Philippines: Oil Dispensing Pump Market 2024

Oil Dispensing Pump Market Size in the Philippines

The Philippine oil dispensing pump market surged to $X in 2021, increasing by 21% against 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). Overall, consumption posted slight growth. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Oil Dispensing Pump Exports

Exports from the Philippines

In 2021, shipments abroad of petrol and oil dispensing pumps decreased by -71.4% to X units, falling for the second year in a row after two years of growth. Over the period under review, exports continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2018 with an increase of 240%. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, oil dispensing pump exports fell sharply to $X in 2021. In general, exports showed a perceptible slump. The pace of growth appeared the most rapid in 2016 with an increase of 80% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

India (X units), Saudi Arabia (X units) and Thailand (X units) were the main destinations of oil dispensing pump exports from the Philippines, together accounting for 75% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Saudi Arabia (with a CAGR of 0.0%), while the other leaders experienced mixed trend patterns.

In value terms, Thailand ($X) emerged as the key foreign market for petrol and oil dispensing pumps exports from the Philippines, comprising 34% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with an 11% share of total exports. It was followed by India, with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Thailand stood at +87.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-64.9% per year) and India (+44.0% per year).

Export Prices by Country

In 2021, the average oil dispensing pump export price amounted to $X per unit, increasing by 64% against the previous year. Overall, the export price enjoyed a notable expansion. The most prominent rate of growth was recorded in 2015 when the average export price increased by 320%. Over the period under review, the average export prices reached the maximum at $X per unit in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Thailand ($X per unit), while the average price for exports to India ($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 Canada (+706.0%), while the prices for the other major destinations experienced more modest paces of growth.

Oil Dispensing Pump Imports

Imports into the Philippines

In 2021, the amount of petrol and oil dispensing pumps imported into the Philippines rose rapidly to X units, picking up by 14% on the year before. In general, imports recorded strong growth. The pace of growth was the most pronounced in 2013 when imports increased by 263% against the previous year. As a result, imports reached the peak of X units. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, oil dispensing pump imports surged to $X in 2021. Overall, imports, however, showed a pronounced shrinkage. The growth pace was the most rapid in 2013 when imports increased by 243% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of oil dispensing pump to the Philippines, accounting for a 62% share of total imports. Moreover, oil dispensing pump imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. Thailand (X units) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +49.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+5.5% per year) and Thailand (+42.3% per year).

In value terms, the largest oil dispensing pump suppliers to the Philippines were Japan ($X), China ($X) and the United States ($X), with a combined 90% share of total imports.

China, with a CAGR of +33.5%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average oil dispensing pump import price amounted to $X per unit, with an increase of 15% against the previous year. In general, the import price, however, continues to indicate a deep contraction. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was South Korea ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+16.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :