Philippines: Other Chemical Products Market 2024

Other Chemical Products Market Size in the Philippines

The Philippine other chemical products market totaled less than $X in 2022, flattening at the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Other Chemical Products Production in the Philippines

In value terms, other chemical products production totaled less than $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a strong expansion. The pace of growth was the most pronounced in 2014 when the production volume increased by 32% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Other Chemical Products Exports

Exports from the Philippines

In 2018, shipments abroad of other chemical products increased by 28% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports recorded a slight increase. The most prominent rate of growth was recorded in 2014 with an increase of 196%. As a result, the exports attained the peak of X tons. From 2015 to 2018, the growth of the exports failed to regain momentum.

In value terms, other chemical products exports soared to $X in 2018. Overall, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 343%. As a result, the exports attained the peak of $X. From 2015 to 2018, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for other chemical products exports from the Philippines, accounting for a 43% share of total exports. Moreover, other chemical products exports to China exceeded the volume sent to the second major destination, Japan (X tons), fourfold. The third position in this ranking was held by the United States (X tons), with a 9.8% share.

From 2012 to 2018, the average annual growth rate of volume to China amounted to +11.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+29.1% per year) and the United States (+32.4% per year).

In value terms, China ($X), Japan ($X) and Malaysia ($X) were the largest markets for other chemical products exported from the Philippines worldwide, with a combined 58% share of total exports. The United States, Vietnam, South Korea, Canada, Indonesia and Spain lagged somewhat behind, together comprising a further 24%.

In terms of the main countries of destination, the United States, with a CAGR of +41.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2018, the average other chemical products export price amounted to $X per ton, therefore, remained relatively stable against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 50% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2018, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2018, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+13.6%), while the prices for the other major destinations experienced more modest paces of growth.

Other Chemical Products Imports

Imports into the Philippines

For the fourth year in a row, the Philippines recorded growth in overseas purchases of other chemical products, which increased by 85% to X tons in 2018. In general, imports showed a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, other chemical products imports amounted to $X in 2018. Over the period under review, imports recorded a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 46%. Imports peaked in 2018 and are likely to see gradual growth in the near future.

Imports by Country

In 2018, China (X tons) constituted the largest other chemical products supplier to the Philippines, with a 38% share of total imports. Moreover, other chemical products imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. The third position in this ranking was taken by Indonesia (X tons), with a 9.7% share.

From 2012 to 2018, the average annual growth rate of volume from China amounted to +21.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+48.3% per year) and Indonesia (+87.5% per year).

In value terms, China ($X), Malaysia ($X) and the United States ($X) constituted the largest other chemical products suppliers to the Philippines, together comprising 44% of total imports. Japan, Indonesia, Singapore, Germany, France, South Korea, Thailand, Taiwan (Chinese) and Vietnam lagged somewhat behind, together comprising a further 43%.

Vietnam, with a CAGR of +76.3%, 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

In 2018, the average other chemical products import price amounted to $X per ton, with a decrease of -43.4% against the previous year. In general, the import price showed a deep downturn. The most prominent rate of growth was recorded in 2014 when the average import price increased by 27%. Over the period under review, average import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2018, import prices failed to regain momentum.

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

From 2012 to 2018, the most notable rate of growth in terms of prices was attained by the United States (+2.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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