Philippines: Market for Mechanical Shovels, Excavators And Shovel Loaders 2024

Market Size for Mechanical Shovels, Excavators And Shovel Loaders in the Philippines

In 2021, the Philippine mechanical shovel and excavator market increased by 40% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption continues to indicate a resilient expansion. Mechanical shovel and excavator consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Exports of Mechanical Shovels, Excavators And Shovel Loaders

Exports from the Philippines

In 2021, mechanical shovel and excavator exports from the Philippines surged to X units, rising by 47% against the year before. Overall, exports, however, recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of 492%. Over the period under review, the exports reached the maximum at X units in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, mechanical shovel and excavator exports skyrocketed to $X in 2021. Over the period under review, exports, however, faced a drastic downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 859%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X units) was the main destination for mechanical shovel and excavator exports from the Philippines, with a 75% share of total exports. Moreover, mechanical shovel and excavator exports to Japan exceeded the volume sent to the second major destination, Malaysia (X units), fivefold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with a 3.6% share.

From 2012 to 2021, the average annual growth rate of volume to Japan totaled +12.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+16.7% per year) and Taiwan (Chinese) (0.0% per year).

In value terms, Japan ($X), Malaysia ($X) and Egypt ($X) appeared to be the largest markets for mechanical shovel and excavator exported from the Philippines worldwide, together accounting for 99% of total exports.

In terms of the main countries of destination, Japan, with a CAGR of +63.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average mechanical shovel and excavator export price stood at $X per unit in 2021, with a decrease of -9.5% against the previous year. In general, the export price recorded a noticeable contraction. The most prominent rate of growth was recorded in 2020 when the average export price increased by 154%. The export price peaked at $X per unit in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to South Korea ($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 New Zealand (+248.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Mechanical Shovels, Excavators And Shovel Loaders

Imports into the Philippines

In 2021, approx. X units of mechanical shovels, excavators and shovel loaders were imported into the Philippines; with an increase of 10% against 2020 figures. Overall, imports saw a remarkable increase. The pace of growth appeared the most rapid in 2018 with an increase of 49% against the previous year. Over the period under review, imports reached the maximum at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, mechanical shovel and excavator imports skyrocketed to $X in 2021. In general, imports showed a strong expansion. The pace of growth appeared the most rapid in 2015 with an increase of 61% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of mechanical shovel and excavator to the Philippines, accounting for a 56% share of total imports. Moreover, mechanical shovel and excavator imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. The third position in this ranking was taken by South Korea (X units), with a 7.4% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +30.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-4.3% per year) and South Korea (+12.3% per year).

In value terms, China ($X) constituted the largest supplier of mechanical shovels, excavators and shovel loaders to the Philippines, comprising 43% of total imports. The second position in the ranking was taken by South Korea ($X), with a 21% share of total imports. It was followed by Japan, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +27.5%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+23.8% per year) and Japan (-3.0% per year).

Import Prices by Country

In 2021, the average mechanical shovel and excavator import price amounted to $X per unit, jumping by 41% against the previous year. In general, the import price posted tangible growth. The import price peaked at $X per unit in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+23.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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