Philippines: Electrical Circuit Apparatus Market 2024

Electrical Circuit Apparatus Market Size in the Philippines

In 2021, the Philippine electrical circuit apparatus market decreased by X% to $X, falling for the second year in a row after five years of growth. Overall, consumption, however, saw a strong expansion. Electrical circuit apparatus consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Electrical Circuit Apparatus Production in the Philippines

In value terms, electrical circuit apparatus production expanded to $X in 2021 estimated in export price. Over the period under review, production showed a strong increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. Electrical circuit apparatus production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Electrical Circuit Apparatus Exports

Exports from the Philippines

In 2021, after three years of decline, there was significant growth in overseas shipments of electrical apparatus for circuit connection, switching and protection, when their volume increased by X% to X units. Overall, total exports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The exports peaked at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, electrical circuit apparatus exports expanded modestly to $X in 2021. The total export value increased at an average annual rate of X% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X units), Japan (X units) and Hong Kong SAR (X units) were the main destinations of electrical circuit apparatus exports from the Philippines, together accounting for X% of total exports. China, Singapore, Taiwan (Chinese), Germany, South Korea, Thailand, the Netherlands, Malaysia and Mexico lagged somewhat behind, together accounting for a further X%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Japan ($X) and China ($X) were the largest markets for electrical circuit apparatus exported from the Philippines worldwide, with a combined X% share of total exports. Hong Kong SAR, South Korea, Germany, Singapore, Thailand, Malaysia, the Netherlands, Taiwan (Chinese) and Mexico lagged somewhat behind, together comprising a further X%.

Malaysia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average electrical circuit apparatus export price stood at $X per unit in 2021, shrinking by X% against the previous year. In general, the export price continues to indicate a slight curtailment. The most prominent rate of growth was recorded in 2018 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2020, and then contracted markedly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to Taiwan (Chinese) ($X per unit) was amongst the lowest.

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

Electrical Circuit Apparatus Imports

Imports into the Philippines

In 2021, overseas purchases of electrical apparatus for circuit connection, switching and protection were finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, total imports indicated pronounced growth from 2012 to 2021: its volume increased at an average annual rate of X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by X% against 2018 indices. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, electrical circuit apparatus imports skyrocketed to $X in 2021. In general, total imports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of X% 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 2016 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, China (X units) constituted the largest electrical circuit apparatus supplier to the Philippines, accounting for a X% share of total imports. Moreover, electrical circuit apparatus imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. Singapore (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Singapore (X% per year).

In value terms, China ($X), Japan ($X) and Singapore ($X) appeared to be the largest electrical circuit apparatus suppliers to the Philippines, together accounting for X% of total imports.

Among the main suppliers, China, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average electrical circuit apparatus import price stood at $X per unit in 2021, rising by X% against the previous year. Over the last nine-year period, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2019 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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