Philippines: Market for Iron or Steel Leaf-Springs and Leaves 2024

Market Size for Iron or Steel Leaf-Springs and Leaves in the Philippines

The Philippine iron or steel leaf-spring market fell dramatically to $X in 2022, shrinking by -17% 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). In general, consumption, however, showed buoyant growth. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports from the Philippines

In 2022, approx. X tons of iron or steel leaf-springs and leaves were exported from the Philippines; picking up by 65% on the previous year. In general, exports, however, continue to indicate a noticeable downturn. The pace of growth was the most pronounced in 2020 when exports increased by 290%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, iron or steel leaf-spring exports surged to $X in 2022. Over the period under review, exports saw measured growth. The pace of growth appeared the most rapid in 2013 with an increase of 1,990% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for iron or steel leaf-spring exports from the Philippines, with a 58% share of total exports. Moreover, iron or steel leaf-spring exports to Japan exceeded the volume sent to the second major destination, Thailand (X kg), threefold. The third position in this ranking was held by Vietnam (X kg), with a 16% share.

From 2012 to 2022, the average annual growth rate of volume to Japan totaled +19.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-3.4% per year) and Vietnam (-16.7% per year).

In value terms, the largest markets for iron or steel leaf-spring exported from the Philippines were Japan ($X), Thailand ($X) and Vietnam ($X), together accounting for 95% of total exports.

In terms of the main countries of destination, Japan, with a CAGR of +22.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average iron or steel leaf-spring export price amounted to $X per ton, with an increase of 11% against the previous year. Over the period under review, the export price continues to indicate a prominent increase. The growth pace was the most rapid in 2013 when the average export price increased by 828%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Thailand ($X per ton) and the United States ($X per ton), while the average price for exports to Japan ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+95.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Leaf-Springs and Leaves

Imports into the Philippines

Iron or steel leaf-spring imports into the Philippines dropped to X tons in 2022, falling by -13.7% compared with 2021 figures. Over the period under review, imports, however, posted strong growth. The pace of growth was the most pronounced in 2015 with an increase of 187%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, iron or steel leaf-spring imports reduced remarkably to $X in 2022. Overall, imports, however, posted significant growth. The growth pace was the most rapid in 2015 with an increase of 315% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest iron or steel leaf-spring supplier to the Philippines, accounting for a 72% share of total imports. Moreover, iron or steel leaf-spring imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), sixfold. Thailand (X tons) ranked third in terms of total imports with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.3% per year) and Thailand (+51.6% per year).

In value terms, Japan ($X), China ($X) and Thailand ($X) constituted the largest iron or steel leaf-spring suppliers to the Philippines, with a combined 73% share of total imports.

Among the main suppliers, Thailand, with a CAGR of +52.8%, recorded 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

The average iron or steel leaf-spring import price stood at $X per ton in 2022, dropping by -5.3% against the previous year. Overall, the import price, however, continues to indicate a remarkable increase. The pace of growth appeared the most rapid in 2017 an increase of 91% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Japan (+33.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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