Philippines: Ball Bearing Market 2024

Ball Bearing Market Size in the Philippines

The Philippine ball bearing market shrank to $X in 2022, waning 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). In general, consumption, however, continues to indicate significant growth. The Philippines consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Ball Bearing Exports

Exports from the Philippines

In 2022, shipments abroad of ball bearings increased by X% to X tons, rising for the second year in a row after three years of decline. Overall, exports, however, saw a perceptible descent. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, ball bearing exports contracted slightly to $X in 2022. In general, exports, however, continue to indicate a mild setback. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China represented the key exporting country with an export of about X tons, which recorded X% of total exports. It was distantly followed by Japan (X tons), Germany (X tons) and Italy (X tons), together mixing up a X% share of total exports. South Korea (X tons), France (X tons), the Netherlands (X tons), Poland (X tons), Thailand (X tons), Singapore (X tons), the United States (X tons) and Slovakia (X tons) took a relatively small share of total exports.

China was also the fastest-growing in terms of the ball bearings exports, with a CAGR of X% from 2012 to 2022. At the same time, Thailand (X%), the Netherlands (X%), Poland (X%), South Korea (X%) and Italy (X%) displayed positive paces of growth. Japan and Germany experienced a relatively flat trend pattern. By contrast, France (X%), Slovakia (X%), Singapore (X%) and the United States (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest ball bearing supplying countries from the Philippines were China ($X), Germany ($X) and Japan ($X), together accounting for X% of total exports. Italy, the United States, France, the Netherlands, Thailand, South Korea, Singapore, Poland and Slovakia lagged somewhat behind, together accounting for a further X%.

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

Export Prices by Country

The export price in the Philippines stood at $X per ton in 2022, falling by X% against the previous year. Overall, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. The the Philippines export price peaked at $X per ton in 2021, and then reduced in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($X per ton), while China ($X per ton) was amongst the lowest.

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

Ball Bearing Imports

Imports into the Philippines

In 2022, ball bearing imports into the Philippines dropped to X tons, falling by X% compared with the year before. Overall, imports, however, posted prominent growth. The pace of growth was the most pronounced in 2016 with an increase of X%. The Philippines imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, ball bearing imports declined to $X in 2022. Over the period under review, imports, however, posted buoyant growth. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The countries with the highest levels of ball bearing imports in 2022 were Germany (X tons), the United States (X tons) and China (X tons), together amounting to X% of total import. Italy (X tons), Mexico (X tons), the Netherlands (X tons), Brazil (X tons), France (X tons), Indonesia (X tons), Russia (X tons), Belgium (X tons), South Korea (X tons) and India (X tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Russia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest ball bearing importing markets into the Philippines were Germany ($X), China ($X) and the United States ($X), with a combined X% share of total imports. Italy, Mexico, the Netherlands, India, France, South Korea, Brazil, Russia, Belgium and Indonesia lagged somewhat behind, together comprising a further X%.

Russia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the Philippines stood at $X per ton in 2022, increasing by X% against the previous year. In general, the import price continues to indicate resilient growth. The growth pace was the most rapid in 2016 when the import price increased by X%. Over the period under review, import prices hit record highs in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while Indonesia ($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 other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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