Philippines: Bearing Market 2024

Bearing Market Size in the Philippines

In 2021, the Philippine bearing market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption saw a prominent expansion. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Bearing Exports

Exports from the Philippines

In 2021, shipments abroad of ball and roller bearings was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a deep downturn. The pace of growth appeared the most rapid in 2014 when exports increased by 40% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, bearing exports surged to $X in 2021. In general, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when exports increased by 976% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Thailand (X tons), Mexico (X tons) and the United States (X tons) were the main destinations of bearing exports from the Philippines, with a combined 28% share of total exports.

From 2012 to 2020, the biggest increases were recorded for Mexico (with a CAGR of +383.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) remains the key foreign market for ball and roller bearings exports from the Philippines, comprising 56% of total exports. The second position in the ranking was held by the United States ($X), with a 19% share of total exports. It was followed by the Netherlands, with a 19% share.

From 2012 to 2020, the average annual growth rate of value to Thailand amounted to +3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-10.2% per year) and the Netherlands (-0.6% per year).

Export Prices by Country

In 2020, the average bearing export price amounted to $X per ton, stabilizing at the previous year. Over the period under review, the export price enjoyed a notable increase. The pace of growth was the most pronounced in 2014 when the average export price increased by 667% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2020, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Mexico ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (-14.4%), while the prices for the other major destinations experienced a decline.

Bearing Imports

Imports into the Philippines

In 2021, supplies from abroad of ball and roller bearings increased by 35% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports recorded a tangible increase. The pace of growth appeared the most rapid in 2016 when imports increased by 50%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, bearing imports skyrocketed to $X in 2021. Overall, imports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2016 when imports increased by 84%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Japan (X tons), Thailand (X tons) and Singapore (X tons) were the main suppliers of bearing imports to the Philippines, with a combined 1.9% share of total imports. Cambodia, China, Vietnam, Jordan, Germany, Pakistan, South Korea, Malaysia, Taiwan (Chinese) and Hong Kong SAR lagged somewhat behind, together accounting for a further 1.4%.

From 2012 to 2020, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Cambodia (with a CAGR of +597.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest bearing suppliers to the Philippines were Japan ($X), Thailand ($X) and Singapore ($X), with a combined 68% share of total imports. These countries were followed by China, Vietnam, Germany, South Korea, Malaysia, Taiwan (Chinese), Hong Kong SAR, Cambodia, Jordan and Pakistan, which together accounted for a further 33%.

Cambodia, with a CAGR of +123.1%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2020, the average bearing import price amounted to $X per ton, waning by -4.1% against the previous year. Overall, the import price, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2019 an increase of 69% against the previous year. As a result, import price reached the peak level of $X per ton, and then fell modestly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by Vietnam (-14.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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