Pharmaceutical Goods Price in the Philippines - 2023
Contents:
- Pharmaceutical Goods Price in the Philippines (CIF) - 2022
- Pharmaceutical Goods Price in the Philippines (FOB) - 2022
- Pharmaceutical Goods Imports in the Philippines
- Pharmaceutical Goods Exports in the Philippines
Pharmaceutical Goods Price in the Philippines (CIF) - 2022
The average pharmaceutical goods import price stood at $36,875 per ton in 2022, with a decrease of -41.9% against the previous year. Over the period under review, the import price, however, recorded a resilient increase. The pace of growth appeared the most rapid in 2014 an increase of 53% against the previous year. Over the period under review, average import prices reached the maximum at $67,831 per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($208,406 per ton), while the price for China ($5,240 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+26.8%), while the prices for the other major suppliers experienced more modest paces of growth.
Pharmaceutical Goods Price in the Philippines (FOB) - 2022
In 2022, the average pharmaceutical goods export price amounted to $14,561 per ton, dropping by -82.3% against the previous year. Over the period under review, the export price continues to indicate a mild slump. The pace of growth was the most pronounced in 2019 an increase of 299% against the previous year. Over the period under review, the average export prices attained the peak figure at $82,364 per ton in 2021, and then declined dramatically in the following year.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($133,774 per ton), while the average price for exports to Spain ($6,942 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 Nigeria (+54.7%), while the prices for the other major destinations experienced more modest paces of growth.
Pharmaceutical Goods Imports in the Philippines
In 2022, approx. 1.1K tons of pharmaceutical goodses were imported into the Philippines; rising by 27% against the previous year. In general, total imports indicated a buoyant expansion from 2019 to 2022: its volume increased at an average annual rate of +10.9% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +58.8% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, pharmaceutical goods imports fell rapidly to $40M in 2022. Over the period under review, total imports indicated noticeable growth from 2019 to 2022: its value increased at an average annual rate of +4.1% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 30% against the previous year.
| Import of Pharmaceutical Goods in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Thailand | 2.4 | 2.9 | 11.6 | 11.6 | 69.1% |
| Germany | 3.5 | 7.4 | 4.0 | 5.9 | 19.0% |
| Netherlands | 5.4 | 18.5 | 20.0 | 4.0 | -9.5% |
| Spain | 3.9 | 2.9 | 4.3 | 2.2 | -17.4% |
| Italy | 1.9 | 1.8 | 1.2 | 2.0 | 1.7% |
| Singapore | 6.8 | 4.0 | 2.9 | 1.7 | -37.0% |
| United States | 1.5 | 2.2 | 1.0 | 1.7 | 4.3% |
| China | 1.7 | 0.5 | 1.0 | 1.7 | 0.0% |
| Austria | 1.6 | 0.8 | 1.0 | 1.6 | 0.0% |
| South Korea | 1.1 | 0.9 | 1.2 | 1.3 | 5.7% |
| India | 0.6 | 0.2 | 0.8 | 0.9 | 14.5% |
| Malaysia | 0.5 | 0.3 | 0.2 | 0.5 | 0.0% |
| Hong Kong SAR | 0.7 | 0.6 | 0.1 | 0.1 | -47.7% |
| Others | 3.6 | 3.0 | 4.5 | 4.6 | 8.5% |
| Total | 35.3 | 46.1 | 53.9 | 39.8 | 4.1% |
Top Suppliers of Pharmaceutical Goods to the Philippines in 2022:
- Thailand (375.7 tons)
- China (328.1 tons)
- Malaysia (60.5 tons)
- India (51.9 tons)
- Netherlands (41.1 tons)
- United States (40.7 tons)
- Germany (28.3 tons)
- Austria (26.5 tons)
- Italy (20.6 tons)
- Singapore (19.4 tons)
- South Korea (16.3 tons)
- Spain (12.6 tons)
- Hong Kong SAR (9.9 tons)
Pharmaceutical Goods Exports in the Philippines
In 2022, after two years of decline, there was significant growth in overseas shipments of pharmaceutical goodses, when their volume increased by 513% to 216 tons. Over the period under review, exports continue to indicate noticeable growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
In value terms, pharmaceutical goods exports rose sharply to $3.1M in 2022. Overall, exports, however, recorded a abrupt decline.
| Export of Pharmaceutical Goods in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Spain | N/A | N/A | N/A | 1,398 | 0% |
| Japan | 3,164 | 4.0 | 2,057 | 427 | -48.7% |
| Singapore | 1.0 | 2,818 | 144 | 361 | 612.0% |
| Hong Kong SAR | 538 | 59.0 | 56.8 | N/A | -67.5% |
| Australia | N/A | 69.3 | N/A | N/A | 0% |
| Others | 689 | 243 | 644 | 959 | 11.7% |
| Total | 4,392 | 3,193 | 2,902 | 3,144 | -10.5% |
Top Export Markets for Pharmaceutical Goods from the Philippines in 2022:
- Spain (201.4 tons)
- Singapore (6.1 tons)
- Japan (3.2 tons)
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