Non-Liquid Margarine Price in the Philippines - 2023

Contents:

1. Non-Liquid Margarine Price in the Philippines (CIF) - 2023
2. Non-Liquid Margarine Price in the Philippines (FOB) - 2022
3. Non-Liquid Margarine Imports in the Philippines
4. Non-Liquid Margarine Exports in the Philippines

Non-Liquid Margarine Price in the Philippines (CIF) - 2023

In June 2023, the average non-liquid margarine import price amounted to $1,324 per ton, falling by -44.6% against the previous month. In general, the import price continues to indicate a deep slump. The growth pace was the most rapid in March 2023 an increase of 51% m-o-m. Over the period under review, average import prices hit record highs at $2,525 per ton in June 2022; however, from July 2022 to June 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In June 2023, the country with the highest price was Singapore ($5,537 per ton), while the price for the United States ($399 per ton) was amongst the lowest.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by Singapore (+4.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Non-Liquid Margarine Price in the Philippines (FOB) - 2022

In 2022, the average non-liquid margarine export price amounted to $2,822 per ton, almost unchanged from the previous year. Overall, the export price posted a resilient increase. The most prominent rate of growth was recorded in 2019 an increase of 119% against the previous year. As a result, the export price attained the peak level of $4,251 per ton. From 2020 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($4,349 per ton), while the average price for exports to Kuwait ($1,384 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+20.9%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Liquid Margarine Imports in the Philippines

In 2022, the amount of non-liquid margarine imported into the Philippines stood at 2.9K tons, approximately reflecting the year before. The total import volume increased at an average annual rate of +4.9% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 35%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, non-liquid margarine imports soared to $5.1M in 2022. In general, total imports indicated a strong expansion from 2019 to 2022: its value increased at an average annual rate of +15.8% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +88.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 52%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Top Suppliers of Non-Liquid Margarine to the Philippines in 2022:

1. Singapore (657.2 tons)
2. Indonesia (655.9 tons)
3. Malaysia (523.8 tons)
4. Italy (279.4 tons)
5. Hong Kong SAR (175.4 tons)
6. Belgium (165.9 tons)
7. Germany (143.0 tons)
8. China (56.3 tons)

Non-Liquid Margarine Exports in the Philippines

In 2022, after three years of growth, there was significant decline in overseas shipments of non-liquid margarine, when their volume decreased by -38.8% to 190 tons. In general, exports, however, saw a significant increase. The pace of growth was the most pronounced in 2021 with an increase of 419%. As a result, the exports attained the peak of 310 tons, and then declined dramatically in the following year.

In value terms, non-liquid margarine exports declined rapidly to $535K in 2022. Overall, exports, however, saw a significant increase. The pace of growth was the most pronounced in 2021 when exports increased by 540% against the previous year. As a result, the exports attained the peak of $861K, and then dropped sharply in the following year.

Top Export Markets for Non-Liquid Margarine from the Philippines in 2022:

1. China (36.4 tons)
2. Canada (32.3 tons)
3. United States (31.0 tons)
4. Kuwait (27.3 tons)
5. Qatar (11.2 tons)
6. United Arab Emirates (10.9 tons)
7. New Zealand (10.0 tons)
8. Bahrain (0.8 tons)
9. Saudi Arabia (0.5 tons)

Source: IndexBox Market Intelligence Platform