Seals; Mechanical Price in the Philippines - 2023

Contents:

1. Seals; Mechanical Price in the Philippines (CIF) - 2022
2. Seals; Mechanical Price in the Philippines (FOB) - 2022
3. Seals; Mechanical Imports in the Philippines
4. Seals; Mechanical Exports in the Philippines

Seals; Mechanical Price in the Philippines (CIF) - 2022

The average seals; mechanical import price stood at $6.5 per unit in 2022, surging by 8.8% against the previous year. In general, the import price showed strong growth. The pace of growth appeared the most rapid in 2020 an increase of 65%. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Australia ($6.5 per unit) and Japan ($6.5 per unit), while the price for Singapore ($6.5 per unit) and China ($6.5 per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+39.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Seals; Mechanical Price in the Philippines (FOB) - 2022

In 2022, the average seals; mechanical export price amounted to $9.7 per unit, which is down by -2% against the previous year. Overall, the export price, however, continues to indicate a significant expansion. The growth pace was the most rapid in 2013 when the average export price increased by 185%. Over the period under review, the average export prices attained the maximum at $10 per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Vietnam ($9.7 per unit) and Australia ($9.7 per unit), while the average price for exports to Thailand ($9.7 per unit) and Japan ($9.7 per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+23.8%), while the prices for the other major destinations experienced more modest paces of growth.

Seals; Mechanical Imports in the Philippines

In 2022, approx. 1.7M units of seals; mechanicals were imported into the Philippines; increasing by 24% compared with the previous year's figure. In general, imports, however, showed a pronounced setback. Over the period under review, imports hit record highs at 2M units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, seals; mechanical imports soared to $11M in 2022. Overall, total imports indicated a strong increase from 2019 to 2022: its value increased at an average annual rate of +19.7% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +71.6% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Top Suppliers of Seals; Mechanical to the Philippines in 2022:

1. Singapore (438.4K units)
2. United States (349.5K units)
3. Australia (234.7K units)
4. Japan (218.1K units)
5. China (113.7K units)
6. Germany (95.8K units)
7. South Korea (75.5K units)

Seals; Mechanical Exports in the Philippines

In 2022, overseas shipments of seals; mechanicals decreased by -56.4% to 228K units, falling for the second consecutive year after two years of growth. Overall, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 103%. As a result, the exports reached the peak of 574K units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, seals; mechanical exports reduced sharply to $2.2M in 2022. In general, exports recorded a abrupt curtailment. The pace of growth was the most pronounced in 2020 with an increase of 93% against the previous year. As a result, the exports reached the peak of $5.5M. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Top Export Markets for Seals; Mechanical from the Philippines in 2022:

1. Japan (123.3K units)
2. Australia (91.2K units)
3. Thailand (8.2K units)
4. Vietnam (3.7K units)
5. United States (0.1K units)

Source: IndexBox Market Intelligence Platform