Liquefied Propane Price in the Philippines - 2023
Contents:
- Liquefied Propane Price in the Philippines (CIF) - 2023
- Liquefied Propane Price in the Philippines (FOB) - 2022
- Liquefied Propane Imports in the Philippines
- Liquefied Propane Exports in the Philippines
Liquefied Propane Price in the Philippines (CIF) - 2023
The average liquefied propane import price stood at $467 per ton in July 2023, with a decrease of -3% against the previous month. Over the period under review, the import price saw a noticeable slump. The growth pace was the most rapid in February 2023 an increase of 26% month-to-month. As a result, import price attained the peak level of $835 per ton. From March 2023 to July 2023, the average import prices remained at a lower figure.
Average prices varied noticeably amongst the major supplying countries. In July 2023, the country with the highest price was Qatar ($498 per ton), while the price for the United Arab Emirates ($440 per ton) was amongst the lowest.
From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by Angola (0.0%), while the prices for the other major suppliers experienced mixed trend patterns.
Liquefied Propane Price in the Philippines (FOB) - 2022
The average liquefied propane export price stood at $400 per ton in 2022, stabilizing at the previous year. In general, the export price recorded a abrupt contraction. The most prominent rate of growth was recorded in 2021 when the average export price increased by 2.4%. The export price peaked at $685 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.
As there is only one major export destination, the average price level is determined by prices for Australia.
From 2012 to 2022, the rate of growth in terms of prices for Australia amounted to -5.2% per year.
Liquefied Propane Imports in the Philippines
In 2022, the amount of liquefied propanes imported into the Philippines reached 431K tons, with an increase of 3.4% compared with the previous year's figure. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 12%.
In value terms, liquefied propane imports skyrocketed to $331M in 2022. In general, total imports indicated a resilient increase from 2019 to 2022: its value increased at an average annual rate of +16.2% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +81.6% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 56% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.
| Import of Liquefied Propane in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Arab Emirates | 47.2 | 50.2 | 56.1 | 78.1 | 18.3% |
| South Korea | 39.5 | 46.5 | 61.4 | 62.7 | 16.7% |
| Saudi Arabia | 23.3 | 16.0 | 75.9 | 48.3 | 27.5% |
| Kuwait | 32.0 | 30.5 | 20.8 | 36.4 | 4.4% |
| Qatar | 26.6 | 2.8 | 23.7 | 31.1 | 5.3% |
| Australia | 10.1 | 7.3 | 11.5 | 16.2 | 17.1% |
| Algeria | 4.8 | 8.1 | 12.8 | 14.1 | 43.2% |
| United States | N/A | N/A | N/A | 13.0 | 0% |
| Angola | 4.8 | 5.3 | 5.4 | 9.9 | 27.3% |
| Indonesia | 3.6 | 2.3 | 1.2 | 7.6 | 28.3% |
| Nigeria | 6.9 | 4.7 | 7.1 | 6.0 | -4.6% |
| Japan | 3.7 | 3.5 | 3.6 | 2.9 | -7.8% |
| Others | 8.0 | 5.0 | 5.3 | 4.4 | -18.1% |
| Total | 211 | 182 | 285 | 331 | 16.2% |
Top Suppliers of Liquefied Propane to the Philippines in 2022:
- United Arab Emirates (100.9K tons)
- South Korea (79.3K tons)
- Saudi Arabia (66.3K tons)
- Kuwait (46.0K tons)
- Qatar (42.7K tons)
- Australia (17.7K tons)
- Algeria (17.6K tons)
- United States (17.3K tons)
- Angola (12.4K tons)
- Nigeria (9.8K tons)
- Japan (8.2K tons)
- Indonesia (8.0K tons)
Liquefied Propane Exports in the Philippines
In 2022, approx. 564 tons of liquefied propanes were exported from the Philippines; with a decrease of -3.5% against 2021 figures. Over the period under review, exports saw a noticeable shrinkage. The pace of growth was the most pronounced in 2021 when exports increased by 7.5% against the previous year.
In value terms, liquefied propane exports shrank modestly to $225K in 2022. In general, exports continue to indicate a perceptible reduction. The pace of growth was the most pronounced in 2021 with an increase of 10% against the previous year.
| Export of Liquefied Propane in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Australia | 258 | 215 | 236 | 225 | -4.5% |
| Others | N/A | N/A | N/A | N/A | 0% |
| Total | 258 | 215 | 236 | 225 | -4.5% |
Top Export Markets for Liquefied Propane from the Philippines in 2022:
- Australia (563.5 tons)
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