Philippines: Wood Drilling Machine Market 2022

Wood Drilling Machine Market Size in the Philippines

The Philippine wood drilling machine market surged to $X in 2021, picking up by 1,070% 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, saw a sharp slump. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Wood Drilling Machine Exports

Exports from the Philippines

In 2021, approx. X units of drilling or morticing machines were exported from the Philippines; approximately mirroring the year before. In general, exports showed significant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 433%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, wood drilling machine exports declined rapidly to $X in 2021. Over the period under review, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2017 when exports increased by 82% against the previous year. Over the period under review, the exports attained the maximum at $X in 2020, and then dropped notably in the following year.

Exports by Country

Japan (X units) was the main destination for wood drilling machine exports from the Philippines, with a 96% share of total exports. Moreover, wood drilling machine exports to Japan exceeded the volume sent to the second major destination, South Korea (X units), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Japan stood at +120.5%.

In value terms, Japan ($X) remains the key foreign market for wood drilling machine exports from the Philippines, comprising 80% of total exports. The second position in the ranking was held by South Korea ($X), with a 3.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan amounted to +30.8%.

Export Prices by Country

The average wood drilling machine export price stood at $X per unit in 2021, dropping by -23.2% against the previous year. Overall, the export price faced a dramatic descent. The most prominent rate of growth was recorded in 2018 when the average export price increased by 13%. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2021, the country with the highest price was Japan ($X per unit), while the average price for exports to South Korea stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (-19.4%).

Wood Drilling Machine Imports

Imports into the Philippines

In 2021, the amount of drilling or morticing machines imported into the Philippines reached X units, picking up by 14% compared with 2020 figures. Overall, imports, however, recorded a abrupt shrinkage. The growth pace was the most rapid in 2016 when imports increased by 688%. Imports peaked at X units in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, wood drilling machine imports surged to $X in 2021. Over the period under review, imports, however, recorded a slight shrinkage. The pace of growth appeared the most rapid in 2016 with an increase of 554% against the previous year. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest wood drilling machine supplier to the Philippines, with a 80% share of total imports. Moreover, wood drilling machine imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), sixfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+11.9% per year) and South Korea (-21.0% per year).

In value terms, the largest wood drilling machine suppliers to the Philippines were China ($X), Japan ($X) and South Korea ($X), together accounting for 73% of total imports.

Among the main suppliers, China, with a CAGR of +50.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average wood drilling machine import price amounted to $X per unit, picking up by 2% against the previous year. Overall, the import price showed a strong expansion. The pace of growth was the most pronounced in 2020 an increase of 121% against the previous year. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+65.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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