Philippines: Apricot Market Overview 2021

Apricot Market Size in the Philippines

In 2019, the Philippine apricot market decreased by -X% to $X, falling for the third consecutive year after two years of growth. Over the period under review, consumption saw a pronounced decrease. The most prominent rate of growth was recorded in 2015 when the market value increased by X% year-to-year. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2019, consumption failed to regain the momentum.

Apricot Production in the Philippines

In value terms, apricot production rose rapidly to $X in 2019 estimated in export prices. Over the period under review, the total production indicated moderate growth from 2007 to 2019: its value increased at an average annual rate of +X% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, production increased by +X% against 2013 indices. The growth pace was the most rapid in 2010 when the production volume increased by X% year-to-year. Apricot production peaked at $X in 2011; however, from 2012 to 2019, production stood at a somewhat lower figure.

The average yield of apricots in the Philippines was estimated at X kg per ha in 2019, therefore, remained relatively stable against the previous year. In general, the yield showed a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2019, approx. X ha of apricots were harvested in the Philippines; leveling off at the previous year's figure. Overall, the harvested area continues to indicate a relatively flat trend pattern.

Apricot Exports

Exports from the Philippines

For the fifth year in a row, the Philippines recorded decline in overseas shipments of apricots, which decreased by -X% to X tonnes in 2019. Over the period under review, exports, however, continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2011 with an increase of X% year-to-year. As a result, exports reached the peak of X tonnes. From 2012 to 2019, the growth exports remained at a somewhat lower figure.

In value terms, apricot exports expanded remarkably to $X in 2019. In general, exports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2011 with an increase of X% against the previous year. As a result, exports reached the peak of $X. From 2012 to 2019, the growth exports failed to regain the momentum.

Exports by Country

The Netherlands (X tonnes) was the main destination for apricot exports from the Philippines, accounting for a approx. X% share of total exports.

From 2007 to 2019, the average annual growth rate of volume to the Netherlands totaled +X%.

In value terms, the Netherlands ($X) also remains the key foreign market for apricot exports from the Philippines.

From 2007 to 2019, the average annual rate of growth in terms of value to the Netherlands totaled +X%.

Export Prices by Country

The average apricot export price stood at $X per tonne in 2019, surging by X% against the previous year. Over the period under review, the export price showed a resilient increase. The most prominent rate of growth was recorded in 2010 an increase of X% y-o-y. The export price peaked at $X per tonne in 2011; however, from 2012 to 2019, export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for the Netherlands.

From 2007 to 2019, the rate of growth in terms of prices for the Netherlands amounted to +X% per year.

Apricot Imports

Imports into the Philippines

In 2019, overseas purchases of apricots decreased by -X% to X tonnes, falling for the third year in a row after two years of growth. Overall, imports saw a slight curtailment. The pace of growth was the most pronounced in 2016 with an increase of X% y-o-y. As a result, imports reached the peak of X tonnes. From 2017 to 2019, the growth imports failed to regain the momentum.

In value terms, apricot imports shrank remarkably to $X in 2019. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2009 when imports increased by X% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2019, imports failed to regain the momentum.

Imports by Country

China (X kg), the U.S. (X kg) and Hong Kong SAR (X kg) were the main suppliers of apricot imports to the Philippines.

From 2007 to 2019, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hong Kong SAR, while imports for the other leaders experienced a decline.

In value terms, China ($X), the U.S. ($X) and Hong Kong SAR ($X) appeared to be the largest apricot suppliers to the Philippines.

Among the main suppliers, the U.S. recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average apricot import price stood at $X per tonne in 2019, stabilizing at the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of X% y-o-y. As a result, import price attained the peak level of $X per tonne. From 2015 to 2019, the growth in terms of the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2019, the country with the highest price was China ($X per tonne), while the price for Hong Kong SAR ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by the U.S., while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for apricots in the world?

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The countries with the highest volumes of apricot consumption in 2019 were Turkey (813K tonnes), Uzbekistan (479K tonnes) and Iran (329K tonnes), with a combined 39% share of global consumption.

What are the largest producers of apricots in the world?

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The countries with the highest volumes of apricot production in 2019 were Turkey (847K tonnes), Uzbekistan (537K tonnes) and Iran (330K tonnes), with a combined 41% share of global production.

What are the leading suppliers of apricots to the Philippines?

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In value terms, the largest apricot suppliers to the Philippines were China ($1.4K), the U.S. ($972) and Hong Kong SAR ($156).

What are the leading importers of apricots from the Philippines?

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In value terms, the Netherlands ($2.9K) remains the key foreign market for apricot exports from the Philippines.

What is the average export price for apricots in the Philippines?

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The average apricot export price stood at $854 per tonne in 2019, rising by 23% against the previous year.

What is the average import price for apricots in the Philippines?

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In 2019, the average apricot import price amounted to $1,391 per tonne, standing approx. at the previous year.