Philippines: Market for Pneumatic Or Hydraulic Hand Tools 2024

Market Size for Pneumatic Or Hydraulic Hand Tools in the Philippines

The Philippine market for pneumatic or hydraulic hand tools fell to $X in 2021, which is down by -5.5% against the previous year. Overall, consumption, however, continues to indicate a buoyant expansion. Pneumatic or hydraulic hand tool consumption peaked at $X in 2020, and then reduced in the following year.

Production of Pneumatic Or Hydraulic Hand Tools in the Philippines

In value terms, pneumatic or hydraulic hand tool production dropped to $X in 2021 estimated in export price. In general, production, however, continues to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2018 when the production volume increased by 115%. Pneumatic or hydraulic hand tool production peaked at $X in 2020, and then declined in the following year.

Exports of Pneumatic Or Hydraulic Hand Tools

Exports from the Philippines

In 2021, after two years of growth, there was significant decline in overseas shipments of pneumatic or hydraulic hand tools, when their volume decreased by -77.5% to X tons. Over the period under review, exports continue to indicate a perceptible decline. The most prominent rate of growth was recorded in 2013 with an increase of 1,244% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, pneumatic or hydraulic hand tool exports shrank markedly to $X in 2021. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when exports increased by 907%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Canada (X tons) was the main destination for pneumatic or hydraulic hand tool exports from the Philippines, with a 38% share of total exports. Moreover, pneumatic or hydraulic hand tool exports to Canada exceeded the volume sent to the second major destination, Malaysia (X kg), twofold. The third position in this ranking was held by Australia (X kg), with a 16% share.

From 2012 to 2021, the average annual growth rate of volume to Canada amounted to +11.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-2.2% per year) and Australia (+24.5% per year).

In value terms, the largest markets for pneumatic or hydraulic hand tool exported from the Philippines were Canada ($X), Thailand ($X) and Oman ($X), with a combined 65% share of total exports.

Oman, with a CAGR of +72.1%, saw the highest growth rate of the value of exports, in terms of 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 2021, the average export price for pneumatic or hydraulic hand tools amounted to $X per ton, jumping by 38% against the previous year. In general, the export price saw a notable expansion. The most prominent rate of growth was recorded in 2018 when the average export price increased by 126% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to see steady growth in the near future.

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 Thailand ($X per ton), while the average price for exports to Hong Kong SAR ($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 Hong Kong SAR (+37.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Pneumatic Or Hydraulic Hand Tools

Imports into the Philippines

In 2021, supplies from abroad of pneumatic or hydraulic hand tools decreased by -15.7% to X tons, falling for the fourth year in a row after two years of growth. Overall, imports recorded a abrupt descent. The most prominent rate of growth was recorded in 2014 when imports increased by 45%. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, pneumatic or hydraulic hand tool imports reduced to $X in 2021. In general, imports, however, posted resilient growth. The growth pace was the most rapid in 2013 with an increase of 102% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of pneumatic or hydraulic hand tool to the Philippines, with a 39% share of total imports. Moreover, pneumatic or hydraulic hand tool imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. Thailand (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at -2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+2.7% per year) and Thailand (+82.3% per year).

In value terms, China ($X), Germany ($X) and Thailand ($X) appeared to be the largest pneumatic or hydraulic hand tool suppliers to the Philippines, together comprising 69% of total imports.

Thailand, with a CAGR of +102.5%, recorded the highest growth rate of 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

The average import price for pneumatic or hydraulic hand tools stood at $X per ton in 2021, rising by 10% against the previous year. Overall, the import price enjoyed a significant increase. The most prominent rate of growth was recorded in 2018 an increase of 82%. 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 ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+35.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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