Philippines: Refrigerator And Freezer Market 2024

Refrigerator And Freezer Market Size in the Philippines

The Philippine refrigerator and freezer market contracted to $X in 2022, with a decrease of X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, enjoyed a resilient increase. Over the period under review, the market attained the maximum level at $X in 2021, and then declined in the following year.

Refrigerator And Freezer Exports

Exports from the Philippines

In 2022, the amount of refrigerators and freezers exported from the Philippines shrank rapidly to X units, which is down by X% on 2021 figures. Over the period under review, exports recorded a abrupt decrease. The pace of growth appeared the most rapid in 2013 with an increase of X%. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, refrigerator and freezer exports fell notably to $X in 2022. In general, exports showed a pronounced contraction. The pace of growth was the most pronounced in 2017 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X units) was the main destination for refrigerator and freezer exports from the Philippines, with a X% share of total exports. Moreover, refrigerator and freezer exports to China exceeded the volume sent to the second major destination, Brunei Darussalam (X units), tenfold. The third position in this ranking was held by South Korea (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (X% per year) and South Korea (X% per year).

In value terms, China ($X) emerged as the key foreign market for refrigerators and freezers exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by Sri Lanka ($X), with a X% share of total exports. It was followed by Brunei Darussalam, with a X% share.

From 2012 to 2022, the average annual growth rate of value to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (X% per year) and Brunei Darussalam (X% per year).

Export Prices by Country

In 2022, the average refrigerator and freezer export price amounted to $X per unit, dropping by X% against the previous year. Overall, the export price, however, showed a buoyant increase. The pace of growth was the most pronounced in 2016 when the average export price increased by X% against the previous year. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Sri Lanka ($X per unit), while the average price for exports to Thailand ($X per unit) was amongst the lowest.

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

Refrigerator And Freezer Imports

Imports into the Philippines

In 2022, the amount of refrigerators and freezers imported into the Philippines declined to X units, waning by X% on the previous year's figure. In general, imports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of X%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, refrigerator and freezer imports reduced slightly to $X in 2022. Overall, imports, however, posted a strong increase. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Imports peaked at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, China (X units) constituted the largest refrigerator and freezer supplier to the Philippines, with a X% share of total imports. Moreover, refrigerator and freezer imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), fourfold. The third position in this ranking was taken by Vietnam (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and Vietnam (X% per year).

In value terms, China ($X) constituted the largest supplier of refrigerators and freezers to the Philippines, comprising X% of total imports. The second position in the ranking was held by Vietnam ($X), with a X% share of total imports. It was followed by Thailand, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Thailand (X% per year).

Import Prices by Country

The average refrigerator and freezer import price stood at $X per unit in 2022, picking up by X% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of X% against the previous year. As a result, import price attained the peak level of $X per unit. From 2016 to 2022, the average import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Vietnam ($X per unit) and Thailand ($X per unit), while the price for China ($X per unit) and Indonesia ($X per unit) were amongst the lowest.

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

Source: IndexBox Platform

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