Speed Changer Price in the Philippines - 2023
Contents:
- Speed Changer Price in the Philippines (CIF) - 2023
- Speed Changer Price in the Philippines (FOB) - 2023
- Speed Changer Imports in the Philippines
- Speed Changer Exports in the Philippines
Speed Changer Price in the Philippines (CIF) - 2023
The average speed changer import price stood at $19,147 per ton in May 2023, picking up by 3.8% against the previous month. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2023 when the average import price increased by 5.5% month-to-month. As a result, import price reached the peak level of $19,964 per ton. From April 2023 to May 2023, the average import prices remained at a lower figure.
Average prices varied somewhat amongst the major supplying countries. In May 2023, the highest price was recorded for prices from Italy ($22,488 per ton) and Singapore ($21,172 per ton), while the price for Germany ($17,426 per ton) and the United States ($18,183 per ton) were amongst the lowest.
From May 2022 to May 2023, the most notable rate of growth in terms of prices was attained by South Korea (+1.8%), while the prices for the other major suppliers experienced more modest paces of growth.
Speed Changer Price in the Philippines (FOB) - 2023
In May 2023, the average speed changer export price amounted to $25,563 per ton, reducing by -2.8% against the previous month. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in August 2022 when the average export price increased by 8.2% month-to-month. The export price peaked at $26,611 per ton in December 2022; however, from January 2023 to May 2023, the export prices failed to regain momentum.
Average prices varied noticeably for the major external markets. In May 2023, the countries with the highest prices were Italy ($28,256 per ton) and Taiwan (Chinese) ($28,256 per ton), while the average price for exports to Germany ($23,570 per ton) and Indonesia ($23,575 per ton) were amongst the lowest.
From May 2022 to May 2023, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+1.3%), while the prices for the other major destinations experienced more modest paces of growth.
Speed Changer Imports in the Philippines
In 2022, speed changer imports into the Philippines totaled 9.3K tons, picking up by 12% compared with the year before. Over the period under review, total imports indicated a buoyant increase from 2019 to 2022: its volume increased at an average annual rate of +7.0% 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 +87.8% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 67%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.
In value terms, speed changer imports declined notably to $95M in 2022. Overall, imports, however, continue to indicate a abrupt decline. The pace of growth was the most pronounced in 2021 with an increase of 50% against the previous year. As a result, imports attained the peak of $148M, and then declined rapidly in the following year.
| Import of Speed Changer in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 54.6 | 43.0 | 68.0 | 33.6 | -14.9% |
| China | 22.4 | 14.7 | 22.5 | 22.3 | -0.1% |
| Thailand | 18.9 | 9.6 | 20.4 | 8.9 | -22.2% |
| Taiwan (Chinese) | 1.9 | 3.6 | 6.0 | 5.1 | 39.0% |
| Germany | 4.0 | 7.5 | 3.5 | 4.9 | 7.0% |
| United States | 9.3 | 2.6 | 3.5 | 3.6 | -27.1% |
| Indonesia | 3.6 | 1.5 | 2.2 | 2.7 | -9.1% |
| Singapore | 6.0 | 4.4 | 5.7 | 2.5 | -25.3% |
| Italy | 2.5 | 1.6 | 1.1 | 2.2 | -4.2% |
| South Korea | 2.8 | 2.2 | 4.0 | 2.2 | -7.7% |
| Hong Kong SAR | 2.3 | 2.5 | 2.5 | 1.5 | -13.3% |
| Others | 12.4 | 5.1 | 8.0 | 5.2 | -25.1% |
| Total | 141 | 98.3 | 148 | 94.7 | -12.4% |
Top Suppliers of Speed Changer to the Philippines in 2022:
- Japan (3390.8 tons)
- China (2041.1 tons)
- Thailand (989.0 tons)
- Germany (491.2 tons)
- Taiwan (Chinese) (444.8 tons)
- United States (361.3 tons)
- Indonesia (253.2 tons)
- Singapore (228.5 tons)
- South Korea (219.3 tons)
- Italy (197.6 tons)
- Hong Kong SAR (144.9 tons)
Speed Changer Exports in the Philippines
In 2022, approx. 3K tons of speed changers, industrial high-speed drives and gear were exported from the Philippines; which is down by -16.2% on the previous year. In general, exports recorded a pronounced curtailment. The growth pace was the most rapid in 2021 with an increase of 120% against the previous year. As a result, the exports reached the peak of 3.6K tons, and then contracted dramatically in the following year.
In value terms, speed changer exports skyrocketed to $123M in 2022. Over the period under review, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 132% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the near future.
| Export of Speed Changer in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 27.3 | 11.3 | 23.1 | 20.9 | -8.5% |
| United States | 13.8 | 5.3 | 8.2 | 16.7 | 6.6% |
| Mexico | N/A | 0.6 | 14.3 | 16.4 | 422.8% |
| Denmark | N/A | 0.1 | N/A | 11.2 | 958.3% |
| Germany | 9.2 | 6.3 | 9.3 | 10.6 | 4.8% |
| Indonesia | 6.1 | 4.2 | 6.7 | 8.7 | 12.6% |
| Italy | N/A | 0.2 | 1.5 | 6.7 | 478.8% |
| China | 1.0 | 3.2 | 9.1 | 5.1 | 72.1% |
| Thailand | 2.7 | 1.7 | 2.4 | 5.1 | 23.6% |
| Singapore | 1.1 | 0.2 | 0.6 | 4.6 | 61.1% |
| India | N/A | 0.6 | 2.1 | 3.1 | 127.3% |
| Vietnam | 3.1 | 1.2 | 1.2 | 3.0 | -1.1% |
| Others | 4.9 | 3.3 | 10.2 | 10.9 | 30.5% |
| Total | 69.3 | 38.3 | 88.6 | 123 | 21.1% |
Top Export Markets for Speed Changer from the Philippines in 2022:
- Japan (581.7 tons)
- Denmark (394.8 tons)
- United States (350.6 tons)
- Mexico (333.3 tons)
- Germany (214.7 tons)
- Indonesia (182.1 tons)
- China (181.6 tons)
- Thailand (144.9 tons)
- Italy (133.4 tons)
- Singapore (94.2 tons)
- Vietnam (72.1 tons)
- India (62.3 tons)
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