Philippines: Market for Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines 2024

Market Size for Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines in the Philippines

The Philippine fuel or lubricating pump market reduced dramatically to $X in 2021, with a decrease of -22.3% against the previous year. Over the period under review, consumption, however, continues to indicate a strong increase. As a result, consumption attained the peak level of $X, and then plummeted in the following year.

Production of Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines in the Philippines

In value terms, fuel or lubricating pump production declined markedly to $X in 2021 estimated in export price. Overall, production, however, recorded a buoyant expansion. The growth pace was the most rapid in 2020 with an increase of 86% against the previous year. As a result, production reached the peak level of $X, and then declined significantly in the following year.

Exports of Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines

Exports from the Philippines

In 2021, overseas shipments of fuel, lubricating or cooling-medium pumps for internal combustion engines increased by 25% to X units, rising for the second consecutive year after two years of decline. In general, exports, however, showed a dramatic downturn. The pace of growth appeared the most rapid in 2020 with an increase of 51% against the previous year. Over the period under review, the exports hit record highs at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, fuel or lubricating pump exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed a dramatic decline. The most prominent rate of growth was recorded in 2020 with an increase of 64%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X units), Oman (X units) and the United Arab Emirates (X units) were the main destinations of fuel or lubricating pump exports from the Philippines, together comprising 69% of total exports. These countries were followed by Singapore, Hong Kong SAR, Indonesia, China, Australia and Thailand, which together accounted for a further 30%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of +48.4%), while the other leaders experienced mixed trend patterns.

In value terms, Japan ($X) remains the key foreign market for fuel, lubricating or cooling-medium pumps for internal combustion engines exports from the Philippines, comprising 62% of total exports. The second position in the ranking was taken by Singapore ($X), with a 14% share of total exports. It was followed by Hong Kong SAR, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan stood at +14.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-4.1% per year) and Hong Kong SAR (+14.1% per year).

Export Prices by Country

In 2021, the average fuel or lubricating pump export price amounted to $X per unit, surging by 8.5% against the previous year. Over the period under review, the export price posted strong growth. The growth pace was the most rapid in 2015 when the average export price increased by 132%. The export price peaked at $X per unit in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Indonesia ($X per unit), while the average price for exports to the United Arab Emirates ($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 China (+50.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines

Imports into the Philippines

After four years of decline, supplies from abroad of fuel, lubricating or cooling-medium pumps for internal combustion engines increased by 34% to X units in 2021. Over the period under review, imports continue to indicate moderate growth. The growth pace was the most rapid in 2015 with an increase of 77%. Over the period under review, imports reached the maximum at X units in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, fuel or lubricating pump imports soared to $X in 2021. Overall, imports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2015 with an increase of 113% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Japan (X units), China (X units) and Thailand (X units) were the main suppliers of fuel or lubricating pump imports to the Philippines, together comprising 71% of total imports. Singapore, Taiwan (Chinese), South Korea, Vietnam and Hong Kong SAR lagged somewhat behind, together comprising a further 20%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +35.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Japan ($X) and China ($X) were the largest fuel or lubricating pump suppliers to the Philippines, together comprising 46% of total imports.

Among the main suppliers, Vietnam, with a CAGR of +118.7%, recorded 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 fuel or lubricating pump import price stood at $X per unit in 2021, surging by 4.4% against the previous year. Over the period under review, the import price saw a strong expansion. The pace of growth was the most pronounced in 2016 an increase of 47% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+61.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :