Philippines: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in the Philippines

The Philippine grinding and sharpening machine market contracted to $X in 2022, dropping by -6.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, recorded a resilient increase. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from the Philippines

In 2022, approx. X units of grinding and sharpening metal finishing machines were exported from the Philippines; which is down by -82.6% against the previous year's figure. In general, exports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 431%. As a result, the exports attained the peak of X units, and then shrank significantly in the following year.

In value terms, grinding and sharpening machine exports shrank notably to $X in 2022. Overall, exports, however, showed a buoyant expansion. The growth pace was the most rapid in 2016 when exports increased by 324%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Thailand (X units) was the main destination for grinding and sharpening machine exports from the Philippines, with a 64% share of total exports. Moreover, grinding and sharpening machine exports to Thailand exceeded the volume sent to the second major destination, Germany (X units), threefold. The third position in this ranking was taken by Japan (X units), with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume to Thailand stood at +43.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+33.0% per year) and Japan (+4.1% per year).

In value terms, Thailand ($X) emerged as the key foreign market for grinding and sharpening metal finishing machines exports from the Philippines, comprising 65% of total exports. The second position in the ranking was held by Germany ($X), with a 13% share of total exports. It was followed by China, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to Thailand totaled +171.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+16.6% per year) and China (-2.2% per year).

Export Prices by Country

The average grinding and sharpening machine export price stood at $X per unit in 2022, rising by 116% against the previous year. Overall, the export price showed a moderate expansion. The pace of growth was the most pronounced in 2020 when the average export price increased by 625% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per unit), while the average price for exports to Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+88.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into the Philippines

In 2022, supplies from abroad of grinding and sharpening metal finishing machines decreased by -14.3% to X units, falling for the second year in a row after two years of growth. Over the period under review, imports, however, enjoyed a strong increase. The pace of growth appeared the most rapid in 2014 with an increase of 255%. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, grinding and sharpening machine imports stood at $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 152% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X units), Japan (X units) and South Korea (X units) were the main suppliers of grinding and sharpening machine imports to the Philippines, together accounting for 76% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +33.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of grinding and sharpening metal finishing machines to the Philippines, comprising 56% of total imports. The second position in the ranking was held by South Korea ($X), with a 15% share of total imports. It was followed by China, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Japan totaled +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+8.4% per year) and China (+18.5% per year).

Import Prices by Country

The average grinding and sharpening machine import price stood at $X per unit in 2022, growing by 17% against the previous year. In general, the import price, however, saw a abrupt descent. The pace of growth appeared the most rapid in 2013 when the average import price increased by 21%. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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