Philippines: Gear Cutting Machine Market 2024

Gear Cutting Machine Market Size in the Philippines

In 2021, the Philippine gear cutting machine market decreased by -16.4% to $X, falling for the second consecutive year after two years of growth. In general, consumption, however, posted a strong expansion. Gear cutting machine consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Gear Cutting Machine Production in the Philippines

In value terms, gear cutting machine production surged to $X in 2021 estimated in export price. In general, the total production indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -17.3% against 2019 indices. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Gear Cutting Machine Exports

Exports from the Philippines

For the fourth consecutive year, the Philippines recorded decline in shipments abroad of gear cutting, gear grinding or gear finishing machines, which decreased by 0% to X units in 2021. Overall, exports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2014 with an increase of 600%. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, gear cutting machine exports totaled $X in 2021. Over the period under review, exports showed a abrupt decline. The most prominent rate of growth was recorded in 2014 with an increase of 990%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR (X units) was the main destination for gear cutting machine exports from the Philippines, accounting for a 97% share of total exports. It was followed by Vietnam (X units), with a 2.9% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Hong Kong SAR was relatively modest.

From 2012 to 2021, the average annual rate of growth in terms of value to Hong Kong SAR was relatively modest.

Export Prices by Country

The average gear cutting machine export price stood at $X per unit in 2021, approximately equating the previous year. In general, the export price recorded a temperate expansion. The pace of growth appeared the most rapid in 2018 when the average export price increased by 31%. As a result, the export price reached the peak level of $X per unit. From 2019 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Vietnam totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+18.9%).

Gear Cutting Machine Imports

Imports into the Philippines

In 2021, purchases abroad of gear cutting, gear grinding or gear finishing machines decreased by -15.4% to X units, falling for the second consecutive year after two years of growth. In general, imports, however, enjoyed significant growth. The growth pace was the most rapid in 2016 with an increase of 667% against the previous year. Over the period under review, imports attained the peak figure at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, gear cutting machine imports plummeted to $X in 2021. Over the period under review, imports, however, saw pronounced growth. The pace of growth was the most pronounced in 2016 with an increase of 749% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest gear cutting machine supplier to the Philippines, with a 62% share of total imports. Moreover, gear cutting machine imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), fivefold. The Netherlands (X units) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +44.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+22.1% per year) and the Netherlands (+79.1% per year).

In value terms, Japan ($X) constituted the largest supplier of gear cutting, gear grinding or gear finishing machines to the Philippines, comprising 63% of total imports. The second position in the ranking was held by China ($X), with a 9.3% share of total imports. It was followed by the Netherlands, with a 6% share.

From 2012 to 2021, the average annual growth rate of value from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+10.6% per year) and the Netherlands (+81.8% per year).

Import Prices by Country

In 2021, the average gear cutting machine import price amounted to $X per unit, waning by -11.8% against the previous year. Over the period under review, the import price showed a deep downturn. The growth pace was the most rapid in 2013 when the average import price increased by 61% against the previous year. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+1.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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