Price for Mollusc Preparations; Octopus, Prepared or Preserved in the Philippines - 2023
Contents:
- Price for Mollusc Preparations; Octopus, Prepared or Preserved in the Philippines (FOB) - 2023
- Price for Mollusc Preparations; Octopus, Prepared or Preserved in the Philippines (CIF) - 2022
- Exports of Mollusc Preparations; Octopus, Prepared or Preserved in the Philippines
- Imports of Mollusc Preparations; Octopus, Prepared or Preserved in the Philippines
Price for Mollusc Preparations; Octopus, Prepared or Preserved in the Philippines (FOB) - 2023
In July 2023, the average export price for mollusc preparations; octopus, prepared or preserveds amounted to $8,175 per ton, picking up by 19% against the previous month. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2023 an increase of 27% month-to-month. As a result, the export price reached the peak level of $8,894 per ton. From April 2023 to July 2023, the the average export prices failed to regain momentum.
There were significant differences in the average prices for the major overseas markets. In July 2023, the country with the highest price was Japan ($11,784 per ton), while the average price for exports to Canada ($6,344 per ton) was amongst the lowest.
From December 2022 to July 2023, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+3.7%), while the prices for the other major destinations experienced a decline.
Price for Mollusc Preparations; Octopus, Prepared or Preserved in the Philippines (CIF) - 2022
The average import price for mollusc preparations; octopus, prepared or preserveds stood at $6,594 per ton in 2022, dropping by -17.8% against the previous year. Over the period under review, the import price, however, posted a significant increase. The pace of growth was the most pronounced in 2018 an increase of 122%. Over the period under review, average import prices reached the maximum at $8,024 per ton in 2021, and then contracted sharply in the following year.
Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($6,630 per ton), while the price for Japan totaled $5,188 per ton.
From 2017 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+56.6%), while the prices for the other major suppliers experienced mixed trend patterns.
Exports of Mollusc Preparations; Octopus, Prepared or Preserved in the Philippines
For the fourth year in a row, the Philippines recorded growth in overseas shipments of mollusc preparations; octopus, prepared or preserveds, which increased by 1.1% to 1K tons in 2022. Overall, total exports indicated a remarkable increase from 2019 to 2022: its volume increased at an average annual rate of +14.7% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +50.9% against 2019 indices. The pace of growth was the most pronounced in 2020 when exports increased by 23%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.
In value terms, exports of mollusc preparations; octopus, prepared or preserveds rose significantly to $9M in 2022. In general, total exports indicated a buoyant expansion from 2019 to 2022: its value increased at an average annual rate of +17.5% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +62.4% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 23%. Over the period under review, the exports of attained the peak figure in 2022 and are expected to retain growth in the near future.
| Export of Mollusc Preparations; Octopus, Prepared or Preserved in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 2.8 | 3.8 | 5.6 | 7.0 | 35.7% |
| South Korea | 1.7 | 1.8 | 1.7 | 1.1 | -13.5% |
| Jamaica | 0.3 | N/A | 0.2 | 0.5 | 18.6% |
| United States | 0.4 | 0.7 | 0.1 | 0.2 | -20.6% |
| Others | 0.3 | 0.3 | 0.6 | 0.2 | -12.6% |
| Total | 5.5 | 6.6 | 8.2 | 9.0 | 17.8% |
Top Export Markets for Mollusc Preparations; Octopus, Prepared or Preserved from the Philippines in 2022:
- Japan (798.9 tons)
- Jamaica (92.4 tons)
- South Korea (85.3 tons)
- United States (17.7 tons)
Imports of Mollusc Preparations; Octopus, Prepared or Preserved in the Philippines
In 2022, overseas purchases of mollusc preparations; octopus, prepared or preserveds decreased by -17.1% to 8.8 tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports, however, showed a significant increase. The pace of growth was the most pronounced in 2021 when imports increased by 276% against the previous year. As a result, imports attained the peak of 11 tons, and then reduced markedly in the following year.
In value terms, imports of mollusc preparations; octopus, prepared or preserveds reduced dramatically to $58K in 2022. In general, imports, however, recorded significant growth. The pace of growth was the most pronounced in 2021 with an increase of 304%. As a result, imports attained the peak of $85K, and then declined dramatically in the following year.
| Import of Mollusc Preparations; Octopus, Prepared or Preserved in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 16.3 | 21.0 | 84.5 | 57.6 | 52.3% |
| Others | 0.2 | N/A | 0.6 | 0.5 | 35.7% |
| Total | 16.5 | 21.1 | 85.1 | 58.0 | 52.0% |
Top Suppliers of Mollusc Preparations; Octopus, Prepared or Preserved to the Philippines in 2022:
- China (8.7 tons)
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