Philippines: Safes And Strongboxes Market 2024

Safes And Strongboxes Market Size in the Philippines

The Philippine safes and strongboxes market surged to $X in 2022, growing by X% 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 recorded a remarkable increase. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the immediate term.

Safes And Strongboxes Exports

Exports from the Philippines

In 2022, overseas shipments of safes, strongboxes and doors of base metal increased by X% to X tons, rising for the fifth consecutive year after two years of decline. In general, exports, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, safes and strongboxes exports soared to $X in 2022. Over the period under review, exports, however, saw a slight downturn. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Australia (X tons) was the main destination for safes and strongboxes exports from the Philippines, with a X% share of total exports. Moreover, safes and strongboxes exports to Australia exceeded the volume sent to the second major destination, Japan (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Australia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and the UK (X% per year).

In value terms, Australia ($X) emerged as the key foreign market for safes, strongboxes and doors of base metal exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by Japan ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Australia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and the UK (X% per year).

Export Prices by Country

The average safes and strongboxes export price stood at $X per ton in 2022, shrinking by X% against the previous year. Overall, the export price, however, showed a resilient increase. The most prominent rate of growth was recorded in 2014 when the average export price increased by X%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the UK ($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 South Korea (X%), while the prices for the other major destinations experienced mixed trend patterns.

Safes And Strongboxes Imports

Imports into the Philippines

In 2022, approx. X tons of safes, strongboxes and doors of base metal were imported into the Philippines; picking up by X% against the previous year. Overall, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, safes and strongboxes imports surged to $X in 2022. Over the period under review, imports saw a strong expansion. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest safes and strongboxes supplier to the Philippines, with a X% share of total imports. Moreover, safes and strongboxes imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), fourfold. The third position in this ranking was held by South Korea (X tons), with a X% share.

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

In value terms, China ($X) constituted the largest supplier of safes, strongboxes and doors of base metal to the Philippines, comprising X% of total imports. The second position in the ranking was held by Vietnam ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

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

Import Prices by Country

In 2022, the average safes and strongboxes import price amounted to $X per ton, surging by X% against the previous year. Over the period under review, the import price continues to indicate a strong increase. The pace of growth appeared the most rapid in 2018 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Vietnam ($X per ton) and Mexico ($X per ton), while the price for Taiwan (Chinese) ($X per ton) and Thailand ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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