Philippines: Market for Toothed wheels, chain sprockets and other transmission elements 2024

Market Size for Toothed wheels, chain sprockets and other transmission elements in the Philippines

The Philippine market for toothed wheels, chain sprockets and other transmission elements was finally on the rise to reach $X in 2021, after three years of decline. Overall, consumption showed a buoyant expansion. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Exports of Toothed wheels, chain sprockets and other transmission elements

Exports from the Philippines

In 2021, shipments abroad of toothed wheels, chain sprockets and other transmission elements increased by 112% to X tons, rising for the fourth consecutive year after two years of decline. In general, exports recorded a remarkable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, exports of toothed wheels, chain sprockets and other transmission elements soared to $X in 2021. Over the period under review, exports recorded strong growth. The growth pace was the most rapid in 2019 when exports increased by 153%. The exports peaked in 2021 and are likely to see steady growth in years to come.

Exports by Country

Japan (X tons) was the main destination for exports of toothed wheels, chain sprockets and other transmission elements from the Philippines, with a 46% share of total exports. Moreover, exports of toothed wheels, chain sprockets and other transmission elements to Japan exceeded the volume sent to the second major destination, China (X tons), twofold. Germany (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan amounted to +10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+30.9% per year) and Germany (+120.2% per year).

In value terms, Japan ($X) remains the key foreign market for toothed wheels, chain sprockets and other transmission elements exports from the Philippines, comprising 46% of total exports. The second position in the ranking was taken by China ($X), with a 21% share of total exports. It was followed by Germany, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan amounted to +11.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+36.2% per year) and Germany (+141.9% per year).

Export Prices by Country

The average export price for toothed wheels, chain sprockets and other transmission elements stood at $X per ton in 2021, picking up by 4.5% against the previous year. Over the period under review, the export price enjoyed a mild increase. The pace of growth appeared the most rapid in 2019 an increase of 138% against the previous year. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to continue growth in the near future.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were Vietnam ($X per ton) and Indonesia ($X per ton), while the average price for exports to Thailand ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+16.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Toothed wheels, chain sprockets and other transmission elements

Imports into the Philippines

In 2021, after three years of decline, there was significant growth in supplies from abroad of toothed wheels, chain sprockets and other transmission elements, when their volume increased by 136% to X tons. Over the period under review, imports showed strong growth. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, imports of toothed wheels, chain sprockets and other transmission elements surged to $X in 2021. Overall, imports continue to indicate a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of toothed wheels, chain sprockets and other transmission elements to the Philippines, with a 48% share of total imports. Moreover, imports of toothed wheels, chain sprockets and other transmission elements from Japan exceeded the figures recorded by the second-largest supplier, Thailand (X tons), twofold. The third position in this ranking was held by China (X tons), with a 16% share.

From 2012 to 2021, the average annual growth rate of volume from Japan amounted to +20.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+45.8% per year) and China (+3.3% per year).

In value terms, Japan ($X) constituted the largest supplier of toothed wheels, chain sprockets and other transmission elements to the Philippines, comprising 48% of total imports. The second position in the ranking was taken by Thailand ($X), with a 19% share of total imports. It was followed by China, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan amounted to +25.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+58.3% per year) and China (+28.3% per year).

Import Prices by Country

The average import price for toothed wheels, chain sprockets and other transmission elements stood at $X per ton in 2021, falling by -13.4% against the previous year. Over the period under review, the import price, however, recorded resilient growth. The most prominent rate of growth was recorded in 2019 an increase of 107% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2020, and then declined in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Japan ($X per ton) and China ($X per ton), while the price for Singapore ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+24.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :