Philippines: Market for Non-Numerically Controlled Sharpening Machines For Working Metal 2024

Market Size for Non-Numerically Controlled Sharpening Machines For Working Metal in the Philippines

In 2022, after two years of growth, there was significant decline in the Philippine non-numerically controlled sharpening machine market, when its value decreased by -47.3% to $X. In general, consumption, however, saw a significant expansion. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Exports of Non-Numerically Controlled Sharpening Machines For Working Metal

Exports from the Philippines

For the third consecutive year, the Philippines recorded decline in overseas shipments of non-numerically controlled sharpening machines for working metal, which decreased by -27.3% to X units in 2022. Overall, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 900%. Over the period under review, the exports attained the peak figure at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, non-numerically controlled sharpening machine exports fell dramatically to $X in 2022. In general, exports showed a pronounced reduction. The most prominent rate of growth was recorded in 2014 with an increase of 2,841%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Germany (X units) was the main destination for non-numerically controlled sharpening machine exports from the Philippines, accounting for a 88% share of total exports. Moreover, non-numerically controlled sharpening machine exports to Germany exceeded the volume sent to the second major destination, Japan (X units), sevenfold.

From 2013 to 2022, the average annual growth rate of volume to Germany was relatively modest.

In value terms, Germany ($X) emerged as the key foreign market for non-numerically controlled sharpening machines for working metal exports from the Philippines, comprising 95% of total exports. The second position in the ranking was held by Japan ($X), with a 4.6% share of total exports.

From 2013 to 2022, the average annual rate of growth in terms of value to Germany was relatively modest.

Export Prices by Country

In 2022, the average non-numerically controlled sharpening machine export price amounted to $X per unit, shrinking by -6.2% against the previous year. In general, the export price recorded a dramatic contraction. The most prominent rate of growth was recorded in 2014 an increase of 194%. As a result, the export price reached the peak level of $X per unit. From 2015 to 2022, the average export prices failed to regain momentum.

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

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (-20.8%).

Imports of Non-Numerically Controlled Sharpening Machines For Working Metal

Imports into the Philippines

In 2022, after two years of growth, there was significant decline in supplies from abroad of non-numerically controlled sharpening machines for working metal, when their volume decreased by -47% to X units. Overall, imports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 2,368%. As a result, imports attained the peak of X units. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, non-numerically controlled sharpening machine imports shrank rapidly to $X in 2022. Over the period under review, imports, however, recorded a significant expansion. The growth pace was the most rapid in 2016 when imports increased by 1,764% against the previous year. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest non-numerically controlled sharpening machine supplier to the Philippines, accounting for a 55% share of total imports. Moreover, non-numerically controlled sharpening machine imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), fourfold. The third position in this ranking was held by Singapore (X units), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +52.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+52.8% per year) and Singapore (+82.3% per year).

In value terms, Japan ($X) constituted the largest supplier of non-numerically controlled sharpening machines for working metal to the Philippines, comprising 78% of total imports. The second position in the ranking was held by Singapore ($X), with a 12% share of total imports. It was followed by China, with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan totaled +144.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+58.7% per year) and China (+34.8% per year).

Import Prices by Country

In 2022, the average non-numerically controlled sharpening machine import price amounted to $X per unit, waning by -10.1% against the previous year. Over the period under review, the import price recorded a pronounced downturn. The most prominent rate of growth was recorded in 2016 an increase of 609%. As a result, import price attained the peak level of $X per unit. From 2017 to 2022, the average import prices remained at a lower figure.

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 Japan ($X per unit), while the price for Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+35.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :