Philippines: Market for Conveyor Or Transmission Belts Or Belting 2024

Market Size for Conveyor Or Transmission Belts Or Belting in the Philippines

The Philippine conveyor or transmission belt market amounted to $X in 2021, stabilizing at the previous year. In general, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Production of Conveyor Or Transmission Belts Or Belting in the Philippines

In value terms, conveyor or transmission belt production shrank to $X in 2021 estimated in export price. Over the period under review, production, however, saw a pronounced contraction. The pace of growth appeared the most rapid in 2014 with an increase of 28% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Exports of Conveyor Or Transmission Belts Or Belting

Exports from the Philippines

In 2021, exports of conveyor or transmission belts or belting from the Philippines skyrocketed to X tons, picking up by 19% against the previous year. Overall, exports, however, recorded a abrupt slump. The pace of growth appeared the most rapid in 2014 when exports increased by 32%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, conveyor or transmission belt exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 45%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), the United States (X tons) and Hong Kong SAR (X tons) were the main destinations of conveyor or transmission belt exports from the Philippines, with a combined 95% share of total exports. These countries were followed by Papua New Guinea and Singapore, which together accounted for a further 3.3%.

From 2012 to 2021, the biggest increases were recorded for Papua New Guinea (with a CAGR of +183.9%), while shipments for the other leaders experienced a decline.

In value terms, China ($X) remains the key foreign market for conveyor or transmission belts or belting exports from the Philippines, comprising 68% of total exports. The second position in the ranking was held by the United States ($X), with a 20% share of total exports. It was followed by Hong Kong SAR, with a 1.5% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-11.6% per year) and Hong Kong SAR (+4.3% per year).

Export Prices by Country

The average conveyor or transmission belt export price stood at $X per ton in 2021, increasing by 4.4% against the previous year. Over the period under review, export price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, conveyor or transmission belt export price increased by +75.5% against 2017 indices. The most prominent rate of growth was recorded in 2020 an increase of 68%. Over the period under review, the average export prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+11.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Conveyor Or Transmission Belts Or Belting

Imports into the Philippines

In 2021, after two years of decline, there was significant growth in supplies from abroad of conveyor or transmission belts or belting, when their volume increased by 27% to X tons. Over the period under review, imports saw a resilient increase. The pace of growth was the most pronounced in 2013 when imports increased by 53% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, conveyor or transmission belt imports skyrocketed to $X in 2021. In general, imports saw a strong expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 32% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest conveyor or transmission belt supplier to the Philippines, accounting for a 61% share of total imports. Moreover, conveyor or transmission belt imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. Thailand (X tons) ranked third in terms of total imports with a 5.3% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +30.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+7.3% per year) and Thailand (+2.6% per year).

In value terms, China ($X), Japan ($X) and Thailand ($X) were the largest conveyor or transmission belt suppliers to the Philippines, with a combined 62% share of total imports. These countries were followed by Hong Kong SAR, Singapore, Germany, Indonesia, India, South Korea, Taiwan (Chinese) and Australia, which together accounted for a further 27%.

Among the main suppliers, Indonesia, with a CAGR of +58.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average conveyor or transmission belt import price stood at $X per ton in 2021, with an increase of 2.8% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average import price increased by 15% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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