Philippines: Nuts Market 2024

Nuts Market Size in the Philippines

After two years of growth, the Philippine nuts market decreased by X% to $X in 2022. Over the period under review, consumption continues to indicate a buoyant expansion. Nuts consumption peaked at $X in 2021, and then reduced sharply in the following year.

Nuts Production in the Philippines

In value terms, nuts production amounted to $X in 2022 estimated in export price. Overall, production, however, showed a strong increase. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

In 2022, the average yield of nuts in the Philippines contracted to X tons per ha, approximately mirroring 2021. In general, the yield indicated resilient growth from 2012 to 2022: its figure increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nuts yield increased by X% against 2012 indices. The pace of growth was the most pronounced in 2015 when the yield increased by X%. Over the period under review, the average nuts yield hit record highs at X tons per ha in 2021, and then dropped modestly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of nuts in the Philippines reached X ha, therefore, remained relatively stable against the year before. In general, the harvested area continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of X%. As a result, the harvested area attained the peak level of X ha; afterwards, it flattened through to 2022.

Nuts Exports

Exports from the Philippines

In 2022, overseas shipments of nuts were finally on the rise to reach X tons after two years of decline. Over the period under review, exports posted a resilient increase. The pace of growth was the most pronounced in 2013 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, nuts exports reduced markedly to $X in 2022. Overall, exports posted a prominent expansion. The pace of growth appeared the most rapid in 2016 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for nuts exports from the Philippines, with a X% share of total exports. Moreover, nuts exports to Vietnam exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam totaled X%.

In value terms, Vietnam ($X) remains the key foreign market for nuts exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam stood at X%.

Export Prices by Country

In 2022, the average nuts export price amounted to $X per ton, which is down by X% against the previous year. Over the period under review, the export price recorded a abrupt descent. The most prominent rate of growth was recorded in 2014 an increase of X%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Vietnam stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (X%), while the prices for the other major destinations experienced more modest paces of growth.

Nuts Imports

Imports into the Philippines

In 2022, after four years of decline, there was significant growth in supplies from abroad of nuts, when their volume increased by X% to X tons. Overall, imports, however, recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2017 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, nuts imports surged to $X in 2022. In general, imports saw a resilient expansion. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X tons), China (X tons) and Vietnam (X tons) were the main suppliers of nuts imports to the Philippines, together accounting for X% of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of nuts to the Philippines, comprising X% of total imports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total imports. It was followed by Australia, with a X% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Australia (X% per year).

Import Prices by Country

The average nuts import price stood at $X per ton in 2022, with an increase of X% against the previous year. Overall, the import price enjoyed a prominent expansion. The pace of growth was the most pronounced in 2019 an increase of X%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

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 Australia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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