Philippines: Market for Iron or Steel Gas Domestic Cooking Appliances and Plate Warmers 2024

Market Size for Iron or Steel Gas Domestic Cooking Appliances and Plate Warmers in the Philippines

The Philippine market for iron or steel gas domestic cooking appliances and plate warmers declined remarkably to $X in 2022, shrinking by -19.8% 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). Over the period under review, consumption recorded a buoyant expansion. As a result, consumption attained the peak level of $X, and then fell markedly in the following year.

Exports of Iron or Steel Gas Domestic Cooking Appliances and Plate Warmers

Exports from the Philippines

In 2022, shipments abroad of iron or steel gas domestic cooking appliances and plate warmers decreased by -63.9% to X units, falling for the fifth year in a row after two years of growth. Over the period under review, exports saw a deep contraction. The pace of growth was the most pronounced in 2013 when exports increased by 411%. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of iron or steel gas domestic cooking appliances and plate warmers declined dramatically to $X in 2022. Overall, exports showed a abrupt downturn. The pace of growth appeared the most rapid in 2013 when exports increased by 470%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Turkey (X units) was the main destination for exports of iron or steel gas domestic cooking appliances and plate warmers from the Philippines, with a 83% share of total exports. Moreover, exports of iron or steel gas domestic cooking appliances and plate warmers to Turkey exceeded the volume sent to the second major destination, the UK (X units), tenfold. Brunei Darussalam (X units) ranked third in terms of total exports with a 4.2% share.

From 2012 to 2022, the average annual growth rate of volume to Turkey stood at +471.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (0.0% per year) and Brunei Darussalam (+10.4% per year).

In value terms, the UK ($X) emerged as the key foreign market for iron or steel gas domestic cooking appliances and plate warmers exports from the Philippines, comprising 83% of total exports. The second position in the ranking was held by Brunei Darussalam ($X), with a 9.1% share of total exports. It was followed by Indonesia, with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (-15.0% per year) and Indonesia (-78.7% per year).

Export Prices by Country

In 2022, the average export price for iron or steel gas domestic cooking appliances and plate warmers amounted to $X per unit, surging by 8.3% against the previous year. Overall, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 30% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lebanon (+15.3%), while the prices for the other major destinations experienced a decline.

Imports of Iron or Steel Gas Domestic Cooking Appliances and Plate Warmers

Imports into the Philippines

In 2022, supplies from abroad of iron or steel gas domestic cooking appliances and plate warmers increased by 9.6% to X units for the first time since 2018, thus ending a three-year declining trend. In general, imports enjoyed temperate growth. The most prominent rate of growth was recorded in 2016 with an increase of 48%. Imports peaked at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of iron or steel gas domestic cooking appliances and plate warmers reduced rapidly to $X in 2022. Over the period under review, imports saw a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of 64% against the previous year. As a result, imports attained the peak of $X, and then contracted rapidly in the following year.

Imports by Country

In 2022, China (X units) was the main iron or steel gas domestic cooking appliances and plate warmers supplier to the Philippines, with a 93% share of total imports. Moreover, imports of iron or steel gas domestic cooking appliances and plate warmers from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China stood at +3.7%.

In value terms, China ($X) constituted the largest supplier of iron or steel gas domestic cooking appliances and plate warmers to the Philippines, comprising 84% of total imports. The second position in the ranking was held by Vietnam ($X), with a 3.2% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled +22.5%.

Import Prices by Country

The average import price for iron or steel gas domestic cooking appliances and plate warmers stood at $X per unit in 2022, falling by -32.6% against the previous year. Overall, the import price, however, showed strong growth. The pace of growth appeared the most rapid in 2021 an increase of 70% against the previous year. As a result, import price reached the peak level of $X per unit, and then dropped significantly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per unit), while the price for Vietnam amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+18.1%).

Source: IndexBox Platform