Philippines: Tools For Bearing Market 2024

Tools For Bearing Market Size in the Philippines

The Philippine tools for bearing market reduced to $X in 2022, standing approx. at the previous year. In general, consumption recorded a relatively flat trend pattern. Tools for bearing consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Tools For Bearing Production in the Philippines

In value terms, tools for bearing production fell to $X in 2022 estimated in export price. Overall, production showed a pronounced decline. The pace of growth appeared the most rapid in 2016 with an increase of 45%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Tools For Bearing Exports

Exports from the Philippines

In 2022, approx. X tons of balls, needles and rollers for ball or roller bearings were exported from the Philippines; dropping by -71% compared with the previous year. Over the period under review, exports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 163,366% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, tools for bearing exports declined significantly to $X in 2022. Overall, exports, however, saw a resilient expansion. The pace of growth was the most pronounced in 2013 when exports increased by 124,032% against the previous year. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Singapore (X tons) was the main destination for tools for bearing exports from the Philippines, accounting for a 81% share of total exports. Moreover, tools for bearing exports to Singapore exceeded the volume sent to the second major destination, Japan (X kg), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore amounted to +53.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+18.3% per year) and Kiribati (0.0% per year).

In value terms, Singapore ($X) remains the key foreign market for balls, needles and rollers for ball or roller bearings exports from the Philippines, comprising 81% of total exports. The second position in the ranking was taken by Japan ($X), with a 17% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Singapore stood at +75.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-3.4% per year) and Kiribati (0.0% per year).

Export Prices by Country

The average tools for bearing export price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. In general, the export price showed a abrupt decrease. The most prominent rate of growth was recorded in 2015 an increase of 114% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Kiribati ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+18.3%), while the prices for the other major destinations experienced more modest paces of growth.

Tools For Bearing Imports

Imports into the Philippines

Tools for bearing imports into the Philippines rose to X tons in 2022, growing by 3.3% against the year before. In general, imports continue to indicate significant growth. The growth pace was the most rapid in 2015 when imports increased by 362%. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, tools for bearing imports reduced modestly to $X in 2022. Overall, imports posted significant growth. The pace of growth was the most pronounced in 2015 with an increase of 524% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then shrank in the following year.

Imports by Country

China (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of tools for bearing imports to the Philippines, with a combined 76% share of total imports. Vietnam, Hong Kong SAR and Indonesia lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +144.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and Taiwan (Chinese) ($X) appeared to be the largest tools for bearing suppliers to the Philippines, with a combined 76% share of total imports. Vietnam, Hong Kong SAR and Indonesia lagged somewhat behind, together comprising a further 19%.

Hong Kong SAR, with a CAGR of +154.5%, 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

The average tools for bearing import price stood at $X per ton in 2022, dropping by -4.4% against the previous year. In general, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tools for bearing import price decreased by -4.3% against 2019 indices. The growth pace was the most rapid in 2014 an increase of 64%. Over the period under review, average import prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Vietnam ($X per ton) and Taiwan (Chinese) ($X per ton), while the price for China ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+16.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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