting such material have to register with the authorities.

The publishing and printing sector, with the highest exports and operating receipts, accounts for nearly 40% of media spending. There were ten dailies with a combined average circulation of 1.50 million in 2006 versus 1.35 million in 2005 and 1.62 million in 2004. There are around 5,500 foreign-language publications.

Advertising expenditure fell by 8.3% in 2005, the print advertising market being valued at SUS$186 million. Newspapers accounted for a major share of advertising revenues. As of 2005, Internet penetration levels stood at 56%. This compared with 30% in 2000.

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Table 2 Singapore: Print media trends, 2000-2004 Advertising media Newspaper trends Number of dailies Number of non-dailies Number of Sundays Circulation of dailies ('000s) Circulation non-dailies ('000s) Circulation Sundays ('000s) Magazine trends Number of consumer titles

2000

2001

2002

2003

2004

11 3 7 1,334 115 1,088

10 2 7 1,300 95 1,057

10 2 7 1,325 99 1,062

11 n/a n/a 1,496 101 1,067

11 n/a n/a 1,542 86 1,048

n/a

n/a

n/a

n/a

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Source: World Advertising Trends, World Press Trends, World Magazine Trends Figure 2 Singapore: Trends in Internet Usage, 2000-2005 60

56.0 49.4

50 % population

43.5 38.4

40 33.9 30

29.9

20 10 0 2000

2001

2002

2003

2004

2005

Source: Pira International Ltd calculations from Internetworldstats.com (www.Internetworldstats.com); OECD (broadband penetration)

PRINT MARKET TRENDS Around 19,000 people are employed in the printing and graphics industry. There were 901 printing companies in 2004, with 55% in commercial printing and 12.5% publishing newspapers, books and magazines. As of now, over 3000 publishing and printing companies are based in Singapore.

The Singapore print market was valued at SUS$3.20 billion (US$1.94 billion) in 2005, projected to grow by 6.1% in absolute terms in 2006 and by 3.5% in real terms, excluding the impact of inflation. During the period 2001-2006, the market grew at an

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average annual rate of almost 4% in absolute terms and just less than 3% per annum in real terms.

Table 3 Singapore: Print Market Trends, 2001-2006

SUS$ million, current prices SUS$ million, constant 2005 prices US$ million, current prices

2001

2005

2006p

3,392.5

% change 20052006 6.1

CAGR (%) 20012006 3.8

2,818.1

3,198.7

2,885.0

3,198.7

3,311.7

3.5

2.8

$1,572.9

$1,940.1

$2,088.9

7.7

5.8

Note: p=projected Source: Pira International Ltd

Sheetfed offset litho represents the single largest segment of the Singapore market across print processes, with printing output valued at SUS$822 million in 2005, projected to grow by 5% in absolute terms in 2006. Coldset web offset is the single largest component of offset litho printing with output at SUS$506 million ahead of heatset web offset at SUS$474 million, with all segments growing at similar rates. The fastest growing areas of the market are Electrophotography and inkjet at SUS$169 million and SUS$64 million respectively in 2005, with letterpress and also flexo to an extent losing market share.

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Table 4 Singapore: Print Market Trends by Print Process, 2001-2006 (SUS$ million, current prices) Process Offset litho Sheetfed Web Coldset Heatset Gravure Flexo Screen Letterpress Electrophotography Inkjet Other Total

2001

2005

2006p

1,662.4 762.1 900.3 470.9 429.4 297.7 321.1 94.8 179.9 69.1 47.0 146.2 2,818.1

1,801.4 822.0 979.4 505.6 473.8 368.3 345.3 115.4 198.1 169.3 63.7 137.3 3,198.7

1,894.0 862.4 1,031.6 532.3 499.3 389.9 358.4 119.6 207.1 189.1 72.5 161.8 3,392.5

