Philippines: Non-Electric Motor Handtools Market 2024

Non-Electric Motor Handtools Market Size in the Philippines

In 2022, the Philippine non-electric motor handtools market decreased by -1.3% to $X, falling for the second consecutive year after two years of growth. In general, consumption, however, enjoyed buoyant growth. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Non-Electric Motor Handtools Exports

Exports from the Philippines

In 2022, non-electric motor handtools exports from the Philippines soared to X units, growing by 1,192% on 2021. In general, exports continue to indicate strong growth. The growth pace was the most rapid in 2015 when exports increased by 8,252%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, non-electric motor handtools exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed a strong expansion. The pace of growth was the most pronounced in 2017 when exports increased by 5,976%. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Singapore (X units) was the main destination for non-electric motor handtools exports from the Philippines, accounting for a 92% share of total exports. Moreover, non-electric motor handtools exports to Singapore exceeded the volume sent to the second major destination, Malaysia (X units), more than tenfold.

From 2013 to 2022, the average annual rate of growth in terms of volume to Singapore totaled +17.2%.

In value terms, Singapore ($X) emerged as the key foreign market for handtools, hydraulic or with a self-contained non-electric motor exports from the Philippines, comprising 50% of total exports. The second position in the ranking was held by Malaysia ($X), with a 23% share of total exports.

From 2013 to 2022, the average annual rate of growth in terms of value to Singapore totaled +5.5%.

Export Prices by Country

In 2022, the average non-electric motor handtools export price amounted to $X per unit, falling by -61.6% against the previous year. In general, the export price recorded a deep reduction. The most prominent rate of growth was recorded in 2020 when the average export price increased by 46%. As a result, the export price reached 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 external markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to Singapore totaled $X per unit.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+10.0%), while the prices for the other major destinations experienced a decline.

Non-Electric Motor Handtools Imports

Imports into the Philippines

In 2022, supplies from abroad of handtools, hydraulic or with a self-contained non-electric motor decreased by -3.3% to X units, falling for the second year in a row after two years of growth. In general, imports, however, enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2015 when imports increased by 95%. Imports peaked at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, non-electric motor handtools imports surged to $X in 2022. Over the period under review, imports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2016 with an increase of 85%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of non-electric motor handtools to the Philippines, accounting for a 71% share of total imports. Moreover, non-electric motor handtools imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), fivefold. The third position in this ranking was taken by Japan (X units), with a 6.2% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +17.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+27.5% per year) and Japan (+19.7% per year).

In value terms, the largest non-electric motor handtools suppliers to the Philippines were China ($X), Thailand ($X) and India ($X), with a combined 79% share of total imports.

India, with a CAGR of +102.0%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average non-electric motor handtools import price stood at $X per unit in 2022, picking up by 20% against the previous year. Overall, the import price saw perceptible growth. The pace of growth was the most pronounced in 2013 when the average import price increased by 80%. Over the period under review, average import prices reached the maximum at $X per unit in 2018; however, from 2019 to 2022, import prices remained at a 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 Singapore ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+18.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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