Price for Machinery; Parts of the Machinery of Heading No. 8427 in the Philippines - 2023
Contents:
- Price for Machinery; Parts of the Machinery of Heading No. 8427 in the Philippines (FOB) - 2022
- Price for Machinery; Parts of the Machinery of Heading No. 8427 in the Philippines (CIF) - 2022
- Exports of Machinery; Parts of the Machinery of Heading No. 8427 in the Philippines
- Imports of Machinery; Parts of the Machinery of Heading No. 8427 in the Philippines
Price for Machinery; Parts of the Machinery of Heading No. 8427 in the Philippines (FOB) - 2022
The average export price for machinery; parts of the machinery of heading no. 8427 stood at $13,667 per ton in 2022, growing by 51% against the previous year. In general, the export price showed a prominent expansion. The most prominent rate of growth was recorded in 2019 when the average export price increased by 283% against the previous year. Over the period under review, the average export prices reached the maximum at $14,129 per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.
As there is only one major export destination, the average price level is determined by prices for Japan.
From 2012 to 2022, the rate of growth in terms of prices for Japan amounted to +19.7% per year.
Price for Machinery; Parts of the Machinery of Heading No. 8427 in the Philippines (CIF) - 2022
The average import price for machinery; parts of the machinery of heading no. 8427 stood at $11,476 per ton in 2022, surging by 8.4% against the previous year. In general, the import price showed resilient growth. The pace of growth appeared the most rapid in 2019 when the average import price increased by 119%. Over the period under review, average import prices hit record highs at $11,522 per ton in 2020; afterwards, it flattened through to 2022.
Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Vietnam ($11,475 per ton) and Japan ($11,475 per ton), while the price for South Korea ($11,474 per ton) and Singapore ($11,475 per ton) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+22.6%), while the prices for the other major suppliers experienced more modest paces of growth.
Exports of Machinery; Parts of the Machinery of Heading No. 8427 in the Philippines
Exports of machinery; parts of the machinery of heading no. 8427 from the Philippines expanded markedly to 1.6K tons in 2022, picking up by 8.5% against 2021. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 11,254%. Over the period under review, the exports of machinery; parts of machinery of heading no. 8427 attained the peak figure in 2022 and are likely to see steady growth in the immediate term.
In value terms, exports of machinery; parts of the machinery of heading no. 8427 soared to $21M in 2022. In general, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2021 with an increase of 7,183% against the previous year. The exports peaked in 2022 and are likely to continue growth in years to come.
| Export of Machinery; Parts of the Machinery of Heading No. 8427 in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | N/A | N/A | 13.1 | 21.4 | 63.4% |
| Singapore | 2.3 | N/A | N/A | N/A | 0% |
| Others | N/A | 0.2 | N/A | N/A | 0% |
| Total | 2.3 | 0.2 | 13.1 | 21.5 | 110.7% |
Top Export Markets for Machinery; Parts of the Machinery of Heading No. 8427 from the Philippines in 2022:
- Japan (1568.0 tons)
- Singapore (0.6 tons)
Imports of Machinery; Parts of the Machinery of Heading No. 8427 in the Philippines
Imports of machinery; parts of the machinery of heading no. 8427 into the Philippines dropped slightly to 885 tons in 2022, with a decrease of -2.3% compared with 2021. Over the period under review, imports saw a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 27%.
In value terms, imports of machinery; parts of the machinery of heading no. 8427 reached $10M in 2022. The total import value increased at an average annual rate of +2.3% over the period from 2019 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 16% against the previous year. Over the period under review, imports of machinery; parts of machinery of heading no. 8427 attained the maximum in 2022 and are expected to retain growth in the near future.
| Import of Machinery; Parts of the Machinery of Heading No. 8427 in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 3.0 | 2.7 | 2.5 | 3.0 | 0.0% |
| China | 1.5 | 1.3 | 2.1 | 2.5 | 18.6% |
| Vietnam | 1.1 | 0.9 | 1.5 | 1.7 | 15.6% |
| Singapore | 1.1 | 0.7 | 0.9 | 0.7 | -14.0% |
| United States | 0.5 | 0.6 | 0.7 | 0.6 | 6.3% |
| Taiwan (Chinese) | 0.4 | 0.5 | 0.5 | 0.5 | 7.7% |
| Belgium | 0.1 | 0.1 | 0.3 | 0.3 | 44.2% |
| South Korea | 0.3 | 0.2 | 0.1 | 0.1 | -30.7% |
| Others | 1.6 | 1.3 | 1.1 | 0.8 | -20.6% |
| Total | 9.5 | 8.2 | 9.6 | 10.2 | 2.4% |
Top Suppliers of Machinery; Parts of the Machinery of Heading No. 8427 to the Philippines in 2022:
- Japan (263.3 tons)
- China (216.9 tons)
- Vietnam (146.6 tons)
- Singapore (61.2 tons)
- United States (53.5 tons)
- Taiwan (Chinese) (41.2 tons)
- Belgium (27.9 tons)
- South Korea (8.0 tons)
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