Philippines: Electrical Fuse Market 2024

Electrical Fuse Market Size in the Philippines

In 2021, the Philippine electrical fuse market was finally on the rise to reach $X for the first time since 2014, thus ending a six-year declining trend. Overall, consumption, however, recorded a abrupt setback. Electrical fuse consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Electrical Fuse Production in the Philippines

In value terms, electrical fuse production stood at $X in 2021 estimated in export price. Overall, production, however, saw a deep reduction. The growth pace was the most rapid in 2014 when the production volume increased by 20% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Electrical Fuse Exports

Exports from the Philippines

In 2021, overseas shipments of electrical fuses decreased by -0.9% to X tons, falling for the second year in a row after four years of growth. Overall, exports, however, continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2017 with an increase of 56% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, electrical fuse exports surged to $X in 2021. Over the period under review, total exports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +24.9% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Hong Kong SAR (X tons), the United States (X tons) and Singapore (X tons) were the main destinations of electrical fuse exports from the Philippines, together accounting for 58% of total exports. Japan, China, South Korea and the Netherlands lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of +24.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the key foreign market for electrical fuses exports from the Philippines, comprising 37% of total exports. The second position in the ranking was taken by the United States ($X), with a 14% share of total exports. It was followed by Singapore, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to Hong Kong SAR totaled -1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+15.4% per year) and Singapore (+11.3% per year).

Export Prices by Country

The average electrical fuse export price stood at $X per ton in 2021, rising by 26% against the previous year. Overall, the export price, however, continues to indicate a abrupt slump. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to China ($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 Hong Kong SAR (-3.8%), while the prices for the other major destinations experienced a decline.

Electrical Fuse Imports

Imports into the Philippines

In 2021, supplies from abroad of electrical fuses was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports showed a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 74% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, electrical fuse imports expanded rapidly to $X in 2021. Over the period under review, imports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2016 when imports increased by 94% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

China (X tons), the United States (X tons) and Japan (X tons) were the main suppliers of electrical fuse imports to the Philippines, with a combined 66% share of total imports. Hong Kong SAR, Singapore, Thailand and South Korea lagged somewhat behind, together comprising a further 29%.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +29.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest electrical fuse suppliers to the Philippines were Japan ($X), China ($X) and Hong Kong SAR ($X), together accounting for 62% of total imports.

Among the main suppliers, China, with a CAGR of +32.2%, saw 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 electrical fuse import price stood at $X per ton in 2021, with a decrease of -6.6% against the previous year. Overall, the import price, however, continues to indicate resilient growth. The growth pace was the most rapid in 2019 an increase of 38% against the previous year. The import price peaked at $X per ton in 2020, and then dropped in the following year.

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 Thailand ($X per ton), while the price for the United States ($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 (+20.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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