Philippines: Sulphites Market 2023

Sulphites Market Size in the Philippines

In 2021, the Philippine sulphites market increased by 14% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption enjoyed a noticeable expansion. Sulphites consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Sulphites Exports

Exports from the Philippines

In 2021, the amount of sulphites exported from the Philippines soared to X tons, jumping by 197% compared with 2020 figures. Over the period under review, exports, however, recorded a mild slump. The most prominent rate of growth was recorded in 2014 with an increase of 323% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, sulphites exports skyrocketed to $X in 2021. In general, exports continue to indicate a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Hong Kong SAR (X tons) was the main destination for sulphites exports from the Philippines, with a 95% share of total exports. Moreover, sulphites exports to Hong Kong SAR exceeded the volume sent to the second major destination, Vietnam (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Hong Kong SAR was relatively modest.

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for sulphites exports from the Philippines, comprising 96% of total exports. The second position in the ranking was held by Vietnam ($X), with a 4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Hong Kong SAR was relatively modest.

Export Prices by Country

In 2021, the average sulphites export price amounted to $X per ton, jumping by 102% against the previous year. In general, the export price saw significant growth. The most prominent rate of growth was recorded in 2016 when the average export price increased by 547% against the previous year. The export price peaked in 2021 and is expected to retain growth in years to come.

Average prices varied somewhat for the major external markets. In 2021, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Vietnam totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+14.4%).

Sulphites Imports

Imports into the Philippines

After two years of decline, purchases abroad of sulphites increased by 24% to X tons in 2021. In general, total imports indicated a notable increase from 2012 to 2021: its volume increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of 74% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, sulphites imports expanded markedly to $X in 2021. Over the period under review, imports continue to indicate a temperate expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 104%. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Thailand (X tons) and Japan (X tons) were the main suppliers of sulphites imports to the Philippines, with a combined 88% share of total imports. Germany and South Korea lagged somewhat behind, together accounting for a further 8.7%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +33.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Thailand ($X) and China ($X) constituted the largest sulphites suppliers to the Philippines, with a combined 92% share of total imports. Germany and South Korea lagged somewhat behind, together comprising a further 5.4%.

In terms of the main suppliers, Germany, with a CAGR of +28.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average sulphites import price stood at $X per ton in 2021, falling by -9.9% against the previous year. In general, import price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sulphites import price decreased by -19.2% against 2017 indices. The pace of growth appeared the most rapid in 2017 an increase of 27%. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (-2.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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