% change 2005-2006 5.1 4.9 5.3 5.3 5.4 5.9 3.8 3.7 4.5 11.7 13.8 17.8 6.1

CAGR (%) 2001-2006 2.6 2.5 2.8 2.5 3.1 5.5 2.2 4.8 2.9 22.3 9.0 2.0 3.8

Source: Pira International Ltd Note: p=projected Table 5 Singapore: Print Market Trends by Print Process, 2001-2006 (US$ million, current prices) Process Offset litho Sheetfed Web Coldset Heatset Gravure Flexo Screen Letterpress Electrophotography Inkjet Other Total

2001

2005

2006p

$927.8 425.3 502.5 262.8 239.7 166.2 179.2 52.9 100.4 38.5 26.3 81.6 $1,572.9

$1,092.6 498.6 594.0 306.6 287.4 223.4 209.4 70.0 120.2 102.7 38.7 83.3 $1,940.1

$1,166.2 531.0 635.2 327.8 307.4 240.1 220.7 73.7 127.5 116.5 44.6 99.6 $2,088.9

% change 2005-2006 6.7 6.5 6.9 6.9 7.0 7.5 5.4 5.3 6.1 13.4 15.5 19.6 7.7

CAGR (%) 2001-2006 4.7 4.5 4.8 4.5 5.1 7.6 4.3 6.8 4.9 24.7 11.2 4.1 5.8

Note: p=projected Source: Pira International Ltd

Across end-use areas, packaging represents the single largest product sector with sales of SUS$947 million in 2005, projected to grow by 6.6% in 2006. Other key fastgrowth areas during 2006 include advertising sectors such as posters and brochures, as well as labels.

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Table 6 Singapore: Print Market Trends by Product Sector, 2001-2006 (SUS$ million, current prices) Product

2001

2005

2006p

Books Catalogs Directories Magazines Newspapers Direct mail Brochures & pamphlets, other promotional print* Inserts Coupons, tickets & tape printing Posters & banners** Business forms Financial & legal printing*** Packaging - Corrugated & solid fiber - Cartons - Flexibles Labels Others Total

216.9 83.7 69.6 341.0 436.3 1.5 94.5

256.3 89.7 73.6 384.1 489.7 66.7 65.9

19.8 2.3 34.3 89.9 106.3 812.6 471.0 182.3 159.3 139.6 369.8 2,818.1 812.6 347.8 464.8

Packaging - Consumer packaging - Industrial packaging

274.1 93.6 77.3 402.6 517.5 4.4 117.9

% change 20052006 6.9 4.4 5.1 4.8 5.7 -93.5 78.8

CAGR (%) 2001-2006 4.8 2.3 2.1 3.4 3.5 23.4 4.5

22.2 5.4 25.0 98.1 127.8 947.4 539.8 224.5 183.0 153.2 393.7 3,198.7

28.1 4.2 43.3 98.5 136.7 1,010.4 556.0 234.5 219.9 163.9 419.9 3,392.5

26.4 -22.7 73.3 0.5 7.0 6.6 3.0 4.4 20.1 7.0 6.7 6.1

7.2 12.7 4.8 1.8 5.2 4.5 3.4 5.2 6.6 3.3 2.6 3.8

947.4 413.2 534.2

1,010.4 452.3 558.1

6.6 9.5 4.5

4.5 5.4 3.7

Note: p=projected; *excl. financial publications, etc; *plus other point-of-sale advertising materials; ***inc. financial reports, etc Source: Pira International Ltd

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Table 7 Singapore: Print Market Trends by Product Sector, 2001-2006 (US$ million, current prices) Product Books Catalogs Directories Magazines Newspapers Direct mail Brochures & pamphlets, other promotional print* Inserts Coupons, tickets & tape printing Posters & banners** Business forms Financial & legal printing*** Packaging - Corrugated & solid fiber - Cartons - Flexibles Labels Others Total Packaging - Consumer packaging - Industrial packaging

