Philippines: Market for Machine Tools For Working Metal Without Removing Metal 2024

Market Size for Machine Tools For Working Metal Without Removing Metal in the Philippines

After two years of decline, the Philippine machine tool for metal market increased by X% to $X in 2022. Over the period under review, consumption showed a buoyant increase. Machine tool for metal consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Exports of Machine Tools For Working Metal Without Removing Metal

Exports from the Philippines

In 2022, approx. X units of machine tools for working metal without removing metal were exported from the Philippines; reducing by X% against the previous year. In general, exports, however, enjoyed a significant increase. The growth pace was the most rapid in 2020 when exports increased by X%. As a result, the exports reached the peak of X units. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, machine tool for metal exports declined dramatically to $X in 2022. Over the period under review, exports showed a abrupt shrinkage. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Thailand (X units) was the main destination for machine tool for metal exports from the Philippines, accounting for a X% share of total exports. Moreover, machine tool for metal exports to Thailand exceeded the volume sent to the second major destination, Japan (X units), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Thailand totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and the UK (X% per year).

In value terms, Thailand ($X) emerged as the key foreign market for machine tools for working metal without removing metal exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by Japan ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Thailand amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and the UK (X% per year).

Export Prices by Country

The average machine tool for metal export price stood at $X per unit in 2022, with a decrease of X% against the previous year. In general, the export price showed a dramatic descent. The growth pace was the most rapid in 2021 an increase of X%. Over the period under review, the average export prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (X%), while the prices for the other major destinations experienced a decline.

Imports of Machine Tools For Working Metal Without Removing Metal

Imports into the Philippines

In 2022, approx. X units of machine tools for working metal without removing metal were imported into the Philippines; growing by X% on 2021 figures. Over the period under review, imports saw prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of X%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, machine tool for metal imports fell remarkably to $X in 2022. Overall, imports posted a measured increase. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Japan (X units) and Thailand (X units) were the main suppliers of machine tool for metal imports to the Philippines, with a combined X% share of total imports. Taiwan (Chinese), the United States, South Korea and Vietnam lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest machine tool for metal suppliers to the Philippines were Japan ($X), China ($X) and Taiwan (Chinese) ($X), together comprising X% of total imports. South Korea, the United States, Thailand and Vietnam lagged somewhat behind, together comprising a further X%.

South Korea, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of 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 machine tool for metal import price stood at $X per unit in 2022, which is down by X% against the previous year. Overall, the import price recorded a drastic downturn. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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