Philippines: Metal Honing Machine Market 2024

Metal Honing Machine Market Size in the Philippines

For the fifth consecutive year, the Philippine metal honing machine market recorded growth in sales value, which increased by 64% to $X in 2021. Overall, consumption saw a significant increase. Metal honing machine consumption peaked in 2021 and is expected to retain growth in the immediate term.

Metal Honing Machine Exports

Exports from the Philippines

In 2020, the amount of honing or lapping machines for working metal exported from the Philippines reduced sharply to X units, which is down by -25% against 2019. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 700%. As a result, the exports attained the peak of X units. From 2017 to 2020, the growth of the exports remained at a lower figure.

In value terms, metal honing machine exports declined remarkably to $X in 2020. In general, exports showed a deep downturn. The most prominent rate of growth was recorded in 2016 with an increase of 710% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2020, the growth of the exports failed to regain momentum.

Exports by Country

From 2012 to 2021, the average annual growth rate of volume to No country was relatively modest.

In value terms, Thailand ($X) remains the key foreign market for honing or lapping machines for working metal exports from the Philippines, comprising 76% of total exports. The second position in the ranking was taken by South Korea ($X), with a 13% share of total exports. It was followed by Singapore, with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Thailand stood at -9.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-33.5% per year) and Singapore (-11.0% per year).

Export Prices by Country

The average metal honing machine export price stood at $X per unit in 2020, falling by -28.4% against the previous year. Overall, the export price continues to indicate a deep contraction. The pace of growth was the most pronounced in 2018 when the average export price increased by 102%. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2020, the export prices remained at a lower figure.

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

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+60.7%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Honing Machine Imports

Imports into the Philippines

For the fifth consecutive year, the Philippines recorded growth in purchases abroad of honing or lapping machines for working metal, which increased by 56% to X units in 2021. Over the period under review, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 752%. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the immediate term.

In value terms, metal honing machine imports skyrocketed to $X in 2021. In general, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 753% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Taiwan (Chinese) (X units) constituted the largest supplier of metal honing machine to the Philippines, with a 45% share of total imports. Moreover, metal honing machine imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, South Korea (X units), threefold. The third position in this ranking was taken by Singapore (X units), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Taiwan (Chinese) totaled +99.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+137.2% per year) and Singapore (+81.7% per year).

In value terms, Singapore ($X) constituted the largest supplier of honing or lapping machines for working metal to the Philippines, comprising 72% of total imports. The second position in the ranking was held by Japan ($X), with a 25% share of total imports. It was followed by the United States, with a 0.3% share.

From 2012 to 2021, the average annual growth rate of value from Singapore stood at +114.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+22.7% per year) and the United States (-1.5% per year).

Import Prices by Country

The average metal honing machine import price stood at $X per unit in 2021, growing by 50% against the previous year. Over the period under review, the import price, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2020 an increase of 691% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Singapore (+15.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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