Singapore Airshow: Deal value plummets to $12.7 bln from $32 bln
A Scoot Boeing 787 Dreamliner is displayed at the Singapore Airshow at Changi Exhibition Center February 16, 2016 Reuters

The size of aircraft deals at the Singapore Airshow plummeted to $12.7 billion this year compared with $32 billion in the previous edition in 2014.

Plane orders took a hit as airline companies took a breather in fleet expansion plans amid weakening global economic sentiment.

Billion-plus deals at Asia's biggest aerospace and defence exhibition were limited to two orders Airbus and Boeing secured from Philippine Airlines and China's Okay Airways.

The business side of the airshow concluded on Friday ahead of the start of public events and the exhibition session over the weekend.

While as many as 11 deals were announced at the air show, the organisers said 40 more deals were made at undisclosed values.

"As the industry becomes more sophisticated and competitive, a growing proportion of the announcements and deals included undisclosed values," Experia Events, said in a statement.

The six-day mega event had kicked off under the shadow of a faltering global economy and rising tensions in the South China Sea and the Korean peninsula.

Airline industry leaders who looked to close deals with southeast Asian airline companies were less upbeat than in the previous years.

The biggest deal of the airshow was the $3.7 billion order made by Philippines Airlines (PAL) for 12 Airbus A350s. PAL said it is aggressively looking at expanding its fleet size as it seeks to fly non-stop flights to US destinations.

China's Okay Airways reached a deal to buy 12 aircraft from Boeing for $1.3 billion. The deal includes eight 737 MAX 8s, three 737 MAX 9s and one next generation 737-900 extended range version.

Smaller deals

Among smaller deals, Papua New Guinea's Air Niugini placed an order for four Boeing 737 MAX planes for $440 million.

US aircraft leasing company Aerolease Aviation said it would buy 10 MRJ90 regional jets from Japan's Mitsubishi Aircraft.

A Singapore-based commercial aircraft lessor also signed a deal to buy five new ATR 72-600 turboprop aircraft from France's ATR.

Despite a fall in the deal value, some industry analysts say the outlook is still buoyant.

"Many Asian airlines placed large orders between 2011 and 2014, and now have a long pipeline of aircraft deliveries to absorb over the next four years," told BBC.