Philippines: Measuring Instrument Market 2022

Measuring Instrument Market Size in the Philippines

The Philippine measuring instrument market contracted to $X in 2021, which is down by -11.1% against the previous year. Overall, consumption, however, recorded a tangible increase. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Measuring Instrument Production in the Philippines

In value terms, measuring instrument production dropped to $X in 2021 estimated in export price. In general, production, however, showed a prominent expansion. The pace of growth was the most pronounced in 2017 with an increase of 52%. Over the period under review, production hit record highs at $X in 2020, and then reduced in the following year.

Measuring Instrument Exports

Exports from the Philippines

After two years of decline, shipments abroad of instruments and apparatus for measuring or checking the flow or level of liquids increased by 13% to X units in 2021. In general, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 822% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, measuring instrument exports rose remarkably to $X in 2021. Over the period under review, exports posted a resilient expansion. The pace of growth was the most pronounced in 2017 when exports increased by 96%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Thailand (X units) was the main destination for measuring instrument exports from the Philippines, accounting for a 64% share of total exports. Moreover, measuring instrument exports to Thailand exceeded the volume sent to the second major destination, India (X units), threefold. The third position in this ranking was held by South Korea (X units), with a 7.1% share.

From 2012 to 2021, the average annual growth rate of volume to Thailand amounted to +86.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+29.9% per year) and South Korea (+41.1% per year).

In value terms, Thailand ($X) remains the key foreign market for measuring instrument exports from the Philippines, comprising 77% of total exports. The second position in the ranking was taken by South Korea ($X), with a 10% share of total exports. It was followed by India, with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Thailand totaled +112.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+18.1% per year) and India (+12.2% per year).

Export Prices by Country

The average measuring instrument export price stood at $X per unit in 2021, dropping by -1.7% against the previous year. Over the period under review, the export price faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 an increase of 69% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was South Korea ($X per unit), while the average price for exports to India ($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 Australia (+44.8%), while the prices for the other major destinations experienced more modest paces of growth.

Measuring Instrument Imports

Imports into the Philippines

In 2021, overseas purchases of instruments and apparatus for measuring or checking the flow or level of liquids increased by 59% to X units for the first time since 2017, thus ending a three-year declining trend. Overall, imports saw a strong increase. The most prominent rate of growth was recorded in 2013 when imports increased by 164%. Over the period under review, imports reached the maximum at X units in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, measuring instrument imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2015 with an increase of 69% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

China (X units), Japan (X units) and South Korea (X units) were the main suppliers of measuring instrument imports to the Philippines, together accounting for 62% of total imports. Belgium, Singapore, the United States, France, Italy, India, Taiwan (Chinese), Germany and Thailand lagged somewhat behind, together comprising a further 33%.

From 2012 to 2021, the biggest increases were in Belgium (with a CAGR of +47.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest measuring instrument suppliers to the Philippines were Japan ($X), South Korea ($X) and Belgium ($X), together accounting for 46% of total imports.

Among the main suppliers, Belgium, with a CAGR of +47.1%, saw the highest growth rate of the value of imports, 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 measuring instrument import price amounted to $X per unit, which is down by -11.2% against the previous year. In general, the import price showed a mild setback. The most prominent rate of growth was recorded in 2017 when the average import price increased by 26%. Over the period under review, average import prices attained the maximum at $X per unit in 2020, and then reduced in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+19.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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