2001

2005

2006p $168.8 57.6 47.6 247.9 318.7 2.7 72.6

% change 2005-2006 8.6 6.0 6.7 6.4 7.3 -93.4 81.5

CAGR (%) 2001-2006 6.9 4.3 4.1 5.4 5.5 25.8 6.6

$121.1 46.7 38.9 190.3 243.5 0.9 52.7

$155.5 54.4 44.6 233.0 297.0 40.4 40.0

11.1 1.3 19.1 50.2 59.3 453.5 262.9 101.7 88.9 77.9 206.4 $1,572.9

13.5 3.3 15.2 59.5 77.5 574.6 327.4 136.2 111.0 92.9 238.8 $1,940.1

17.3 2.6 26.7 60.7 84.2 622.1 342.4 144.4 135.4 100.9 258.6 $2,088.9

28.3 -21.5 75.9 2.0 8.6 8.3 4.6 6.0 21.9 8.6 8.3 7.7

9.4 14.9 6.9 3.9 7.3 6.5 5.4 7.3 8.8 5.3 4.6 5.8

$453.5 194.1 259.4

$574.6 250.6 324.0

$622.1 278.5 343.7

8.3 11.1 6.1

6.5 7.5 5.8

Note: p=projected; *excl. financial publications, etc; *plus other point-of-sale advertising materials; ***inc. financial reports, etc Source: Pira International Ltd

MACHINERY, INK, CONSUMABLES AND SUBSTRATES Given the speed of product development and the rapid pace of technology transfer, most of the key developments for printing presses and processes over the next five years will be seen in all of the main regions of the world, despite the fact that the rate of adoption varies between developed and developing regions.

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Table 8 Singapore: Printing Machinery (US$ million, current prices) Sector Sheetfed offset Coldset web offset Heatset web offset Gravure Flexo Screen Letterpress Electrophotography Inkjet Spares Prepress - Film imagesetters - Platesetters Postpress Total

20.4 6.9 5.9 4.0 4.8 3.0 5.1 4.9 2.1 51.9 5.2

% change 2005-06 -3.0 -1.9 -3.0 -6.1 7.1 -9.9 -9.1 7.3 14.6 20.0 4.0

1.1 4.1 4.9 119.1

-8.5 8.1 0.2 6.9

2006

18.1 7.4 5.3 3.3 5.7 2.8 3.5 8.7 4.8 50.4 5.3

% change 2006-11 -11.3 8.2 -9.6 -17.6 19.8 -4.8 -32.8 77.3 124.5 -2.9 2.8

0.9 4.5 4.9 120.2

-23.1 10.1 -1.5 1.0

2011

Source: Pira International Ltd

Table 9 Singapore: Printing Machinery (SUS$ million, current prices) Sector Sheetfed offset Coldset web offset Heatset web offset Gravure Flexo Screen Letterpress Electrophotography Inkjet Spares Prepress - Film imagesetters - Platesetters Postpress Total

32.5 10.9 9.4 6.4 7.6 4.7 8.2 7.9 3.4 82.7 8.3

% change 2005-06 -6.2 5.5 1.7 -8.7 14.1 -12.0 -11.3 11.5 9.0 15.5 8.1

1.8 6.5 7.9 189.9

-4.9 12.4 7.2 5.3

2006

28.8 11.8 8.5 5.3 9.1 4.5 5.5 13.9 7.7 80.4 8.5

% change 2006-11 -11.3 66.3 58.8 37.7 26.0 60.3 -0.3 76.3 126.1 53.9 66.0

1.4 7.1 7.8 191.8

-3.6 85.6 54.9 57.0

2011

Source: Pira International Ltd

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Table 10 Singapore: Printing Consumables (US$ million, current prices) Sector Graphic arts film All aluminum plates - Metal CtP - Conventional Polyester/paper Flexo plates Total

3.9

% change 2005-06 -1.5

13.3 7.5 5.8 0.7 1.2 19.0

29.2 32.4 25.4 13.1 2.9 19.1

2006

3.0

% change 2006-11 -23.8

17.6 12.4 5.2 0.9 1.2 22.7

32.7 65.6 -10.1 37.1 -3.1 19.0

2011

Source: Pira International Ltd

Table 11 Singapore: Printing Consumables (SUS$ million, current prices) Sector Graphic arts film All aluminum plates - Metal CtP - Conventional Polyester/paper Flexo plates Total

