Philippines: Iron Household Articles Market 2024

Iron Household Articles Market Size in the Philippines

After two years of decline, the Philippine iron household articles market increased by 11% to $X in 2021. Over the period under review, consumption, however, enjoyed strong growth. Iron household articles consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Iron Household Articles Exports

Exports from the Philippines

In 2021, overseas shipments of table, kitchen or household articles and parts of iron decreased by -42.8% to X tons, falling for the third consecutive year after two years of growth. Overall, exports continue to indicate a significant contraction. The pace of growth was the most pronounced in 2017 when exports increased by 671% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, iron household articles exports declined significantly to $X in 2021. In general, exports continue to indicate a sharp descent. The most prominent rate of growth was recorded in 2017 with an increase of 630% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Poland (X tons) and South Korea (X tons) were the main destinations of iron household articles exports from the Philippines, with a combined 59% share 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 South Korea (with a CAGR of +32.5%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Poland ($X) and South Korea ($X) were the largest markets for iron household articles exported from the Philippines worldwide, together comprising 54% of total exports.

Among the main countries of destination, South Korea, with a CAGR of +26.1%, saw 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

The average iron household articles export price stood at $X per ton in 2021, growing by 20% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 102% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Poland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Household Articles Imports

Imports into the Philippines

In 2021, supplies from abroad of table, kitchen or household articles and parts of iron decreased by -0.7% to X tons, falling for the fourth year in a row after three years of growth. Over the period under review, imports continue to indicate a mild setback. The most prominent rate of growth was recorded in 2017 when imports increased by 56% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, iron household articles imports soared to $X in 2021. In general, imports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 77% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest iron household articles supplier to the Philippines, with a 65% share of total imports. Moreover, iron household articles imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), threefold. Japan (X tons) ranked third in terms of total imports with a 7.6% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-11.3% per year) and Japan (+14.0% per year).

In value terms, China ($X) constituted the largest supplier of table, kitchen or household articles and parts of iron to the Philippines, comprising 76% of total imports. The second position in the ranking was taken by Japan ($X), with an 8.9% share of total imports. It was followed by the United Arab Emirates, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +26.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+27.3% per year) and the United Arab Emirates (-8.2% per year).

Import Prices by Country

In 2021, the average iron household articles import price amounted to $X per ton, rising by 18% against the previous year. Over the period under review, the import price showed resilient growth. The most prominent rate of growth was recorded in 2018 when the average import price increased by 128%. The import price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+20.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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