Philippines: Power Tool Market 2024

Power Tool Market Size in the Philippines

In 2021, the Philippine power tool market increased by 70% to $X for the first time since 2017, thus ending a three-year declining trend. In general, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +9.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Power Tool Exports

Exports from the Philippines

In 2021, the amount of power tools exported from the Philippines surged to X units, growing by 566% compared with the year before. Over the period under review, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 8,745% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, power tool exports skyrocketed to $X in 2021. Overall, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 826% against the previous year. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

India (X units) was the main destination for power tool exports from the Philippines, accounting for a 24% share of total exports. Moreover, power tool exports to India exceeded the volume sent to the second major destination, Malaysia (X units), threefold. Indonesia (X units) ranked third in terms of total exports with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to India totaled +452.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+20.6% per year) and Indonesia (-12.2% per year).

In value terms, Malaysia ($X) remains the key foreign market for power tools exports from the Philippines, comprising 15% of total exports. The second position in the ranking was held by India ($X), with a 7.2% share of total exports. It was followed by China, with a 5.2% share.

From 2012 to 2021, the average annual growth rate of value to Malaysia stood at +25.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+15.5% per year) and China (+203.5% per year).

Export Prices by Country

In 2021, the average power tool export price amounted to $X per unit, dropping by -60.4% against the previous year. Over the period under review, the export price faced a deep downturn. The growth pace was the most rapid in 2017 when the average export price increased by 546%. Over the period under review, the average export prices attained the maximum at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Kuwait (+160.6%), while the prices for the other major destinations experienced more modest paces of growth.

Power Tool Imports

Imports into the Philippines

In 2021, purchases abroad of power tools was finally on the rise to reach X units after three years of decline. Overall, imports posted prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, power tool imports soared to $X in 2021. In general, imports saw prominent growth. The pace of growth was the most pronounced in 2017 when imports increased by 28% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) was the main supplier of power tool to the Philippines, accounting for a 90% share of total imports. Moreover, power tool imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), more than tenfold. The third position in this ranking was taken by Malaysia (X units), with a 2.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+66.8% per year) and Malaysia (-3.2% per year).

In value terms, China ($X) constituted the largest supplier of power tools to the Philippines, comprising 66% of total imports. The second position in the ranking was taken by Japan ($X), with a 9.8% share of total imports. It was followed by Thailand, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +13.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+3.1% per year) and Thailand (+77.3% per year).

Import Prices by Country

The average power tool import price stood at $X per unit in 2021, which is down by -37.9% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average import price increased by 102%. Over the period under review, average import prices hit record highs at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+15.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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