Philippines: Cutting Blade Market 2024

Cutting Blade Market Size in the Philippines

In 2021, the Philippine cutting blade market was finally on the rise to reach $X after three years of decline. Overall, consumption recorded buoyant growth. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Cutting Blade Exports

Exports from the Philippines

In 2021, exports of knives and cutting blades (for machines or for mechanical appliances) from the Philippines surged to X tons, with an increase of 141% compared with 2020. Overall, exports saw a significant increase. The growth pace was the most rapid in 2014 with an increase of 1,343%. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, cutting blade exports surged to $X in 2021. In general, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 2,258% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Malaysia (X tons) was the main destination for cutting blade exports from the Philippines, with a 85% share of total exports. Moreover, cutting blade exports to Malaysia exceeded the volume sent to the second major destination, Japan (X tons), sevenfold. Thailand (X tons) ranked third in terms of total exports with a 1.6% share.

From 2012 to 2021, the average annual growth rate of volume to Malaysia amounted to +307.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+28.3% per year) and Thailand (+48.1% per year).

In value terms, Malaysia ($X) remains the key foreign market for knives and cutting blades (for machines or for mechanical appliances) exports from the Philippines, comprising 85% of total exports. The second position in the ranking was held by Japan ($X), with a 12% share of total exports. It was followed by Thailand, with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Malaysia stood at +355.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+25.6% per year) and Thailand (+84.6% per year).

Export Prices by Country

In 2021, the average cutting blade export price amounted to $X per ton, with an increase of 14% against the previous year. In general, the export price recorded a resilient increase. The growth pace was the most rapid in 2017 an increase of 155%. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2021, the highest price was recorded for prices to the United States ($X per ton) and Indonesia ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+24.6%), while the prices for the other major destinations experienced more modest paces of growth.

Cutting Blade Imports

Imports into the Philippines

In 2021, overseas purchases of knives and cutting blades (for machines or for mechanical appliances) increased by 65% to X tons for the first time since 2016, thus ending a four-year declining trend. In general, imports showed a noticeable expansion. The pace of growth appeared the most rapid in 2016 with an increase of 177% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, cutting blade imports soared to $X in 2021. Over the period under review, imports continue to indicate significant growth. The pace of growth was the most pronounced in 2016 when imports increased by 130%. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of cutting blade to the Philippines, accounting for a 48% share of total imports. Moreover, cutting blade imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The United States (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+5.3% per year) and the United States (+24.1% per year).

In value terms, Japan ($X), the United States ($X) and China ($X) appeared to be the largest cutting blade suppliers to the Philippines, with a combined 55% share of total imports. Singapore, Germany, Hong Kong SAR and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 27%.

Hong Kong SAR, with a CAGR of +55.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 cutting blade import price amounted to $X per ton, declining by -5.1% against the previous year. Over the period under review, the import price, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2017 when the average import price increased by 77% against the previous year. The import price peaked at $X per ton in 2020, and then declined in the following year.

Prices varied noticeably country of origin: the country with the highest price was Hong Kong SAR ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+24.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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