Philippines: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in the Philippines

The Philippine cranks and crankshafts market contracted slightly to $X in 2022, falling by -3.9% against the previous year. Overall, consumption showed a mild decrease. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Cranks And Crankshafts Production in the Philippines

In value terms, cranks and crankshafts production fell slightly to $X in 2022 estimated in export price. In general, production saw a pronounced decline. The pace of growth appeared the most rapid in 2018 when the production volume increased by 23%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Cranks And Crankshafts Exports

Exports from the Philippines

In 2022, overseas shipments of cranks and crankshafts increased by 19% to X tons, rising for the second consecutive year after two years of decline. Overall, exports saw a strong increase. The pace of growth appeared the most rapid in 2015 when exports increased by 778% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, cranks and crankshafts exports rose remarkably to $X in 2022. In general, exports saw a pronounced expansion. The pace of growth was the most pronounced in 2015 when exports increased by 481%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Thailand (X tons) was the main destination for cranks and crankshafts exports from the Philippines, accounting for a 58% share of total exports. Moreover, cranks and crankshafts exports to Thailand exceeded the volume sent to the second major destination, Indonesia (X tons), fourfold. The third position in this ranking was taken by the United States (X tons), with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Thailand stood at +80.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+53.4% per year) and the United States (+3.2% per year).

In value terms, Thailand ($X) remains the key foreign market for cranks and crankshafts exports from the Philippines, comprising 58% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 13% share of total exports. It was followed by the United States, with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Thailand amounted to +80.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+27.4% per year) and the United States (+3.3% per year).

Export Prices by Country

In 2022, the average cranks and crankshafts export price amounted to $X per ton, declining by -10.4% against the previous year. Over the period under review, the export price saw a deep contraction. The pace of growth appeared the most rapid in 2017 an increase of 29% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Vietnam ($X per ton) and Mexico ($X per ton), while the average price for exports to Singapore ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+5.6%), while the prices for the other major destinations experienced more modest paces of growth.

Cranks And Crankshafts Imports

Imports into the Philippines

In 2022, cranks and crankshafts imports into the Philippines reduced remarkably to X tons, shrinking by -21.2% on 2021 figures. Overall, imports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 98% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, cranks and crankshafts imports fell to $X in 2022. In general, imports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 170%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Japan (X tons) constituted the largest cranks and crankshafts supplier to the Philippines, accounting for a 39% share of total imports. Moreover, cranks and crankshafts imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was taken by Thailand (X tons), with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan amounted to +17.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-3.8% per year) and Thailand (+28.8% per year).

In value terms, Japan ($X) constituted the largest supplier of cranks and crankshafts to the Philippines, comprising 39% of total imports. The second position in the ranking was taken by China ($X), with a 16% share of total imports. It was followed by Thailand, with a 6.9% share.

From 2012 to 2022, the average annual growth rate of value from Japan amounted to +18.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+21.0% per year) and Thailand (+27.1% per year).

Import Prices by Country

In 2022, the average cranks and crankshafts import price amounted to $X per ton, surging by 15% against the previous year. In general, the import price saw a strong expansion. The pace of growth was the most pronounced in 2018 an increase of 37%. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Thailand ($X per ton) and Indonesia ($X per ton), while the price for Singapore ($X per ton) and China ($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 (+25.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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