Musical Instrument Strings Price in the Philippines - 2023

Contents:

1. Musical Instrument Strings Price in the Philippines (CIF) - 2022
2. Musical Instrument Strings Price in the Philippines (FOB) - 2022
3. Musical Instrument Strings Imports in the Philippines
4. Musical Instrument Strings Exports in the Philippines

Musical Instrument Strings Price in the Philippines (CIF) - 2022

In 2022, the average musical instrument strings import price amounted to $2.5 per unit, falling by -11.8% against the previous year. Overall, the import price, however, saw a significant expansion. The growth pace was the most rapid in 2019 an increase of 1,139% against the previous year. Over the period under review, average import prices attained the peak figure at $2.8 per unit in 2021, and then contracted in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United States ($2.5 per unit) and the UK ($2.5 per unit), while the price for South Korea ($2.5 per unit) and China ($2.5 per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+48.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Musical Instrument Strings Price in the Philippines (FOB) - 2022

In 2022, the average musical instrument strings export price amounted to $0.2 per unit, picking up by 4.8% against the previous year. In general, the export price, however, continues to indicate a pronounced decrease. Over the period under review, the average export prices hit record highs at $0.3 per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for the Netherlands.

From 2018 to 2022, the rate of growth in terms of prices for Ethiopia amounted to +4.7% per year.

Musical Instrument Strings Imports in the Philippines

In 2022, after two years of decline, there was significant growth in overseas purchases of musical instrument stringses, when their volume increased by 135% to 80K units. Over the period under review, imports, however, faced a dramatic setback. Over the period under review, imports reached the maximum at 177K units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, musical instrument strings imports surged to $198K in 2022. In general, imports, however, continue to indicate a perceptible downturn. Imports peaked at $211K in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Top Suppliers of Musical Instrument Strings to the Philippines in 2022:

1. United States (59.2K units)
2. China (12.5K units)
3. United Kingdom (3.7K units)
4. South Korea (3.6K units)
5. Japan (0.4K units)

Musical Instrument Strings Exports in the Philippines

In 2022, exports of musical instrument stringses from the Philippines soared to 7.3K units, increasing by 154% compared with 2021. Overall, exports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 507% against the previous year. As a result, the exports attained the peak of 12K units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, musical instrument strings exports skyrocketed to $1.7K in 2022. In general, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 474% against the previous year. As a result, the exports reached the peak of $2.7K. From 2021 to 2022, the growth of the exports failed to regain momentum.

Top Export Markets for Musical Instrument Strings from the Philippines in 2022:

1. Netherlands (3.7K units)

Source: IndexBox Market Intelligence Platform