Philippines: Bearing Market 2024

Bearing Market Size in the Philippines

The Philippine bearing market fell to $X in 2022, which is down by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, posted a strong expansion. Bearing consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Bearing Exports

Exports from the Philippines

In 2022, overseas shipments of ball and roller bearings increased by X% to X tons, rising for the second year in a row after three years of decline. In general, exports, however, saw a noticeable decline. The most prominent rate of growth was recorded in 2014 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, bearing exports rose sharply to $X in 2022. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of X%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons), Thailand (X tons) and Indonesia (X tons) were the main destinations of bearing exports from the Philippines, together accounting for X% of total exports. The Czech Republic, France, Singapore, India, Mexico, Spain, Malaysia and the Netherlands lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Czech Republic (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for bearing exported from the Philippines were Thailand ($X), the United States ($X) and Indonesia ($X), together accounting for X% of total exports. The Czech Republic, France, Singapore, Spain, India, Mexico, Malaysia and the Netherlands lagged somewhat behind, together accounting for a further X%.

Spain, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average bearing export price stood at $X per ton in 2022, reducing by X% against the previous year. Overall, the export price, however, posted a perceptible increase. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. The export price peaked at $X per ton in 2021, and then contracted sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

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

Bearing Imports

Imports into the Philippines

In 2022, the amount of ball and roller bearings imported into the Philippines declined to X tons, which is down by X% on 2021. In general, imports, however, posted a resilient increase. The growth pace was the most rapid in 2016 when imports increased by X%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, bearing imports reduced slightly to $X in 2022. Overall, imports, however, showed strong growth. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Thailand (X tons), Singapore (X tons) and Japan (X tons) were the main suppliers of bearing imports to the Philippines, together comprising X% of total imports. Vietnam, China, Hong Kong SAR, Germany, Malaysia and India lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Japan ($X) and Singapore ($X) were the largest bearing suppliers to the Philippines, together comprising X% of total imports. China, Vietnam, Germany, India, Hong Kong SAR and Malaysia lagged somewhat behind, together accounting for a further X%.

Vietnam, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average bearing import price stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the import price continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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