Philippines: Pharmaceutical Rubber Articles Market 2024

Pharmaceutical Rubber Articles Market Size in the Philippines

The Philippine pharmaceutical rubber articles market reduced to $X in 2021, falling by -13.2% 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). Overall, consumption recorded a relatively flat trend pattern. Pharmaceutical rubber articles consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Pharmaceutical Rubber Articles Exports

Exports from the Philippines

In 2021, approx. X units of hygienic or pharmaceutical articles of rubber were exported from the Philippines; which is down by -13.6% against 2020. Overall, exports continue to indicate a significant curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 1,231%. As a result, the exports reached the peak of X units. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, pharmaceutical rubber articles exports contracted to $X in 2021. Over the period under review, exports faced a precipitous shrinkage. The growth pace was the most rapid in 2017 when exports increased by 1,384%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X units) was the main destination for pharmaceutical rubber articles exports from the Philippines, accounting for a 82% share of total exports. Moreover, pharmaceutical rubber articles exports to Japan exceeded the volume sent to the second major destination, Taiwan (Chinese) (X units), ninefold. Mexico (X units) ranked third in terms of total exports with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan amounted to -14.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-48.8% per year) and Mexico (-43.9% per year).

In value terms, Japan ($X) remains the key foreign market for hygienic or pharmaceutical articles of rubber exports from the Philippines, comprising 89% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 5% share of total exports. It was followed by Malaysia, with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan stood at -14.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-40.6% per year) and Malaysia (-45.7% per year).

Export Prices by Country

In 2021, the average pharmaceutical rubber articles export price amounted to $X per unit, growing by 12% against the previous year. In general, the export price enjoyed a significant increase. The most prominent rate of growth was recorded in 2016 an increase of 102%. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to Mexico ($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 Kuwait (+31.1%), while the prices for the other major destinations experienced more modest paces of growth.

Pharmaceutical Rubber Articles Imports

Imports into the Philippines

In 2021, overseas purchases of hygienic or pharmaceutical articles of rubber decreased by -19.7% to X units, falling for the fourth year in a row after four years of growth. Overall, imports continue to indicate a deep contraction. The growth pace was the most rapid in 2016 when imports increased by 59% against the previous year. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, pharmaceutical rubber articles imports fell to $X in 2021. Over the period under review, imports, however, showed a prominent increase. The pace of growth appeared the most rapid in 2016 with an increase of 51% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

China (X units), France (X units) and Singapore (X units) were the main suppliers of pharmaceutical rubber articles imports to the Philippines, together accounting for 56% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +25.5%), while imports for the other leaders experienced mixed trend patterns.

In value terms, China ($X), France ($X) and Singapore ($X) appeared to be the largest pharmaceutical rubber articles suppliers to the Philippines, together accounting for 58% of total imports. Malaysia, Japan, the United States, Thailand, Taiwan (Chinese), India and South Korea lagged somewhat behind, together comprising a further 20%.

The United States, with a CAGR of +54.0%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average pharmaceutical rubber articles import price amounted to $X per unit, picking up by 11% against the previous year. Over the period under review, the import price posted resilient growth. The pace of growth was the most pronounced in 2018 an increase of 89%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Thailand ($X per unit) and India ($X per unit), while the price for South Korea ($X per unit) and Malaysia ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+35.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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