Philippines: Photo Camera Market 2024

Photo Camera Market Size in the Philippines

The Philippine photo camera market skyrocketed to $X in 2022, increasing by 293% against the previous year. Overall, consumption showed a resilient expansion. Photo camera consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Photo Camera Production in the Philippines

In value terms, photo camera production declined sharply to $X in 2022 estimated in export price. Overall, production, however, saw a deep contraction. The pace of growth was the most pronounced in 2017 when the production volume increased by 260% against the previous year. Photo camera production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Photo Camera Exports

Exports from the Philippines

In 2022, shipments abroad of photographic (other than cinematographic) cameras increased by 1.2% to X units, rising for the second consecutive year after three years of decline. Overall, exports, however, saw a deep downturn. The most prominent rate of growth was recorded in 2017 with an increase of 235% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, photo camera exports amounted to $X in 2022. In general, exports, however, showed a dramatic curtailment. The pace of growth was the most pronounced in 2017 when exports increased by 271%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for photo camera exports from the Philippines, with a 70% share of total exports. Moreover, photo camera exports to the United States exceeded the volume sent to the second major destination, Canada (X units), eightfold. The third position in this ranking was taken by Australia (X units), with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled -6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-2.0% per year) and Australia (-3.3% per year).

In value terms, the United States ($X) remains the key foreign market for photographic (other than cinematographic) cameras exports from the Philippines, comprising 63% of total exports. The second position in the ranking was held by Canada ($X), with an 8.2% share of total exports. It was followed by Japan, with a 5.5% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to -13.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-3.8% per year) and Japan (-32.8% per year).

Export Prices by Country

The average photo camera export price stood at $X per unit in 2022, surging by 3.7% against the previous year. In general, the export price, however, continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2013 an increase of 30% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

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 China ($X per unit), while the average price for exports to South Korea ($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 Taiwan (Chinese) (+28.2%), while the prices for the other major destinations experienced more modest paces of growth.

Photo Camera Imports

Imports into the Philippines

In 2022, purchases abroad of photographic (other than cinematographic) cameras increased by 236% to X units, rising for the second consecutive year after three years of decline. In general, imports recorded a significant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 344% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, photo camera imports soared to $X in 2022. Over the period under review, imports enjoyed strong growth. The most prominent rate of growth was recorded in 2015 when imports increased by 313%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

South Korea (X units), Japan (X units) and China (X units) were the main suppliers of photo camera imports to the Philippines, together accounting for 88% of total imports. Vietnam, Hong Kong SAR and Thailand lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +76.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Japan ($X) and China ($X) were the largest photo camera suppliers to the Philippines, together accounting for 88% of total imports. Vietnam, Hong Kong SAR and Thailand lagged somewhat behind, together comprising a further 7.2%.

Among the main suppliers, Vietnam, with a CAGR of +101.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average photo camera import price amounted to $X per unit, dropping by -9.7% against the previous year. In general, the import price continues to indicate a pronounced shrinkage. The pace of growth was the most pronounced in 2019 when the average import price increased by 56%. The import price peaked at $X per unit in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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 South Korea ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+31.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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