Philippines: Zinc Market 2024

Zinc Market Size in the Philippines

The Philippine zinc market expanded sharply to $X in 2021, surging by 13% against the previous year. Overall, consumption recorded a buoyant increase. Zinc consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Zinc Production in the Philippines

In value terms, zinc production amounted to $X in 2021 estimated in export price. In general, production, however, continues to indicate a strong increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 63%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Zinc Exports

Exports from the Philippines

In 2021, approx. X tons of zinc were exported from the Philippines; falling by -89.8% on the year before. Overall, exports continue to indicate a dramatic setback. The growth pace was the most rapid in 2018 when exports increased by 790%. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, zinc exports reduced remarkably to $X in 2021. Over the period under review, exports recorded a dramatic curtailment. The pace of growth appeared the most rapid in 2018 with an increase of 1,169%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for zinc exports from the Philippines, with a 325% share of total exports. Moreover, zinc exports to the United States exceeded the volume sent to the second major destination, China (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States was relatively modest.

In value terms, the largest markets for zinc exported from the Philippines were the United States ($X) and China ($X).

China, with a CAGR of +14.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

The average zinc export price stood at $X per ton in 2021, picking up by 25% against the previous year. Over the period under review, the export price recorded buoyant growth. The most prominent rate of growth was recorded in 2018 when the average export price increased by 43% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the United States totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+9.5%), while the prices for the other major destinations experienced more modest paces of growth.

Zinc Imports

Imports into the Philippines

Zinc imports into the Philippines skyrocketed to X tons in 2021, rising by 43% against the year before. Overall, imports, however, saw a pronounced setback. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, zinc imports soared to $X in 2021. In general, imports saw a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, South Korea (X tons) constituted the largest supplier of zinc to the Philippines, accounting for a 51% share of total imports. Moreover, zinc imports from South Korea exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. Australia (X tons) ranked third in terms of total imports with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea stood at -3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-6.0% per year) and Australia (+10.8% per year).

In value terms, South Korea ($X) constituted the largest supplier of zinc to the Philippines, comprising 53% of total imports. The second position in the ranking was held by Japan ($X), with a 22% share of total imports. It was followed by Australia, with an 8.3% share.

From 2012 to 2021, the average annual growth rate of value from South Korea was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.2% per year) and Australia (+18.9% per year).

Import Prices by Country

The average zinc import price stood at $X per ton in 2021, jumping by 24% against the previous year. In general, import price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 an increase of 40%. Over the period under review, average import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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