Philippines: Base Metal Hook Market 2023

Base Metal Hook Market Size in the Philippines

After three years of decline, the Philippine base metal hook market increased by 49% to $X in 2021. Overall, consumption recorded a buoyant expansion. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Base Metal Hook Exports

Exports from the Philippines

In 2021, shipments abroad of base metal hooks, eyes and eyelets decreased by -67% to X tons, falling for the second consecutive year after three years of growth. In general, exports faced a abrupt curtailment. The pace of growth was the most pronounced in 2019 with an increase of 78%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, base metal hook exports declined notably to $X in 2021. Over the period under review, exports continue to indicate a deep reduction. The pace of growth was the most pronounced in 2019 when exports increased by 112% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for base metal hook exports from the Philippines, accounting for a 63% share of total exports. Moreover, base metal hook exports to Japan exceeded the volume sent to the second major destination, Vietnam (X kg), fivefold. The third position in this ranking was held by Sri Lanka (X kg), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan stood at +26.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-0.7% per year) and Sri Lanka (-16.2% per year).

In value terms, Japan ($X) emerged as the key foreign market for base metal hook exports from the Philippines, comprising 59% of total exports. The second position in the ranking was held by Vietnam ($X), with an 18% share of total exports. It was followed by Sri Lanka, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan stood at +37.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+8.8% per year) and Sri Lanka (-9.8% per year).

Export Prices by Country

The average base metal hook export price stood at $X per ton in 2021, falling by -20.7% against the previous year. In general, the export price, however, showed a prominent increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by 52% against the previous year. The export price peaked at $X per ton in 2020, and then declined remarkably in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+31.2%), while the prices for the other major destinations experienced more modest paces of growth.

Base Metal Hook Imports

Imports into the Philippines

In 2021, supplies from abroad of base metal hooks, eyes and eyelets increased by 32% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, imports, however, recorded a mild contraction. The most prominent rate of growth was recorded in 2016 with an increase of 58%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, base metal hook imports soared to $X in 2021. Over the period under review, imports posted a buoyant increase. The pace of growth was the most pronounced in 2017 when imports increased by 146%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of base metal hook to the Philippines, accounting for a 81% share of total imports. Moreover, base metal hook imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), more than tenfold. Hong Kong SAR (X tons) ranked third in terms of total imports with a 4.8% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled -1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+0.6% per year) and Hong Kong SAR (-2.8% per year).

In value terms, the largest base metal hook suppliers to the Philippines were China ($X), Hong Kong SAR ($X) and Taiwan (Chinese) ($X), with a combined 83% share of total imports. These countries were followed by Vietnam, Japan and South Korea, which together accounted for a further 15%.

Among the main suppliers, Vietnam, with a CAGR of +90.4%, 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 2021, the average base metal hook import price amounted to $X per ton, growing by 17% against the previous year. Over the period under review, the import price enjoyed buoyant growth. The pace of growth appeared the most rapid in 2014 when the average import price increased by 63%. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Hong Kong SAR ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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