Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in the Philippines - 2023

Contents:

1. Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in the Philippines (CIF) - 2022
2. Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in the Philippines (FOB) - 2022
3. Imports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in the Philippines
4. Exports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in the Philippines

Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in the Philippines (CIF) - 2022

The average import price for refrigerating or freezing equipment; parts thereof, other than furniture stood at $59 per unit in 2022, picking up by 4.4% against the previous year. Overall, the import price continues to indicate a strong expansion. The growth pace was the most rapid in 2019 an increase of 63%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue 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 Italy ($59 per unit) and Thailand ($59 per unit), while the price for Poland ($59 per unit) and Singapore ($59 per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+24.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in the Philippines (FOB) - 2022

In 2022, the average export price for refrigerating or freezing equipment; parts thereof, other than furniture amounted to $67 per unit, standing approx. at the previous year. Overall, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for refrigerating or freezing equipment; parts thereof, other than furniture increased by +62.6% against 2017 indices. The pace of growth was the most pronounced in 2013 when the average export price increased by 23%. Over the period under review, the average export prices reached the maximum at $68 per unit in 2021, and then fell slightly in the following year.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Taiwan (Chinese) ($67 per unit) and China ($67 per unit), while the average price for exports to Hong Kong SAR ($67 per unit) and Thailand ($67 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 China (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in the Philippines

In 2022, approx. 718K units of refrigerating or freezing equipment; parts thereof, other than furniture were imported into the Philippines; surging by 7.7% against the year before. Over the period under review, imports, however, continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2021 when imports increased by 17%. Over the period under review, imports of reached the peak figure at 926K units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, imports of refrigerating or freezing equipment; parts thereof, other than furniture expanded remarkably to $42M in 2022. The total import value increased at an average annual rate of +2.2% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 23%. Over the period under review, imports of hit record highs in 2022 and are likely to see steady growth in the near future.

Top Suppliers of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture to the Philippines in 2022:

1. China (290.9K units)
2. United Arab Emirates (74.1K units)
3. Thailand (70.4K units)
4. United States (67.9K units)
5. South Korea (32.6K units)
6. Taiwan (Chinese) (29.3K units)
7. Indonesia (21.9K units)
8. Singapore (16.9K units)
9. Malaysia (16.9K units)
10. Italy (16.1K units)
11. Germany (15.0K units)
12. Japan (14.7K units)
13. Poland (11.6K units)

Exports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in the Philippines

For the third year in a row, the Philippines recorded decline in shipments abroad of refrigerating or freezing equipment; parts thereof, other than furniture, which decreased by -20% to 78K units in 2022. Overall, exports faced a drastic downturn. The smallest decline of -5.9% was in 2021. Over the period under review, the exports of hit record highs at 124K units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of refrigerating or freezing equipment; parts thereof, other than furniture contracted sharply to $5.2M in 2022. Over the period under review, exports continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2021 with an increase of 15%. As a result, the exports reached the peak of $6.6M, and then declined markedly in the following year.

Top Export Markets for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture from the Philippines in 2022:

1. Japan (62.3K units)
2. China (6.7K units)
3. Thailand (5.1K units)
4. Hong Kong SAR (2.2K units)
5. Taiwan (Chinese) (1.2K units)

Source: IndexBox Market Intelligence Platform