Philippines: M-Xylene And Xylenes Market 2024

M-Xylene And Xylenes Market Size in the Philippines

In 2022, the Philippine m-xylene and xylenes market was finally on the rise to reach $X for the first time since 2017, thus ending a four-year declining trend. Overall, consumption, however, faced a abrupt contraction. X-xylene and xylenes consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

M-Xylene And Xylenes Production in the Philippines

In value terms, m-xylene and xylenes production dropped to $X in 2022 estimated in export price. Overall, production saw a dramatic shrinkage. The pace of growth was the most pronounced in 2017 with an increase of 86%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

M-Xylene And Xylenes Exports

Exports from the Philippines

In 2022, m-xylene and xylenes exports from the Philippines contracted markedly to X tons, with a decrease of -38.8% against the previous year's figure. In general, exports recorded a sharp contraction. The pace of growth appeared the most rapid in 2017 when exports increased by 100% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, m-xylene and xylenes exports totaled $X in 2022. Over the period under review, exports recorded a significant contraction. The pace of growth appeared the most rapid in 2017 when exports increased by 102% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons), Singapore (X tons) and Malaysia (X tons) were the main destinations of m-xylene and xylenes exports from the Philippines.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of 0.0%), while shipments for the other leaders experienced a decline.

In value terms, Indonesia ($X), Singapore ($X) and Malaysia ($X) were the largest markets for m-xylene and xylenes exported from the Philippines worldwide.

Indonesia, with a CAGR of +39.3%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average m-xylene and xylenes export price amounted to $X per ton, with an increase of 65% against the previous year. Overall, the export price, however, continues to indicate a mild setback. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+45.5%), while the prices for the other major destinations experienced a decline.

M-Xylene And Xylenes Imports

Imports into the Philippines

In 2022, the amount of m-xylene and mixed xylene isomers imported into the Philippines rose sharply to X tons, growing by 11% against 2021 figures. Over the period under review, imports recorded a buoyant increase. The pace of growth appeared the most rapid in 2019 with an increase of 27,304% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, m-xylene and xylenes imports skyrocketed to $X in 2022. Overall, imports saw a prominent increase. The most prominent rate of growth was recorded in 2019 when imports increased by 4,659%. As a result, imports attained the peak of $X; afterwards, it flattened through to 2022.

Imports by Country

In 2022, China (X tons) was the main supplier of m-xylene and xylenes to the Philippines, accounting for a 97% share of total imports. It was followed by Japan (X tons), with a 0.9% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +92.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+42.8% per year) and South Korea (-58.0% per year).

In value terms, China ($X) constituted the largest supplier of m-xylene and mixed xylene isomers to the Philippines, comprising 93% of total imports. The second position in the ranking was held by Japan ($X), with a 1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +91.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+39.2% per year) and South Korea (-47.6% per year).

Import Prices by Country

The average m-xylene and xylenes import price stood at $X per ton in 2022, picking up by 96% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average import price increased by 756% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices failed to regain momentum.

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 South Korea ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+28.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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