Philippines: Bearing Market 2024

Bearing Market Size in the Philippines

The Philippine bearing market shrank to $X in 2022, dropping 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). Overall, consumption, however, enjoyed a buoyant expansion. Bearing consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Bearing Exports

Exports from the Philippines

In 2022, shipments abroad of ball or roller bearings increased by X% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, saw a perceptible reduction. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. As a result, the exports attained 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 rapidly to $X in 2022. In general, exports saw 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 failed to regain momentum.

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, with a combined X% share of total exports. The Czech Republic, France, Singapore, India, Mexico, Spain, Malaysia and the Netherlands lagged somewhat behind, together comprising 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 comprising a further X%.

Among the main countries of destination, Spain, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, 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, with a decrease of X% against the previous year. Overall, export price indicated noticeable 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 pace of growth appeared the most rapid in 2019 an increase of X%. The export price peaked at $X per ton in 2021, and then shrank notably in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, 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

Bearing imports into the Philippines fell modestly to X tons in 2022, with a decrease of X% against 2021 figures. In general, imports, however, enjoyed a measured increase. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, bearing imports contracted to $X in 2022. Overall, imports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

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

In terms of the main suppliers, Vietnam, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average bearing import price amounted to $X per ton, increasing by X% against the previous year. In general, the import price recorded a buoyant expansion. The pace of growth appeared the most rapid in 2016 an increase of X% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

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