Philippines: Market for Machine-Tools For Working Wood 2024

Market Size for Machine-Tools For Working Wood in the Philippines

The Philippine machine-tool for working wood market skyrocketed to $X in 2021, picking up by 21% 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). Overall, consumption posted strong growth. Over the period under review, the market hit record highs in 2021 and is likely to continue growth in the immediate term.

Exports of Machine-Tools For Working Wood

Exports from the Philippines

In 2021, approx. X tons of machine-tools for working wood were exported from the Philippines; waning by -79.6% compared with the year before. In general, exports showed a dramatic decrease. The pace of growth appeared the most rapid in 2017 when exports increased by 362%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, machine-tool for working wood exports shrank rapidly to $X in 2021. Over the period under review, exports saw a dramatic descent. The pace of growth appeared the most rapid in 2017 when exports increased by 344%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia (X tons), Hong Kong SAR (X tons) and Singapore (X tons) were the main destinations of machine-tool for working wood exports from the Philippines, together accounting for 77% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of +29.5%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Hong Kong SAR ($X) and Singapore ($X) appeared to be the largest markets for machine-tool for working wood exported from the Philippines worldwide, with a combined 74% share of total exports. These countries were followed by Sweden, Japan, Thailand, South Korea, Taiwan (Chinese) and the United States, which together accounted for a further 15%.

In terms of the main countries of destination, Thailand, with a CAGR of +21.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average machine-tool for working wood export price amounted to $X per ton, remaining stable against the previous year. Overall, the export price showed a pronounced reduction. The pace of growth was the most pronounced in 2014 when the average export price increased by 87% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Hong Kong SAR ($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 Taiwan (Chinese) (+15.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machine-Tools For Working Wood

Imports into the Philippines

In 2021, purchases abroad of machine-tools for working wood increased by 7.5% to X tons, rising for the second consecutive year after two years of decline. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 when imports increased by 33%. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, machine-tool for working wood imports soared to $X in 2021. In general, imports saw a resilient expansion. The pace of growth was the most pronounced in 2016 when imports increased by 60%. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of machine-tool for working wood imports to the Philippines, together comprising 73% of total imports. These countries were followed by Germany, Hong Kong SAR, Vietnam, South Korea, the United States and Italy, which together accounted for a further 13%.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +27.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest machine-tool for working wood suppliers to the Philippines were China ($X), Japan ($X) and Taiwan (Chinese) ($X), with a combined 77% share of total imports. These countries were followed by Germany, Vietnam, Italy, South Korea, the United States and Hong Kong SAR, which together accounted for a further 12%.

Vietnam, with a CAGR of +34.3%, 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 machine-tool for working wood import price amounted to $X per ton, growing by 11% against the previous year. Over the period under review, the import price enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2016 an increase of 53% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+19.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :