Philippines: Unvulcanised Rubber Market 2024

Unvulcanised Rubber Market Size in the Philippines

The Philippine unvulcanised rubber market skyrocketed to $X in 2021, increasing by 25% against the previous year. In general, consumption continues to indicate prominent growth. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Unvulcanised Rubber Production in the Philippines

In value terms, unvulcanised rubber production surged to $X in 2021 estimated in export price. Overall, production saw a prominent increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 113%. Unvulcanised rubber production peaked at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Unvulcanised Rubber Exports

Exports from the Philippines

In 2021, after three years of decline, there was significant growth in overseas shipments of unvulcanised rubber, when their volume increased by 1,956% to X tons. Over the period under review, exports, however, showed a abrupt contraction. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, unvulcanised rubber exports soared to $X in 2021. In general, exports, however, showed a drastic downturn. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Singapore (X tons) was the main destination for unvulcanised rubber exports from the Philippines, with a 71% share of total exports. Moreover, unvulcanised rubber exports to Singapore exceeded the volume sent to the second major destination, China (X tons), fivefold. Oman (X tons) ranked third in terms of total exports with an 8.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Singapore was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-23.9% per year) and Oman (0.0% per year).

In value terms, Oman ($X) emerged as the key foreign market for unvulcanised rubber exports from the Philippines, comprising 70% of total exports. The second position in the ranking was taken by Japan ($X), with a 15% share of total exports. It was followed by Singapore, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Oman was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+12.2% per year) and Singapore (0.0% per year).

Export Prices by Country

In 2021, the average unvulcanised rubber export price amounted to $X per ton, with a decrease of -16.7% against the previous year. Overall, the export price showed a noticeable contraction. The growth pace was the most rapid in 2013 an increase of 44%. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Oman ($X per ton), while the average price for exports to Singapore ($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 Japan (-1.5%).

Unvulcanised Rubber Imports

Imports into the Philippines

In 2021, the amount of unvulcanised rubber imported into the Philippines skyrocketed to X tons, picking up by 61% against the previous year's figure. In general, imports continue to indicate resilient growth. The pace of growth appeared the most rapid in 2016 with an increase of 155%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, unvulcanised rubber imports surged to $X in 2021. Overall, imports saw prominent growth. The pace of growth was the most pronounced in 2017 with an increase of 123% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of unvulcanised rubber to the Philippines, with a 62% share of total imports. Moreover, unvulcanised rubber imports from Japan exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fourfold. The third position in this ranking was taken by South Korea (X tons), with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan stood at +22.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+26.4% per year) and South Korea (+7.1% per year).

In value terms, Japan ($X) constituted the largest supplier of unvulcanised rubber to the Philippines, comprising 71% of total imports. The second position in the ranking was taken by Thailand ($X), with a 14% share of total imports. It was followed by South Korea, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from Japan totaled +15.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+23.5% per year) and South Korea (+4.4% per year).

Import Prices by Country

In 2021, the average unvulcanised rubber import price amounted to $X per ton, with a decrease of -3.8% against the previous year. Overall, the import price continues to indicate a slight descent. The most prominent rate of growth was recorded in 2015 an increase of 17% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a somewhat lower figure.

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 ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (-2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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