Philippines: Wire And Cable Market 2024

Wire And Cable Market Size in the Philippines

In 2022, the Philippine wire and cable market decreased by X% to $X, falling for the second consecutive year after four years of growth. Overall, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Wire And Cable Production in the Philippines

In value terms, wire and cable production amounted to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of X%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Wire And Cable Exports

Exports from the Philippines

In 2022, approx. X tons of insulated wire and cable were exported from the Philippines; increasing by X% on the previous year's figure. Over the period under review, total exports indicated a prominent expansion from 2012 to 2022: its volume 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. Based on 2022 figures, exports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, wire and cable exports reached $X in 2022. In general, total exports indicated prominent growth from 2012 to 2022: its value 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. Based on 2022 figures, exports increased by X% against 2018 indices. The growth pace was the most rapid in 2019 when exports increased by X%. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the near future.

Exports by Country

Japan (X tons), the United States (X tons) and South Korea (X tons) were the main destinations of wire and cable exports from the Philippines, with a combined X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for wire and cable exported from the Philippines were Japan ($X), the United States ($X) and Canada ($X), with a combined X% share of total exports. South Korea, China, Thailand and Mexico lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, South Korea, 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

In 2022, the average wire and cable export price amounted to $X per ton, reducing by X% against the previous year. Overall, the export price showed a slight slump. The growth pace was the most rapid in 2019 an increase of X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to South Korea ($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 Canada (X%), while the prices for the other major destinations experienced more modest paces of growth.

Wire And Cable Imports

Imports into the Philippines

In 2022, the amount of insulated wire and cable imported into the Philippines stood at X tons, increasing by X% on 2021 figures. Over the period under review, imports posted a buoyant expansion. The pace of growth was the most pronounced in 2016 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, wire and cable imports reached $X in 2022. In general, imports recorded buoyant growth. The pace of growth appeared the most rapid in 2019 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of wire and cable to the Philippines, with a X% share of total imports. Moreover, wire and cable imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. South Korea (X tons) ranked third in terms of total imports with an X% share.

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

In value terms, the largest wire and cable suppliers to the Philippines were China ($X), Japan ($X) and South Korea ($X), with a combined X% share of total imports. Vietnam, Thailand, Hong Kong SAR and Taiwan (Chinese) lagged somewhat behind, together comprising a further X%.

Vietnam, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among 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 2022, the average wire and cable import price amounted to $X per ton, falling by X% against the previous year. Over the period under review, import price indicated a noticeable expansion 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. Based on 2022 figures, wire and cable import price increased by X% against 2014 indices. The most prominent rate of growth was recorded in 2019 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then declined in the following year.

Prices varied noticeably by country of origin: amid the top importers, 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 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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