Philippines: Market for Buckets, Shovels, Grabs And Grips For Ships’ Derricks And Cranes 2024

Exports of Buckets, Shovels, Grabs And Grips For Ships’ Derricks And Cranes

Exports from the Philippines

In 2022, overseas shipments of buckets, shovels, grabs and grips for ships’ derricks and cranes were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. In general, exports enjoyed significant growth. The pace of growth was the most pronounced in 2017 when exports increased by 2,688% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, ship derrick buckets and shovels exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 6,785% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

Mexico (X units), the Netherlands (X units) and Singapore (X units) were the main destinations of ship derrick buckets and shovels exports from the Philippines, with a combined 98% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +85.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for ship derrick buckets and shovels exported from the Philippines were Mexico ($X), the Netherlands ($X) and Singapore ($X), together accounting for 98% of total exports.

In terms of the main countries of destination, Singapore, with a CAGR of +124.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for buckets, shovels, grabs and grips for ships’ derricks and cranes stood at $X per unit in 2022, flattening at the previous year. In general, the export price continues to indicate a mild expansion. The most prominent rate of growth was recorded in 2017 when the average export price increased by 151%. As a result, the export price reached the peak level of $X per unit. From 2018 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per unit), while the average price for exports to Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+24.4%).

Imports of Buckets, Shovels, Grabs And Grips For Ships’ Derricks And Cranes

Imports into the Philippines

In 2022, purchases abroad of buckets, shovels, grabs and grips for ships’ derricks and cranes increased by 107% to X units, rising for the second year in a row after three years of decline. Over the period under review, imports showed buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of 224% against the previous year. As a result, imports attained the peak of X units. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, ship derrick buckets and shovels imports soared to $X in 2022. In general, imports posted significant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 154%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest ship derrick buckets and shovels supplier to the Philippines, accounting for a 64% share of total imports. Moreover, ship derrick buckets and shovels imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), sixfold. The United States (X units) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +29.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+13.9% per year) and the United States (+10.9% per year).

In value terms, China ($X) constituted the largest supplier of buckets, shovels, grabs and grips for ships’ derricks and cranes to the Philippines, comprising 64% of total imports. The second position in the ranking was taken by Japan ($X), with an 11% share of total imports. It was followed by the United States, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +38.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+9.6% per year) and the United States (+14.5% per year).

Import Prices by Country

In 2022, the average import price for buckets, shovels, grabs and grips for ships’ derricks and cranes amounted to $X per unit, increasing by 8.2% against the previous year. In general, the import price saw a moderate expansion. The pace of growth appeared the most rapid in 2019 when the average import price increased by 52%. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the Netherlands ($X per unit) and Japan ($X per unit), while the price for China ($X per unit) and South Korea ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+21.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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