Philippines: Wire And Cable Market 2024

Wire And Cable Market Size in the Philippines

The Philippine wire and cable market was estimated at $X in 2021, with an increase of 2.5% against the previous year. Over the period under review, consumption recorded moderate growth. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Wire And Cable Production in the Philippines

In value terms, wire and cable production reached $X in 2021 estimated in export price. Overall, production posted pronounced growth. The growth pace was the most rapid in 2014 when the production volume increased by 128%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Wire And Cable Exports

Exports from the Philippines

In 2021, approx. X tons of insulated wire and cable were exported from the Philippines; increasing by 19% on the previous year's figure. In general, total exports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -4.0% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 27%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, wire and cable exports skyrocketed to $X in 2021. Over the period under review, total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +39.8% against 2018 indices. The growth pace was the most rapid in 2019 when exports increased by 38% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

Exports by Country

Japan (X tons), the United States (X tons) and South Korea (X tons) were the main destinations of wire and cable exports from the Philippines, with a combined 80% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +82.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for wire and cable exported from the Philippines were Japan ($X), the United States ($X) and Canada ($X), with a combined 80% share of total exports. South Korea, Thailand, China, Vietnam and Mexico lagged somewhat behind, together comprising a further 14%.

South Korea, with a CAGR of +76.3%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average wire and cable export price stood at $X per ton in 2021, surging by 4.9% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average export price increased by 9.2%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+4.9%), while the prices for the other major destinations experienced mixed trend patterns.

Wire And Cable Imports

Imports into the Philippines

Wire and cable imports into the Philippines expanded notably to X tons in 2021, growing by 14% compared with the previous year. Overall, imports continue to indicate resilient growth. The growth pace was the most rapid in 2016 when imports increased by 64%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, wire and cable imports soared to $X in 2021. Over the period under review, imports continue to indicate a strong expansion. The growth pace was the most rapid in 2019 when imports increased by 49%. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of wire and cable to the Philippines, with a 52% share of total imports. Moreover, wire and cable imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), sixfold. Hong Kong SAR (X tons) ranked third in terms of total imports with an 8% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +13.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+8.4% per year) and Hong Kong SAR (+24.6% per year).

In value terms, China ($X) constituted the largest supplier of insulated wire and cable to the Philippines, comprising 37% of total imports. The second position in the ranking was taken by Japan ($X), with an 11% share of total imports. It was followed by Hong Kong SAR, with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +22.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+9.3% per year) and Hong Kong SAR (+23.5% per year).

Import Prices by Country

In 2021, the average wire and cable import price amounted to $X per ton, surging by 4.9% against the previous year. In general, import price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, wire and cable import price increased by +76.7% against 2014 indices. The pace of growth was the most pronounced in 2019 when the average import price increased by 23% against the previous year. The import price peaked in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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