6.2

% change 2005-06 -4.7

21.1 11.9 9.2 1.1 2.0 30.4

25.0 28.1 21.3 9.4 -0.5 15.2

2006

4.7

% change 2006-11 -23.8

28.0 19.8 8.3 1.5 1.9 36.1

32.7 65.6 -10.1 37.1 -3.1 19.0

2011

Source: Pira International Ltd

Table 12 Singapore: Printing Inks (US$ million, current prices) Sector Sheetfed offset Coldset web offset Heatset web offset Gravure Flexo Screen Letterpress Electrophotography Inkjet Other Total

2006 15.3 9.5 8.8 6.9 6.4 2.1 3.5 4.4 2.4 3.4 62.7

% change 2005-06 11.1 11.4 11.5 12.1 9.9 9.8 3.8 18.3 72.0 10.6 12.7

2011 17.9 11.0 10.6 9.3 7.3 2.8 3.1 12.3 4.8 4.0 83.1

Source: Pira International Ltd

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% change 2006-11 16.6 16.5 19.8 34.9 15.0 30.0 -12.3 182.1 99.5 17.1 32.4

Table 13 Singapore: Printing Inks (SUS$ million, current prices) Sector Sheetfed offset Coldset web offset Heatset web offset Gravure Flexo Screen Letterpress Electrophotography Inkjet Other Total

2006 24.5 15.1 14.1 11.0 10.2 3.4 5.6 7.0 3.8 5.4 100.0

% change 2005-06 7.4 7.8 7.9 8.4 6.3 6.2 0.5 14.4 66.4 7.0 9.0

2011 28.5 17.6 16.8 14.8 11.7 4.4 4.9 19.6 7.7 6.4 132.5

% change 2006-11 16.6 16.5 19.8 34.9 15.0 30.0 -12.3 182.1 99.5 17.1 32.4

Source: Pira International Ltd

Table 14 Singapore: Printing Substrates (US$ million, current prices) Sector Uncoated mechanical Coated mechanical Uncoated woodfree Coated woodfree Newsprint Packaging paper & board Other paper Films Foils Other Packaging substrates Total

8.7 21.5 46.6 76.0 54.8

% change 2005-06 4.1 4.1 2.7 3.4 8.7

331.3 10.4 44.7 35.5 62.0 691.5

2006

9.8 26.5 53.5 85.6 63.3

% change 2006-11 13.2 23.1 14.7 12.6 15.6

6.3 2.4 5.7 5.4

422.5 11.5 55.5 44.1

27.5 11.3 24.0 24.0

13.7 6.3

69.0 841.2

11.3 21.6

Source: Pira International Ltd

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2011

Table 15 Singapore: Printing Substrates (SUS$ million, current prices) Sector Uncoated mechanical Coated mechanical Uncoated woodfree Coated woodfree Newsprint Packaging paper & board Other paper Films Foils Other Packaging substrates Total

13.8 34.3 74.3 121.2 87.4

% change 2005-06 0.7 0.7 -0.6 0.0 5.1

528.5 16.5 71.4 56.7 98.9 1,103.0

2006

15.7 42.2 85.3 136.5 101.0

% change 2006-11 13.2 23.1 14.7 12.6 15.6

2.8 -0.9 2.3 2.0

673.9 18.4 88.5 70.3

27.5 11.3 24.0 24.0

10.0 2.8

110.1 1,341.7

11.3 21.6

2011

Source: Pira International Ltd

For more comprehensive information about the global printing industry, please refer to the three PRIMIR reports “World Wide Market for Print” (Phase I, Phase II and Final). Visit http://www.primir.org/past_primir_studies.html for descriptions, tables of contents, and ordering information.

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