Philippines: Relay Market 2024

Relay Market Size in the Philippines

The Philippine relay market amounted to $X in 2022, approximately reflecting the previous year. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. Over the period under review, the market attained the maximum level in 2022 and is likely to see steady growth in years to come.

Relay Production in the Philippines

In value terms, relay production declined modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 38%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Relay Exports

Exports from the Philippines

In 2022, shipments abroad of relays decreased by -1.2% to X units, falling for the fourth consecutive year after three years of growth. Over the period under review, exports, however, saw strong growth. The most prominent rate of growth was recorded in 2014 when exports increased by 85%. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, relay exports reduced slightly to $X in 2022. Overall, total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +11.2% against 2020 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 74% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Germany (X units), the United States (X units) and China (X units) were the main destinations of relay exports from the Philippines, together comprising 70% of total exports. South Korea, Japan, India, Malaysia, Hong Kong SAR and the Netherlands lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +101.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and China ($X) were the largest markets for relay exported from the Philippines worldwide, with a combined 64% share of total exports. South Korea, Malaysia, Japan, India, Hong Kong SAR and the Netherlands lagged somewhat behind, together comprising a further 27%.

Malaysia, with a CAGR of +88.5%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average relay export price amounted to $X per unit, shrinking by -3.8% against the previous year. Over the period under review, the export price continues to indicate a deep contraction. The growth pace was the most rapid in 2021 an increase of 38% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2012; however, from 2013 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 the Netherlands ($X per unit), while the average price for exports to South Korea ($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 the Netherlands (+1.2%), while the prices for the other major destinations experienced a decline.

Relay Imports

Imports into the Philippines

In 2022, overseas purchases of relays increased by 9.7% to X units, rising for the second year in a row after two years of decline. Overall, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 95%. Imports peaked at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, relay imports rose remarkably to $X in 2022. Over the period under review, imports saw a remarkable increase. The pace of growth appeared the most rapid in 2017 with an increase of 92% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the near future.

Imports by Country

China (X units), Japan (X units) and the United States (X units) were the main suppliers of relay imports to the Philippines, together comprising 54% of total imports. Hong Kong SAR, Singapore, South Korea, Mexico, Belgium, Portugal and Taiwan (Chinese) lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Mexico (with a CAGR of +140.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and the United States ($X) appeared to be the largest relay suppliers to the Philippines, with a combined 50% share of total imports. Singapore, South Korea, Hong Kong SAR, Mexico, Belgium, Portugal and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 33%.

Among the main suppliers, Mexico, with a CAGR of +103.6%, saw the highest growth rate of 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

The average relay import price stood at $X per unit in 2022, dropping by -3.7% against the previous year. In general, the import price, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2019 an increase of 65%. Over the period under review, average import prices attained the maximum at $X per unit in 2020; however, from 2021 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 Taiwan (Chinese) ($X per unit), while the price for Portugal ($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) (+15.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :