Price for Tobacco; other than "homogenised" or "reconstituted" or "smoking" in the Philippines - 2023

Contents:

1. Price for Tobacco; Other than "Homogenised" or "Reconstituted" or "Smoking" in the Philippines (CIF) - 2023
2. Price for Tobacco; Other than "Homogenised" or "Reconstituted" or "Smoking" in the Philippines (FOB) - 2023
3. Imports of Tobacco; Other than "Homogenised" or "Reconstituted" or "Smoking" in the Philippines
4. Exports of Tobacco; Other than "Homogenised" or "Reconstituted" or "Smoking" in the Philippines

Price for Tobacco; Other than "Homogenised" or "Reconstituted" or "Smoking" in the Philippines (CIF) - 2023

The average import price for tobacco; other than "homogenised" or "reconstituted" or "smoking"s stood at $10,180 per ton in November 2023, dropping by -30.4% against the previous month. Overall, the import price showed a pronounced downturn. The growth pace was the most rapid in October 2023 an increase of 147% m-o-m. Over the period under review, average import prices attained the maximum at $23,913 per ton in January 2023; however, from February 2023 to November 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In November 2023, the country with the highest price was Indonesia ($22,469 per ton), while the price for Bangladesh ($7,565 per ton) was amongst the lowest.

From November 2022 to November 2023, the most notable rate of growth in terms of prices was attained by South Korea (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Tobacco; Other than "Homogenised" or "Reconstituted" or "Smoking" in the Philippines (FOB) - 2023

The average export price for tobacco; other than "homogenised" or "reconstituted" or "smoking"s stood at $8,651 per ton in November 2023, picking up by 21% against the previous month. In general, export price indicated a measured increase from November 2022 to November 2023: its price increased at an average monthly rate of +3.8% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on November 2023 figures, export price for tobacco; other than "homogenised" or "reconstituted" or "smoking"s increased by +50.6% against September 2023 indices. The pace of growth appeared the most rapid in March 2023 an increase of 54% m-o-m. The export price peaked in November 2023.

Average prices varied somewhat for the major foreign markets. In November 2023, the country with the highest price was Thailand ($9,000 per ton), while the average price for exports to South Korea amounted to $7,160 per ton.

From November 2022 to November 2023, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+5.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Tobacco; Other than "Homogenised" or "Reconstituted" or "Smoking" in the Philippines

For the fourth consecutive year, the Philippines recorded growth in overseas purchases of tobacco; other than "homogenised" or "reconstituted" or "smoking"s, which increased by 19% to 409 tons in 2022. Over the period under review, imports saw a significant increase. The growth pace was the most rapid in 2020 when imports increased by 1,065%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, imports of tobacco; other than "homogenised" or "reconstituted" or "smoking"s surged to $7.5M in 2022. In general, imports enjoyed significant growth. The pace of growth was the most pronounced in 2020 when imports increased by 1,375% against the previous year. Over the period under review, imports of hit record highs in 2022 and are likely to see gradual growth in years to come.

Top Suppliers of Tobacco; Other than "Homogenised" or "Reconstituted" or "Smoking" to the Philippines in 2022:

1. South Korea (217.9 tons)
2. Singapore (171.4 tons)
3. Indonesia (9.9 tons)
4. Switzerland (8.7 tons)

Exports of Tobacco; Other than "Homogenised" or "Reconstituted" or "Smoking" in the Philippines

In 2022, the amount of tobacco; other than "homogenised" or "reconstituted" or "smoking"s exported from the Philippines skyrocketed to 774 tons, growing by 181% against the previous year's figure. Over the period under review, exports posted significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 3,321% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, exports of tobacco; other than "homogenised" or "reconstituted" or "smoking"s soared to $4.4M in 2022. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 5,635% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are likely to continue growth in the near future.

Top Export Markets for Tobacco; Other than "Homogenised" or "Reconstituted" or "Smoking" from the Philippines in 2022:

1. Vietnam (485.4 tons)
2. Thailand (165.9 tons)
3. United Arab Emirates (119.8 tons)
4. United States (1.6 tons)

Source: IndexBox Market Intelligence Platform