Philippines: Market for Parts Of Harvester And Threshers 2024

Market Size for Parts Of Harvester And Threshers in the Philippines

After two years of decline, the Philippine market for parts of harvester and threshers increased by 58% to $X in 2021. In general, consumption recorded significant growth. Parts of harvester and threshers consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Exports of Parts Of Harvester And Threshers

Exports from the Philippines

In 2021, overseas shipments of parts of harvester and threshers increased by 47% to X units, rising for the second consecutive year after four years of decline. Over the period under review, exports, however, showed a perceptible decline. The most prominent rate of growth was recorded in 2020 with an increase of 2,504% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, parts of harvester and threshers exports surged to $X in 2021. Overall, exports, however, saw a perceptible downturn. The pace of growth appeared the most rapid in 2020 with an increase of 2,727%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X units), Indonesia (X units) and Hong Kong SAR (X units) were the main destinations of parts of harvester and threshers exports from the Philippines, together accounting for 86% of total exports. China, France and Australia lagged somewhat behind, together accounting for a further 11%.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +79.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Hong Kong SAR ($X) were the largest markets for parts of harvester and threshers exported from the Philippines worldwide, with a combined 74% share of total exports. Indonesia, France and Australia lagged somewhat behind, together comprising a further 16%.

France, with a CAGR of +70.3%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination 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 export price for parts of harvester and threshers amounted to $X per unit, surging by 14% against the previous year. Over the period under review, the export price, however, continues to indicate a slight descent. The growth pace was the most rapid in 2013 an increase of 63% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Indonesia ($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 Australia (+12.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Parts Of Harvester And Threshers

Imports into the Philippines

In 2021, overseas purchases of parts of harvester and threshers were finally on the rise to reach X units after two years of decline. Over the period under review, imports showed prominent growth. The most prominent rate of growth was recorded in 2014 when imports increased by 97%. Imports peaked at X units in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, parts of harvester and threshers imports surged to $X in 2021. In general, imports saw a significant expansion. The growth pace was the most rapid in 2017 with an increase of 72%. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

China (X units), Thailand (X units) and Vietnam (X units) were the main suppliers of parts of harvester and threshers imports to the Philippines, together accounting for 86% of total imports. These countries were followed by the United States, Hong Kong SAR and Japan, which together accounted for a further 4.7%.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +81.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest parts of harvester and threshers suppliers to the Philippines were China ($X), Thailand ($X) and Vietnam ($X), together comprising 83% of total imports. These countries were followed by the United States, Hong Kong SAR and Japan, which together accounted for a further 4.6%.

Hong Kong SAR, with a CAGR of +68.3%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for parts of harvester and threshers stood at $X per unit in 2021, surging by 2.6% against the previous year. Overall, the import price enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2019 an increase of 181%. The import price peaked in 2021 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Japan ($X per unit) and Hong Kong SAR ($X per unit), while the price for China ($X per unit) and Thailand ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+20.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform