Philippines: Public Works Machinery Market 2024

Public Works Machinery Market Size in the Philippines

The Philippine public works machinery market fell remarkably to $X in 2021, waning by -35.4% against the previous year. Overall, consumption, however, recorded a prominent expansion. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Public Works Machinery Production in the Philippines

In value terms, public works machinery production fell notably to $X in 2021 estimated in export price. Overall, production recorded a significant decline. Public works machinery production peaked at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Public Works Machinery Exports

Exports from the Philippines

In 2021, overseas shipments of machinery for public works and building decreased by -15% to X units, falling for the third year in a row after two years of growth. In general, exports continue to indicate a precipitous decline. The growth pace was the most rapid in 2017 with an increase of 1,200%. The exports peaked at X units in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, public works machinery exports reduced rapidly to $X in 2021. Overall, exports continue to indicate a sharp curtailment. The growth pace was the most rapid in 2017 with an increase of 792%. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X units) was the main destination for public works machinery exports from the Philippines, accounting for a 59% share of total exports. Moreover, public works machinery exports to Vietnam exceeded the volume sent to the second major destination, Russia (X units), fivefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam totaled +8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-34.5% per year) and Malaysia (-15.9% per year).

In value terms, Vietnam ($X) remains the key foreign market for machinery for public works and building exports from the Philippines, comprising 72% of total exports. The second position in the ranking was taken by Russia ($X), with a 14% share of total exports. It was followed by China, with a 1% share.

From 2012 to 2021, the average annual growth rate of value to Vietnam totaled +2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-39.3% per year) and China (-47.5% per year).

Export Prices by Country

In 2021, the average public works machinery export price amounted to $X per unit, declining by -33.8% against the previous year. Over the period under review, the export price recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2019 an increase of 46%. The export price peaked at $X per unit in 2016; however, from 2017 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 China ($X per unit), while the average price for exports to Malaysia ($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 China (-3.7%), while the prices for the other major destinations experienced a decline.

Public Works Machinery Imports

Imports into the Philippines

In 2021, imports of machinery for public works and building into the Philippines dropped significantly to X units, reducing by -35.9% compared with the previous year's figure. Overall, imports, however, saw a resilient increase. The pace of growth was the most pronounced in 2018 when imports increased by 302%. As a result, imports attained the peak of X units. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, public works machinery imports shrank markedly to $X in 2021. Over the period under review, imports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2015 with an increase of 333%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Japan (X units), China (X units) and Hong Kong SAR (X units) were the main suppliers of public works machinery imports to the Philippines, with a combined 85% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +34.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Hong Kong SAR ($X) constituted the largest public works machinery suppliers to the Philippines, with a combined 54% share of total imports.

In terms of the main suppliers, Hong Kong SAR, with a CAGR of +19.3%, saw the highest growth rate of the value of imports, 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 public works machinery import price amounted to $X per unit, rising by 15% against the previous year. Overall, the import price, however, continues to indicate a abrupt shrinkage. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while the price for Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :