Philippines: Market for Machine-Tools For Working Any Material By Removal Of Material 2024

Market Size for Machine-Tools For Working Any Material By Removal Of Material in the Philippines

The Philippine machine-tool for removing material market surged to $X in 2021, with an increase of 454% against the previous year. In general, consumption recorded a significant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Machine-Tools For Working Any Material By Removal Of Material in the Philippines

In value terms, machine-tool for removing material production declined notably to $X in 2021 estimated in export price. Overall, production saw a precipitous shrinkage. The most prominent rate of growth was recorded in 2014 when the production volume increased by 48% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Machine-Tools For Working Any Material By Removal Of Material

Exports from the Philippines

In 2021, approx. X units of machine-tools for working any material by removal of material were exported from the Philippines; falling by -84.2% on 2020. In general, exports, however, continue to indicate prominent growth. The pace of growth appeared the most rapid in 2016 with an increase of 2,933%. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, machine-tool for removing material exports surged to $X in 2021. Over the period under review, exports, however, continue to indicate prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units), Japan (X units) and South Korea (X units) were the main destinations of machine-tool for removing material exports from the Philippines, with a combined 67% share of total exports. These countries were followed by the Netherlands and Thailand, which together accounted for a further 31%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +33.3%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the key foreign market for machine-tools for working any material by removal of material exports from the Philippines, comprising 56% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 14% share of total exports. It was followed by the United States, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan stood at +14.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (0.0% per year) and the United States (+4.6% per year).

Export Prices by Country

The average machine-tool for removing material export price stood at $X per unit in 2021, increasing by 2,965% against the previous year. In general, the export price, however, continues to indicate a pronounced setback. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-0.6%), while the prices for the other major destinations experienced a decline.

Imports of Machine-Tools For Working Any Material By Removal Of Material

Imports into the Philippines

In 2021, the amount of machine-tools for working any material by removal of material imported into the Philippines skyrocketed to X units, growing by 173% against 2020 figures. Over the period under review, imports saw a significant expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 2,066%. Over the period under review, imports reached the maximum in 2021 and are likely to see gradual growth in the near future.

In value terms, machine-tool for removing material imports soared to $X in 2021. In general, imports continue to indicate a significant increase. The growth pace was the most rapid in 2015 with an increase of 1,101% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

Japan (X units), China (X units) and Singapore (X units) were the main suppliers of machine-tool for removing material imports to the Philippines, with a combined 93% share of total imports. These countries were followed by Hong Kong SAR and Taiwan (Chinese), which together accounted for a further 4.6%.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +68.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of machine-tools for working any material by removal of material to the Philippines, comprising 91% of total imports. The second position in the ranking was held by Singapore ($X), with a 2.5% share of total imports. It was followed by China, with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan stood at +59.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+37.2% per year) and China (+23.3% per year).

Import Prices by Country

In 2021, the average machine-tool for removing material import price amounted to $X per unit, surging by 186% against the previous year. Overall, the import price, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2013 an increase of 247% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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