Philippines: Wood Milling Machine Market 2024

Wood Milling Machine Market Size in the Philippines

The Philippine wood milling machine market reduced sharply to $X in 2021, shrinking by -59.8% 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, however, recorded significant growth. As a result, consumption reached the peak level of $X, and then dropped remarkably in the following year.

Wood Milling Machine Exports

Exports from the Philippines

After three years of decline, overseas shipments of planing, milling or moulding machines increased by 617% to X units in 2021. Overall, exports, however, showed a deep reduction. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, wood milling machine exports surged to $X in 2021. Over the period under review, exports, however, faced a abrupt descent. The pace of growth appeared the most rapid in 2020 when exports increased by 123%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Japan (X units) was the main destination for wood milling machine exports from the Philippines, accounting for a 74% share of total exports. Moreover, wood milling machine exports to Japan exceeded the volume sent to the second major destination, Thailand (X units), fourfold. The third position in this ranking was held by Palau (X units), with a 2.3% share.

From 2012 to 2021, the average annual growth rate of volume to Japan stood at +47.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-12.5% per year) and Palau (-7.4% per year).

In value terms, Thailand ($X) remains the key foreign market for planing, milling or moulding machines exports from the Philippines, comprising 82% of total exports. The second position in the ranking was taken by Japan ($X), with a 13% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Thailand totaled +15.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+17.3% per year) and Indonesia (-4.1% per year).

Export Prices by Country

The average wood milling machine export price stood at $X per unit in 2021, dropping by -78.4% against the previous year. In general, the export price recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2020 when the average export price increased by 444% against the previous year. As a result, the export price attained the peak level of $X per unit, and then fell significantly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per unit), while the average price for exports to Palau (less than $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 Thailand (+31.8%), while the prices for the other major destinations experienced more modest paces of growth.

Wood Milling Machine Imports

Imports into the Philippines

In 2021, the amount of planing, milling or moulding machines imported into the Philippines dropped notably to X units, falling by -62.1% against the previous year's figure. In general, imports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 535% against the previous year. As a result, imports reached the peak of X units, and then contracted rapidly in the following year.

In value terms, wood milling machine imports fell notably to $X in 2021. Over the period under review, imports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 395%. As a result, imports attained the peak of $X, and then reduced sharply in the following year.

Imports by Country

China (X units), Japan (X units) and Hong Kong SAR (X units) were the main suppliers of wood milling machine imports to the Philippines, together accounting for 87% of total imports. These countries were followed by Taiwan (Chinese), India and Singapore, which together accounted for a further 6.9%.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +52.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of planing, milling or moulding machines to the Philippines, comprising 51% of total imports. The second position in the ranking was held by China ($X), with a 14% share of total imports. It was followed by Hong Kong SAR, with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan totaled +20.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+30.1% per year) and Hong Kong SAR (+27.7% per year).

Import Prices by Country

In 2021, the average wood milling machine import price amounted to $X per unit, rising by 17% against the previous year. In general, the import price, however, showed a abrupt contraction. The pace of growth appeared the most rapid in 2013 an increase of 68%. The import price peaked at $X per unit in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (-2.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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