Philippines: Combined Refrigerator-Freezer Market 2024

Combined Refrigerator-Freezer Market Size in the Philippines

The Philippine combined refrigerator-freezer market was estimated at $X in 2022, surging 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, recorded a significant increase. Combined refrigerator-freezer consumption peaked in 2022 and is expected to retain growth in the immediate term.

Combined Refrigerator-Freezer Exports

Exports from the Philippines

In 2022, overseas shipments of combined refrigerators-freezers were finally on the rise to reach X units after two years of decline. Overall, exports, however, saw a deep slump. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, combined refrigerator-freezer exports skyrocketed to $X in 2022. Over the period under review, exports, however, recorded a slight decline. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

China (X units) was the main destination for combined refrigerator-freezer exports from the Philippines, with a X% share of total exports. Moreover, combined refrigerator-freezer exports to China exceeded the volume sent to the second major destination, Sri Lanka (X units), more than tenfold. The third position in this ranking was held by Brunei Darussalam (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (X% per year) and Brunei Darussalam (X% per year).

In value terms, China ($X) emerged as the key foreign market for combined refrigerators-freezers exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by Sri Lanka ($X), with a X% share of total exports. It was followed by Brunei Darussalam, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (X% per year) and Brunei Darussalam (X% per year).

Export Prices by Country

The average combined refrigerator-freezer export price stood at $X per unit in 2022, increasing by X% against the previous year. Overall, the export price posted resilient growth. The most prominent rate of growth was recorded in 2016 when the average export price increased by X%. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sri Lanka ($X per unit), while the average price for exports to Indonesia ($X per unit) was amongst the lowest.

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

Combined Refrigerator-Freezer Imports

Imports into the Philippines

In 2022, approx. X units of combined refrigerators-freezers were imported into the Philippines; falling by X% against 2021. Overall, imports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Over the period under review, imports reached the maximum at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, combined refrigerator-freezer imports expanded markedly to $X in 2022. In general, imports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest combined refrigerator-freezer supplier to the Philippines, with a X% share of total imports. Moreover, combined refrigerator-freezer imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), twofold. Vietnam (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and Vietnam (X% per year).

In value terms, the largest combined refrigerator-freezer suppliers to the Philippines were China ($X), Vietnam ($X) and Thailand ($X), together comprising X% of total imports.

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 combined refrigerator-freezer import price amounted to $X per unit, with an increase of X% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of X%. As a result, import price reached the peak level of $X per unit. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Vietnam ($X per unit) and Indonesia ($X per unit), while the price for China ($X per unit) and Thailand ($X per unit) were amongst the lowest.

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

Source: IndexBox Platform

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