Philippines: Metal Screw Hook Market 2024

Metal Screw Hook Market Size in the Philippines

In 2022, after two years of growth, there was significant decline in the Philippine metal screw hook market, when its value decreased by -17.2% to $X. Overall, consumption, however, posted buoyant growth. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Metal Screw Hook Production in the Philippines

In value terms, metal screw hook production fell to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 116%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

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Metal Screw Hook Exports

Exports from the Philippines

In 2022, overseas shipments of iron or steel screw hooks and screw rings decreased by -52.4% to X tons, falling for the third year in a row after two years of growth. Over the period under review, exports saw a precipitous decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 49,512% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, metal screw hook exports shrank significantly to $X in 2022. In general, exports showed a dramatic shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 26,571%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Italy (X tons), Germany (X tons) and Denmark (X tons) were the main destinations of metal screw hook exports from the Philippines, with a combined 93% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Denmark (with a CAGR of +2.1%), while the other leaders experienced mixed trend patterns.

In value terms, Italy ($X) emerged as the key foreign market for iron or steel screw hooks and screw rings exports from the Philippines, comprising 55% of total exports. The second position in the ranking was held by Germany ($X), with a 27% share of total exports. It was followed by Denmark, with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Italy amounted to -18.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-30.9% per year) and Denmark (+0.7% per year).

Export Prices by Country

In 2022, the average metal screw hook export price amounted to $X per ton, with an increase of 17% against the previous year. Overall, the export price saw a pronounced increase. The pace of growth appeared the most rapid in 2016 when the average export price increased by 62%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Guam ($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 the United States (+18.9%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Screw Hook Imports

Imports into the Philippines

Metal screw hook imports into the Philippines contracted sharply to X tons in 2022, reducing by -48.4% compared with the previous year's figure. Overall, imports, however, recorded a buoyant expansion. The growth pace was the most rapid in 2014 when imports increased by 156%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, metal screw hook imports contracted rapidly to $X in 2022. In general, imports, however, continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2014 when imports increased by 125% against the previous year. Imports peaked at $X in 2021, and then contracted notably in the following year.

Imports by Country

China (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of metal screw hook imports to the Philippines, together comprising 95% of total imports. South Korea and Singapore lagged somewhat behind, together accounting for a further 3.1%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +40.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of iron or steel screw hooks and screw rings to the Philippines, comprising 39% of total imports. The second position in the ranking was taken by Japan ($X), with a 16% share of total imports. It was followed by South Korea, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +25.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+19.4% per year) and South Korea (+34.2% per year).

Import Prices by Country

In 2022, the average metal screw hook import price amounted to $X per ton, rising by 12% against the previous year. Overall, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, metal screw hook import price increased by +10.3% against 2019 indices. The growth pace was the most rapid in 2018 when the average import price increased by 46%. The import price peaked in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+15.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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