In January this year, Turkish steel exports to Singapore saw substantial growth amounting to 59,077 mt, compared to just 1,332 mt recorded in January 2011, according to the preliminary statistics provided by Turkey's Steel Exporters' Association (CIB). The data show that Turkey's total steel exports to Singapore in the whole of 2011 amounted to 616,718 mt, up 67.8 percent year on year, ranking eighth among Turkey's largest steel export destinations.
In the first month of 2012, Turkey's steel rebar exports to Singapore, which has a growing construction sector, indicated a massive surge, amounting to 45,240 mt compared to 183 mt recorded in the same month last year. Turkey's steel rebar exports to the country in 2011 amounted to 534,826 mt, up 130 percent compared to 2010.
Singapore's Building and Construction Authority is providing financial support to enable the country's construction sector become highly integrated and technologically advanced as well as highly productive.
According to a report released by the authority, Singapore's construction demand increased by 16 percent year on year in 2011 to $32 billion, up from $27.6 billion in 2010. The increase was backed by strong public sector construction demand arising from the ramp-up in public housing projects.
For 2012, the total construction demand in Singapore is projected to be between $21 billion and $27 billion, of which about 60 percent is expected to come from the public sector, including construction demand for institutional buildings and civil engineering projects.