Philippines: Electric Soldering Iron Market 2024

Electric Soldering Iron Market Size in the Philippines

In 2023, after three years of growth, there was significant decline in the Philippine electric soldering iron market, when its value decreased by X% to $X. In general, consumption, however, showed prominent growth. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Electric Soldering Iron Exports

Exports from the Philippines

In 2023, overseas shipments of electric soldering irons and guns increased by X% to X units, rising for the second consecutive year after two years of decline. Overall, exports continue to indicate a significant increase. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

In value terms, electric soldering iron exports skyrocketed to $X in 2023. In general, exports enjoyed tangible growth. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. The exports peaked in 2023 and are likely to continue growth in years to come.

Exports by Country

Malaysia (X units) was the main destination for electric soldering iron exports from the Philippines, with a X% share of total exports. Moreover, electric soldering iron exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X units), twofold. Italy (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Malaysia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (X% per year) and Italy (X% per year).

In value terms, Indonesia ($X) emerged as the key foreign market for electric soldering irons and guns exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Malaysia, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Indonesia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Malaysia (X% per year).

Export Prices by Country

The average electric soldering iron export price stood at $X per unit in 2023, surging by X% against the previous year. Overall, the export price, however, showed a precipitous setback. The pace of growth was the most pronounced in 2016 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Italy ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Germany (X%), while the prices for the other major destinations experienced a decline.

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Electric Soldering Iron Imports

Imports into the Philippines

After three years of growth, supplies from abroad of electric soldering irons and guns decreased by X% to X units in 2023. Overall, imports, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2018 when imports increased by X% against the previous year. As a result, imports attained the peak of X units. From 2019 to 2023, the growth of imports remained at a lower figure.

In value terms, electric soldering iron imports contracted to $X in 2023. Over the period under review, imports, however, recorded a strong expansion. The growth pace was the most rapid in 2015 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, China (X units) constituted the largest electric soldering iron supplier to the Philippines, with a X% share of total imports. Moreover, electric soldering iron imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X units), more than tenfold. Hong Kong SAR (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (X% per year) and Hong Kong SAR (X% per year).

In value terms, the largest electric soldering iron suppliers to the Philippines were China ($X), Hong Kong SAR ($X) and Japan ($X), with a combined X% share of total imports.

Hong Kong SAR, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average electric soldering iron import price amounted to $X per unit, remaining stable against the previous year. Overall, the import price, however, continues to indicate a noticeable decline. The most prominent rate of growth was recorded in 2019 when the average import price increased by X% against the previous year. The import price peaked at $X per unit in 2017; however, from 2018 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform