Price for Machines; Parts and Accessories, of Heading No. 8472 in the Philippines - 2023

Contents:

1. Price for Machines; Parts and Accessories, of Heading No. 8472 in the Philippines (FOB) - 2022
2. Price for Machines; Parts and Accessories, of Heading No. 8472 in the Philippines (CIF) - 2022
3. Exports of Machines; Parts and Accessories, of Heading No. 8472 in the Philippines
4. Imports of Machines; Parts and Accessories, of Heading No. 8472 in the Philippines

Price for Machines; Parts and Accessories, of Heading No. 8472 in the Philippines (FOB) - 2022

The average export price for machines; parts and accessories, of heading no. 8472 stood at $89,187 per ton in 2022, with a decrease of -2.8% against the previous year. In general, the export price, however, posted a buoyant increase. The growth pace was the most rapid in 2019 when the average export price increased by 35% against the previous year. The export price peaked at $94,495 per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Brazil ($89,190 per ton) and Singapore ($89,189 per ton), while the average price for exports to Italy ($88,867 per ton) and China ($89,187 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Price for Machines; Parts and Accessories, of Heading No. 8472 in the Philippines (CIF) - 2022

The average import price for machines; parts and accessories, of heading no. 8472 stood at $89,042 per ton in 2022, surging by 4.2% against the previous year. Over the period under review, the import price saw a prominent expansion. The most prominent rate of growth was recorded in 2019 an increase of 98%. Over the period under review, average import prices reached the maximum in 2022 and is likely to see steady growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were India ($89,043 per ton) and Hong Kong SAR ($89,043 per ton), while the price for Singapore ($89,040 per ton) and China ($89,042 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+25.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports of Machines; Parts and Accessories, of Heading No. 8472 in the Philippines

In 2022, exports of machines; parts and accessories, of heading no. 8472 from the Philippines soared to 2K tons, with an increase of 21% against the previous year. Over the period under review, exports recorded a prominent expansion. The pace of growth appeared the most rapid in 2021 with an increase of 798,480% against the previous year. Over the period under review, the exports of attained the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, exports of machines; parts and accessories, of heading no. 8472 skyrocketed to $176M in 2022. Overall, exports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of 775,073% against the previous year. Over the period under review, the exports of reached the maximum in 2022 and are likely to see steady growth in the immediate term.

Top Export Markets for Machines; Parts and Accessories, of Heading No. 8472 from the Philippines in 2022:

1. India (455.3 tons)
2. United States (400.8 tons)
3. Japan (344.7 tons)
4. Hungary (325.3 tons)
5. Spain (111.5 tons)
6. Hong Kong SAR (86.7 tons)
7. Netherlands (67.4 tons)
8. Brazil (5.6 tons)

Imports of Machines; Parts and Accessories, of Heading No. 8472 in the Philippines

For the fourth year in a row, the Philippines recorded growth in overseas purchases of machines; parts and accessories, of heading no. 8472, which increased by 19% to 963 tons in 2022. In general, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 73% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, imports of machines; parts and accessories, of heading no. 8472 skyrocketed to $86M in 2022. Over the period under review, imports showed significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 79% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Top Suppliers of Machines; Parts and Accessories, of Heading No. 8472 to the Philippines in 2022:

1. Japan (545.4 tons)
2. India (142.0 tons)
3. China (131.2 tons)
4. Hong Kong SAR (42.3 tons)
5. United States (29.5 tons)
6. Singapore (17.5 tons)

Source: IndexBox Market Intelligence Platform