Philippines: Ethanol Market 2024

Ethanol Exports

Exports from the Philippines

After two years of growth, overseas shipments of ethyl alcohol decreased by -94.9% to X litres in 2022. In general, exports saw a precipitous decrease. The growth pace was the most rapid in 2020 when exports increased by 923%. Over the period under review, the exports reached the peak figure at X litres in 2021, and then reduced rapidly in the following year.

In value terms, ethanol exports dropped rapidly to $X in 2022. Over the period under review, exports faced a abrupt decline. The growth pace was the most rapid in 2020 with an increase of 561% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then dropped rapidly in the following year.

Exports by Country

South Korea (X litres) was the main destination for ethanol exports from the Philippines, accounting for a 81% share of total exports. Moreover, ethanol exports to South Korea exceeded the volume sent to the second major destination, Australia (X litres), more than tenfold. The third position in this ranking was held by Thailand (X litres), with a 3.4% share.

From 2012 to 2022, the average annual growth rate of volume to South Korea totaled +21.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-42.1% per year) and Thailand (-24.9% per year).

In value terms, South Korea ($X) emerged as the key foreign market for ethyl alcohol exports from the Philippines, comprising 82% of total exports. The second position in the ranking was held by Thailand ($X), with a 4.4% share of total exports. It was followed by Australia, with a 4.2% share.

From 2012 to 2022, the average annual growth rate of value to South Korea stood at +31.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-10.5% per year) and Australia (-40.4% per year).

Export Prices by Country

In 2022, the average ethanol export price amounted to $X per litre, with an increase of 93% against the previous year. Overall, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ethanol export price increased by +109.5% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+19.2%), while the prices for the other major destinations experienced more modest paces of growth.

Ethanol Imports

Imports into the Philippines

Ethanol imports into the Philippines rose significantly to X litres in 2022, with an increase of 6.9% on the year before. The total import volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when imports increased by 31%. Over the period under review, imports hit record highs at X litres in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, ethanol imports skyrocketed to $X in 2022. In general, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +70.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 37%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, the United States (X litres) constituted the largest supplier of ethanol to the Philippines, with a 65% share of total imports. Moreover, ethanol imports from the United States exceeded the figures recorded by the second-largest supplier, Indonesia (X litres), sixfold. The third position in this ranking was held by Brazil (X litres), with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +39.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+28.0% per year) and Brazil (-2.1% per year).

In value terms, the United States ($X) constituted the largest supplier of ethyl alcohol to the Philippines, comprising 65% of total imports. The second position in the ranking was taken by Indonesia ($X), with an 11% share of total imports. It was followed by Brazil, with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +42.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+34.5% per year) and Brazil (-1.8% per year).

Import Prices by Country

In 2022, the average ethanol import price amounted to $X per litre, jumping by 16% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2020 when the average import price increased by 17% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Indonesia ($X per litre) and Thailand ($X per litre), while the price for Pakistan ($X per litre) and Brazil ($X per litre) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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