Philippines: Electrical Circuit Apparatus Market 2022

Electrical Circuit Apparatus Market Size in the Philippines

In 2021, the Philippine electrical circuit apparatus market decreased by -4.7% to $X, falling for the second consecutive year after five years of growth. Overall, consumption, however, continues to indicate resilient growth. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Electrical Circuit Apparatus Production in the Philippines

In value terms, electrical circuit apparatus production rose slightly to $X in 2021 estimated in export price. Over the period under review, production saw resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 47%. Electrical circuit apparatus production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Electrical Circuit Apparatus Exports

Exports from the Philippines

In 2021, overseas shipments of electrical apparatus for circuit connection, switching and protection were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, total exports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, electrical circuit apparatus exports stood at $X in 2021. The total export value increased at an average annual rate of +3.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 27% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Japan (X tons) and Hong Kong SAR (X tons) were the main destinations of electrical circuit apparatus exports from the Philippines, together accounting for 61% of total exports. These countries were followed by China, Singapore, Taiwan (Chinese), Germany, South Korea, Thailand, the Netherlands, Malaysia and Mexico, which together accounted for a further 35%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +22.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for electrical circuit apparatus exported from the Philippines were the United States ($X), Japan ($X) and China ($X), together comprising 63% of total exports. Hong Kong SAR, South Korea, Germany, Singapore, Thailand, Malaysia, the Netherlands, Taiwan (Chinese) and Mexico lagged somewhat behind, together accounting for a further 33%.

Malaysia, with a CAGR of +11.2%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average electrical circuit apparatus export price amounted to $X per ton, dropping by -33.6% against the previous year. Over the period under review, the export price recorded a slight setback. The most prominent rate of growth was recorded in 2018 an increase of 14%. Over the period under review, the average export prices attained the maximum at $X per ton in 2020, and then reduced remarkably in the following year.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was South Korea ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Thailand (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Circuit Apparatus Imports

Imports into the Philippines

In 2021, purchases abroad of electrical apparatus for circuit connection, switching and protection was finally on the rise to reach X tons after two years of decline. Overall, total imports indicated perceptible growth from 2012 to 2021: its volume increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -18.7% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 28% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, electrical circuit apparatus imports surged to $X in 2021. Over the period under review, total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when imports increased by 42%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of electrical circuit apparatus to the Philippines, with a 38% share of total imports. Moreover, electrical circuit apparatus imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. Singapore (X tons) ranked third in terms of total imports with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+1.7% per year) and Singapore (+9.6% per year).

In value terms, the largest electrical circuit apparatus suppliers to the Philippines were China ($X), Japan ($X) and Singapore ($X), with a combined 59% share of total imports.

China, with a CAGR of +11.9%, recorded the highest growth rate of 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 electrical circuit apparatus import price stood at $X per ton in 2021, rising by 13% against the previous year. Over the last nine years, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2019 when the average import price increased by 13%. The import price peaked in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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