Price for Enzymes; Prepared Enzymes Not Elsewhere Specified or Included in the Philippines - 2023

Contents:

1. Price for Enzymes; Prepared Enzymes Not Elsewhere Specified or Included in the Philippines (CIF) - 2023
2. Price for Enzymes; Prepared Enzymes Not Elsewhere Specified or Included in the Philippines (FOB) - 2022
3. Imports of Enzymes; Prepared Enzymes Not Elsewhere Specified or Included in the Philippines
4. Exports of Enzymes; Prepared Enzymes Not Elsewhere Specified or Included in the Philippines

Price for Enzymes; Prepared Enzymes Not Elsewhere Specified or Included in the Philippines (CIF) - 2023

The average import price for enzymes; prepared enzymes not elsewhere specified or includeds stood at $10,863 per ton in September 2023, increasing by 8.4% against the previous month. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in February 2023 when the average import price increased by 29% against the previous month. The import price peaked at $11,353 per ton in May 2023; however, from June 2023 to September 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In September 2023, the country with the highest price was Malaysia ($24,706 per ton), while the price for the Netherlands ($2,108 per ton) was amongst the lowest.

From November 2022 to September 2023, the most notable rate of growth in terms of prices was attained by Spain (+21.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Enzymes; Prepared Enzymes Not Elsewhere Specified or Included in the Philippines (FOB) - 2022

In 2022, the average export price for enzymes; prepared enzymes not elsewhere specified or includeds amounted to $5,911 per ton, growing by 244% against the previous year. Over the period under review, the export price continues to indicate measured growth. The export price peaked at $9,880 per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($11,172 per ton), while the average price for exports to Hong Kong SAR ($786 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 Papua New Guinea (+78.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Enzymes; Prepared Enzymes Not Elsewhere Specified or Included in the Philippines

In 2022, supplies from abroad of enzymes; prepared enzymes not elsewhere specified or includeds decreased by -3.9% to 4.3K tons for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +2.9% from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 13%. As a result, imports reached the peak of 4.5K tons, and then reduced modestly in the following year.

In value terms, imports of enzymes; prepared enzymes not elsewhere specified or includeds expanded notably to $39M in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 12% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Top Suppliers of Enzymes; Prepared Enzymes Not Elsewhere Specified or Included to the Philippines in 2022:

1. China (710.3 tons)
2. Singapore (653.4 tons)
3. India (577.1 tons)
4. Finland (442.3 tons)
5. Denmark (366.1 tons)
6. France (310.4 tons)
7. Spain (280.0 tons)
8. Germany (206.4 tons)
9. Malaysia (203.5 tons)
10. Belgium (108.9 tons)
11. Thailand (60.4 tons)
12. Netherlands (56.0 tons)

Exports of Enzymes; Prepared Enzymes Not Elsewhere Specified or Included in the Philippines

Exports of enzymes; prepared enzymes not elsewhere specified or includeds from the Philippines soared to 33 tons in 2022, surging by 227% compared with 2021. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 304% against the previous year. Over the period under review, the exports of attained the peak figure in 2022 and are likely to see steady growth in years to come.

In value terms, exports of enzymes; prepared enzymes not elsewhere specified or includeds soared to $193K in 2022. Overall, exports enjoyed a modest increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Top Export Markets for Enzymes; Prepared Enzymes Not Elsewhere Specified or Included from the Philippines in 2022:

1. Indonesia (14.4 tons)
2. Hong Kong SAR (10.3 tons)
3. Papua New Guinea (4.5 tons)
4. Vietnam (2.5 tons)
5. Malaysia (1.0 tons)
6. Thailand (0.1 tons)

Source: IndexBox Market Intelligence Platform