Philippines: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in the Philippines

The Philippine percussion musical instrument market shrank modestly to $X in 2022, flattening at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a relatively flat trend pattern. Percussion musical instrument consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Percussion Musical Instrument Exports

Exports from the Philippines

In 2022, approx. X units of percussion musical instruments were exported from the Philippines; declining by -3.5% against the year before. In general, exports, however, recorded a buoyant increase. The pace of growth appeared the most rapid in 2019 with an increase of 6,471% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, percussion musical instrument exports soared to $X in 2022. Over the period under review, exports, however, saw a strong increase. The growth pace was the most rapid in 2014 when exports increased by 1,215% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X units) was the main destination for percussion musical instrument exports from the Philippines, with a 60% share of total exports. Moreover, percussion musical instrument exports to Malaysia exceeded the volume sent to the second major destination, Solomon Islands (X units), twofold.

From 2012 to 2022, the average annual growth rate of volume to Malaysia totaled -48.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Solomon Islands (0.0% per year) and the UK (-6.3% per year).

In value terms, Solomon Islands ($X) emerged as the key foreign market for percussion musical instruments exports from the Philippines, comprising 89% of total exports. The second position in the ranking was taken by the UK ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Solomon Islands was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-9.7% per year) and Malaysia (-44.6% per year).

Export Prices by Country

In 2022, the average percussion musical instrument export price amounted to $X per unit, surging by 171% against the previous year. Over the period under review, the export price recorded a resilient increase. The most prominent rate of growth was recorded in 2018 an increase of 764% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Solomon Islands ($X per unit), while the average price for exports to Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+6.9%), while the prices for the other major destinations experienced a decline.

Percussion Musical Instrument Imports

Imports into the Philippines

In 2022, overseas purchases of percussion musical instruments increased by 3.8% to X units, rising for the second year in a row after three years of decline. Over the period under review, imports, however, recorded a mild curtailment. The growth pace was the most rapid in 2021 with an increase of 119%. Over the period under review, imports attained the peak figure at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, percussion musical instrument imports fell to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 89% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of percussion musical instrument to the Philippines, accounting for a 75% share of total imports. Moreover, percussion musical instrument imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), fourfold. The third position in this ranking was taken by Thailand (X units), with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at -2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+11.7% per year) and Thailand (+11.8% per year).

In value terms, China ($X) constituted the largest supplier of percussion musical instruments to the Philippines, comprising 75% of total imports. The second position in the ranking was held by the United States ($X), with an 11% share of total imports. It was followed by Thailand, with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+10.0% per year) and Thailand (+9.6% per year).

Import Prices by Country

In 2022, the average percussion musical instrument import price amounted to $X per unit, falling by -10.7% against the previous year. Over the period under review, the import price, however, posted a slight expansion. The pace of growth appeared the most rapid in 2018 when the average import price increased by 186%. The import price peaked at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+13.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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