Philippines: Metal Washer Market 2024

Metal Washer Market Size in the Philippines

In 2022, the Philippine metal washer market was finally on the rise to reach $X after three years of decline. Over the period under review, consumption, however, continues to indicate a pronounced contraction. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Metal Washer Production in the Philippines

In value terms, metal washer production contracted to $X in 2022 estimated in export price. Overall, production saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

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Metal Washer Exports

Exports from the Philippines

In 2022, after two years of growth, there was significant decline in overseas shipments of iron or steel washers, when their volume decreased by X% to X tons. In general, exports saw a abrupt slump. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then shrank remarkably in the following year.

In value terms, metal washer exports shrank significantly to $X in 2022. Over the period under review, exports faced a abrupt contraction. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. The exports peaked at $X in 2021, and then dropped rapidly in the following year.

Exports by Country

Malaysia (X tons), Japan (X tons) and the United States (X tons) were the main destinations of metal washer exports from the Philippines, together comprising X% of total exports.

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

In value terms, the UK ($X), the United States ($X) and Mexico ($X) were the largest markets for metal washer exported from the Philippines worldwide, with a combined X% share of total exports.

The United States, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main countries of destination 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 metal washer export price amounted to $X per ton, picking up by X% against the previous year. Overall, the export price showed a relatively flat trend pattern. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Japan ($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 Mexico (X%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Washer Imports

Imports into the Philippines

Metal washer imports into the Philippines shrank to X tons in 2022, waning by X% against 2021 figures. Overall, imports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of X%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, metal washer imports reduced to $X in 2022. Over the period under review, imports, however, recorded strong growth. The pace of growth was the most pronounced in 2018 with an increase of X%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest metal washer supplier to the Philippines, accounting for a X% share of total imports. Moreover, metal washer imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. Thailand (X tons) 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 stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Thailand (X% per year).

In value terms, Japan ($X), China ($X) and Singapore ($X) were the largest metal washer suppliers to the Philippines, together accounting for X% of total imports. Thailand, the United States, Vietnam, Taiwan (Chinese), South Korea and India lagged somewhat behind, together accounting for a further X%.

India, with a CAGR of X%, recorded 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

The average metal washer import price stood at $X per ton in 2022, declining by X% against the previous year. Overall, import price indicated temperate growth 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, metal washer import price decreased by X% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2020 to 2022, the average import prices remained at a lower figure.

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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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