Plugs and Socket Price in the Philippines - 2024

Plugs and Socket Price in the Philippines (CIF) - 2022

In 2022, the average plugs and socket import price amounted to $0.7 per unit, rising by 40% against the previous year. Overall, the import price continues to indicate significant growth. The pace of growth appeared the most rapid in 2021 an increase of 116% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Thailand ($1.7 per unit), while the price for China ($0.3 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+30.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Plugs and Socket Price in the Philippines (FOB) - 2022

The average plugs and socket export price stood at $0.6 per unit in 2022, increasing by 12% against the previous year. In general, export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plugs and socket export price increased by +45.4% against 2017 indices. The most prominent rate of growth was recorded in 2014 an increase of 61%. Over the period under review, the average export prices attained the peak figure at $0.7 per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Vietnam ($0.6 per unit) and Australia ($0.6 per unit), while the average price for exports to Singapore ($0.6 per unit) and Taiwan (Chinese) ($0.6 per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+23.0%), while the prices for the other major destinations experienced more modest paces of growth.

Plugs and Socket Imports in the Philippines

For the third year in a row, the Philippines recorded decline in purchases abroad of electrical plugs and sockets for under 1000 v, which decreased by -28.6% to 138M units in 2022. In general, imports continue to indicate a sharp decline. Imports peaked at 492M units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, plugs and socket imports totaled $102M in 2022. The total import value increased at an average annual rate of +8.1% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 30%. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Import of Plugs and Socket in the Philippines (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	24.9	20.0	26.3	30.7	7.2%
Japan	10.7	14.7	13.7	11.9	3.6%
Singapore	10.3	7.0	13.4	11.7	4.3%
United States	7.3	7.6	9.8	8.9	6.8%
Germany	3.4	2.4	7.2	8.8	37.3%
Thailand	7.5	5.1	7.0	6.5	-4.7%
Hong Kong SAR	6.3	7.8	6.6	5.4	-5.0%
Taiwan (Chinese)	1.1	2.2	2.6	2.0	22.1%
Others	9.6	11.9	15.8	16.6	20.0%
Total	81.1	78.7	102	102	7.9%

Top Suppliers of Plugs and Socket to the Philippines in 2022:

China (89.5M units)
Singapore (7.9M units)
Japan (7.3M units)
Germany (5.7M units)
United States (5.5M units)
Thailand (3.8M units)
Hong Kong SAR (3.8M units)
Taiwan (Chinese) (3.3M units)

Plugs and Socket Exports in the Philippines

In 2022, approx. 10M units of electrical plugs and sockets for under 1000 v were exported from the Philippines; which is down by -12.4% compared with the previous year's figure. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 20% against the previous year. As a result, the exports reached the peak of 12M units, and then declined in the following year.

In value terms, plugs and socket exports fell modestly to $6.6M in 2022. The total export value increased at an average annual rate of +5.5% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 with an increase of 18%. As a result, the exports reached the peak of $6.7M, and then fell modestly in the following year.

Export of Plugs and Socket in the Philippines (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Singapore	497	1,475	2,873	1,783	53.1%
South Korea	613	605	704	996	17.6%
United States	638	746	485	931	13.4%
Thailand	1,209	37.5	82.2	577	-21.9%
Malaysia	434	235	706	519	6.1%
Vietnam	105	164	368	421	58.9%
Germany	23.2	61.9	136	330	142.3%
Australia	116	513	520	177	15.1%
China	49.0	392	139	155	46.8%
Japan	710	520	144	133	-42.8%
Taiwan (Chinese)	73.5	404	109	125	19.4%
Hong Kong SAR	872	55.2	43.2	12.7	-75.6%
Others	265	459	388	427	17.2%
Total	5,607	5,666	6,699	6,588	5.5%