Price for Non-Keyboard Electrical Musical Instruments in the Philippines - 2023

Contents:

1. Price for Non-Keyboard Electrical Musical Instruments in the Philippines (CIF) - 2022
2. Price for Non-Keyboard Electrical Musical Instruments in the Philippines (FOB) - 2022
3. Imports of Non-Keyboard Electrical Musical Instruments in the Philippines
4. Exports of Non-Keyboard Electrical Musical Instruments in the Philippines

Price for Non-Keyboard Electrical Musical Instruments in the Philippines (CIF) - 2022

In 2022, the average non-keyboard electrical musical instruments import price amounted to $45 per unit, surging by 1.7% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 64% against the previous year. As a result, import price attained the peak level of $77 per unit. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($263 per unit), while the price for Singapore ($11 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+16.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Non-Keyboard Electrical Musical Instruments in the Philippines (FOB) - 2022

In 2022, the average non-keyboard electrical musical instruments export price amounted to $210 per unit, with a decrease of -20.7% against the previous year. In general, the export price, however, recorded a moderate increase. The most prominent rate of growth was recorded in 2016 when the average export price increased by 1,337% against the previous year. The export price peaked at $276 per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($958 per unit), while the average price for exports to Germany ($74 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 the United States (+31.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Non-Keyboard Electrical Musical Instruments in the Philippines

Non-keyboard electrical musical instruments imports into the Philippines expanded rapidly to 82K units in 2022, increasing by 11% compared with 2021. The total import volume increased at an average annual rate of +6.5% from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, non-keyboard electrical musical instruments imports rose notably to $3.7M in 2022. In general, imports, however, continue to indicate a pronounced curtailment. The growth pace was the most rapid in 2021 with an increase of 15% against the previous year. Over the period under review, imports hit record highs at $4M in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Top Suppliers of Non-Keyboard Electrical Musical Instruments to the Philippines in 2022:

1. China (63.7K units)
2. Singapore (5.0K units)
3. Australia (4.4K units)
4. Indonesia (3.2K units)
5. Japan (3.2K units)
6. Malaysia (1.0K units)

Exports of Non-Keyboard Electrical Musical Instruments in the Philippines

In 2022, shipments abroad of non-keyboard electrical musical instrumentses was finally on the rise to reach 9K units for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, saw a precipitous decline. The exports peaked at 19K units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, non-keyboard electrical musical instruments exports surged to $1.9M in 2022. Overall, exports, however, saw a precipitous curtailment. Over the period under review, the exports reached the peak figure at $3.8M in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Top Export Markets for Non-Keyboard Electrical Musical Instruments from the Philippines in 2022:

1. Germany (5.0K units)
2. United States (3.3K units)
3. Australia (0.2K units)
4. Japan (0.1K units)

Source: IndexBox Market Intelligence Platform