Philippines: Market for Iron Or Steel Parts Of Articulated Link Chain 2024

Market Size for Iron Or Steel Parts Of Articulated Link Chain in the Philippines

In 2021, the Philippine metal link chain parts market decreased by -11.4% to $X, falling for the second consecutive year after two years of growth. Overall, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Exports of Iron Or Steel Parts Of Articulated Link Chain

Exports from the Philippines

In 2021, exports of iron or steel parts of articulated link chain from the Philippines fell rapidly to X tons, which is down by -75.4% on the previous year. Over the period under review, exports, however, enjoyed a noticeable increase. The growth pace was the most rapid in 2017 with an increase of 1,366%. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, metal link chain parts exports declined to $X in 2021. Overall, exports, however, enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2017 with an increase of 700%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X tons) was the main destination for metal link chain parts exports from the Philippines, accounting for a 91% share of total exports. Moreover, metal link chain parts exports to Canada exceeded the volume sent to the second major destination, Thailand (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Canada amounted to +19.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+83.1% per year) and South Korea (-0.5% per year).

In value terms, South Korea ($X) emerged as the key foreign market for iron or steel parts of articulated link chain exports from the Philippines, comprising 74% of total exports. The second position in the ranking was held by Canada ($X), with a 24% share of total exports.

From 2012 to 2021, the average annual growth rate of value to South Korea stood at +1,052.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+0.5% per year) and Thailand (+110.6% per year).

Export Prices by Country

The average metal link chain parts export price stood at $X per ton in 2021, rising by 263% against the previous year. Over the period under review, the export price saw a measured increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 South Korea ($X per ton), while the average price for exports to Thailand ($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 South Korea (+1,058.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Iron Or Steel Parts Of Articulated Link Chain

Imports into the Philippines

In 2021, supplies from abroad of iron or steel parts of articulated link chain decreased by -26.8% to X tons, falling for the second year in a row after two years of growth. Overall, imports showed a abrupt downturn. The pace of growth was the most pronounced in 2015 when imports increased by 63%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, metal link chain parts imports reduced to $X in 2021. In general, imports, however, enjoyed a strong increase. The pace of growth appeared the most rapid in 2014 when imports increased by 83% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Thailand (X tons) constituted the largest metal link chain parts supplier to the Philippines, accounting for a 54% share of total imports. Moreover, metal link chain parts imports from Thailand exceeded the figures recorded by the second-largest supplier, the UK (X tons), twofold. The third position in this ranking was held by South Korea (X tons), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Thailand totaled +54.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+21.6% per year) and South Korea (+20.9% per year).

In value terms, Thailand ($X) constituted the largest supplier of iron or steel parts of articulated link chain to the Philippines, comprising 54% of total imports. The second position in the ranking was taken by the UK ($X), with a 21% share of total imports. It was followed by South Korea, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Thailand totaled +84.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+21.4% per year) and South Korea (+23.3% per year).

Import Prices by Country

The average metal link chain parts import price stood at $X per ton in 2021, increasing by 26% against the previous year. Overall, the import price recorded a significant expansion. The most prominent rate of growth was recorded in 2014 an increase of 184%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from the United States ($X per ton) and India ($X per ton), while the price for the UK ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+35.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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