Price for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in the Philippines - 2023
Contents:
- Price for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in the Philippines (CIF) - 2023
- Price for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in the Philippines (FOB) - 2022
- Imports of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in the Philippines
- Exports of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in the Philippines
Price for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in the Philippines (CIF) - 2023
In September 2023, the average import price for petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s amounted to $837 per ton, growing by 3.8% against the previous month. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in August 2023 when the average import price increased by 39% m-o-m. Over the period under review, average import prices attained the maximum at $851 per ton in January 2023; however, from February 2023 to September 2023, import prices stood at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was China ($1,045 per ton), while the price for the United Arab Emirates ($569 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 China (+1.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in the Philippines (FOB) - 2022
The average export price for petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s stood at $8,581 per ton in 2022, surging by 1,423% against the previous year. Overall, the export price saw significant growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.
As there is only one major export destination, the average price level is determined by prices for Indonesia.
From 2012 to 2022, the rate of growth in terms of prices for Indonesia amounted to +82.8% per year.
Imports of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in the Philippines
In 2022, approx. 7.4M tons of petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s were imported into the Philippines; which is down by -2.3% on the year before. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 34%. As a result, imports reached the peak of 7.6M tons, and then reduced modestly in the following year.
In value terms, imports of petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s skyrocketed to $5.6B in 2022. In general, imports, however, saw prominent growth. The pace of growth was the most pronounced in 2021 when imports increased by 101% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.
| Import of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| South Korea | 1,552 | 441 | 1,027 | 2,304 | 14.1% |
| Singapore | 988 | 429 | 939 | 1,116 | 4.1% |
| Malaysia | 306 | 124 | 338 | 621 | 26.6% |
| China | 400 | 798 | 1,344 | 485 | 6.6% |
| Saudi Arabia | N/A | N/A | N/A | 257 | 0% |
| Qatar | N/A | N/A | N/A | 243 | 0% |
| Russia | N/A | N/A | N/A | 119 | 0% |
| United Arab Emirates | N/A | 16.6 | 11.1 | 97.6 | 142.5% |
| Others | 110 | 91.5 | 158 | 347 | 46.7% |
| Total | 3,357 | 1,901 | 3,817 | 5,590 | 18.5% |
Top Suppliers of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** to the Philippines in 2022:
- South Korea (3003.0K tons)
- Singapore (1381.3K tons)
- Malaysia (799.6K tons)
- China (616.5K tons)
- Qatar (392.6K tons)
- Saudi Arabia (381.1K tons)
- Russia (175.8K tons)
- United Arab Emirates (140.8K tons)
Exports of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in the Philippines
For the third consecutive year, the Philippines recorded decline in shipments abroad of petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s, which decreased by 99.9% to 155 kg in 2022. Overall, exports showed a dramatic setback. The smallest decline of -15.3% was in 2020.
In value terms, exports of petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s declined notably to $1.3K in 2022. Over the period under review, exports showed a dramatic decrease. The smallest decline of -27% was in 2020.
| Export of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Thailand | N/A | 13.1 | N/A | N/A | 0% |
| South Korea | 9.7 | N/A | N/A | N/A | 0% |
| Japan | N/A | 14.5 | N/A | N/A | 0% |
| Malaysia | 10.2 | 13.4 | 28.4 | N/A | 66.9% |
| United States | 7.1 | N/A | N/A | N/A | 0% |
| Indonesia | N/A | N/A | N/A | N/A | 0% |
| Singapore | 73.8 | 32.5 | 6.5 | N/A | -70.3% |
| Others | 0.1 | 0.2 | 0.1 | N/A | 0.0% |
| Total | 101 | 73.7 | 35.1 | N/A | -41.0% |
Top Export Markets for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** from the Philippines in 2022:
- Indonesia (155.0 kg)
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