Philippines: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in the Philippines

In 2022, the Philippine worked wax articles market decreased by -2.5% to $X, falling for the second year in a row after two years of growth. Over the period under review, consumption, however, continues to indicate a tangible expansion. Worked wax articles consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Worked Wax Articles Production in the Philippines

In value terms, worked wax articles production rose markedly to $X in 2022 estimated in export price. In general, the total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.9% against 2020 indices. The most prominent rate of growth was recorded in 2019 with an increase of 96% against the previous year. Worked wax articles production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Worked Wax Articles Exports

Exports from the Philippines

In 2022, overseas shipments of worked articles of wax increased by 2.4% to X units, rising for the second year in a row after three years of decline. In general, exports showed pronounced growth. The most prominent rate of growth was recorded in 2014 when exports increased by 246%. As a result, the exports attained the peak of X units. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, worked wax articles exports reached $X in 2022. Overall, exports posted pronounced growth. The growth pace was the most rapid in 2014 when exports increased by 164%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for worked wax articles exports from the Philippines, with a 92% share of total exports. Moreover, worked wax articles exports to the United States exceeded the volume sent to the second major destination, Canada (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+38.5% per year) and Japan (-20.3% per year).

In value terms, the United States ($X) remains the key foreign market for worked articles of wax exports from the Philippines, comprising 89% of total exports. The second position in the ranking was held by Canada ($X), with a 7.6% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +15.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+33.9% per year) and Japan (-14.3% per year).

Export Prices by Country

The average worked wax articles export price stood at $X per thousand units in 2022, rising by 3.1% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 97%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per thousand units), while the average price for exports to the United States ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+8.9%), while the prices for the other major destinations experienced mixed trend patterns.

Worked Wax Articles Imports

Imports into the Philippines

Worked wax articles imports into the Philippines dropped rapidly to X units in 2022, falling by -24.4% on the year before. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of 47%. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, worked wax articles imports dropped to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 36%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest worked wax articles supplier to the Philippines, with a 58% share of total imports. Moreover, worked wax articles imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), twofold. Vietnam (X units) ranked third in terms of total imports with a 7.8% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+1.0% per year) and Vietnam (-0.8% per year).

In value terms, Indonesia ($X), China ($X) and Vietnam ($X) constituted the largest worked wax articles suppliers to the Philippines, with a combined 89% share of total imports. India, Colombia, the UK and the United States lagged somewhat behind, together comprising a further 9.2%.

Colombia, with a CAGR of +15.0%, recorded the highest rates of growth with regard to 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

In 2022, the average worked wax articles import price amounted to $X per thousand units, with an increase of 15% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 23%. As a result, import price attained the peak level of $X per thousand units. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per thousand units), while the price for the UK ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+8.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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