Waxes; Artificial, Prepared Price in the Philippines - 2023
Contents:
- Waxes; Artificial, Prepared Price in the Philippines (CIF) - 2022
- Waxes; Artificial, Prepared Price in the Philippines (FOB) - 2022
- Waxes; Artificial, Prepared Imports in the Philippines
- Waxes; Artificial, Prepared Exports in the Philippines
Waxes; Artificial, Prepared Price in the Philippines (CIF) - 2022
The average waxes; artificial, prepared import price stood at $1,255 per ton in 2022, rising by 12% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable descent. The pace of growth appeared the most rapid in 2014 when the average import price increased by 32%. The import price peaked at $2,769 per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.
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 Germany ($5,406 per ton), while the price for Hong Kong SAR ($497 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+9.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Waxes; Artificial, Prepared Price in the Philippines (FOB) - 2022
In 2022, the average waxes; artificial, prepared export price amounted to $1,707 per ton, rising by 4.9% against the previous year. Overall, the export price, however, continues to indicate a abrupt curtailment. Over the period under review, the average export prices attained the maximum at $3,817 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Brazil ($5,344 per ton), while the average price for exports to Turkey ($863 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+9.5%), while the prices for the other major destinations experienced mixed trend patterns.
Waxes; Artificial, Prepared Imports in the Philippines
For the fourth year in a row, the Philippines recorded growth in purchases abroad of waxes; artificial, prepared, which increased by 35% to 19K tons in 2022. In general, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 140%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.
In value terms, waxes; artificial, prepared imports skyrocketed to $24M in 2022. Overall, imports posted a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Waxes; Artificial, Prepared in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 0.8 | 1.6 | 4.1 | 7.8 | 113.6% |
| United States | 3.8 | 2.9 | 2.0 | 4.6 | 6.6% |
| South Korea | 1.1 | 0.8 | 0.9 | 1.7 | 15.6% |
| Germany | 0.9 | 0.6 | 0.9 | 1.6 | 21.1% |
| Singapore | 1.2 | 0.7 | 0.8 | 1.5 | 7.7% |
| Taiwan (Chinese) | 1.5 | 0.6 | 0.5 | 1.4 | -2.3% |
| Japan | 1.3 | 1.2 | 1.1 | 0.7 | -18.6% |
| Thailand | 0.2 | 0.3 | 0.3 | 0.6 | 44.2% |
| Malaysia | 0.2 | 0.2 | 0.3 | 0.5 | 35.7% |
| Hong Kong SAR | 0.1 | 0.4 | 0.3 | 0.5 | 71.0% |
| Others | 1.5 | 1.4 | 4.8 | 2.9 | 24.6% |
| Total | 12.6 | 10.7 | 15.9 | 23.9 | 23.8% |
Top Suppliers of Waxes; Artificial, Prepared to the Philippines in 2022:
- China (13.4K tons)
- United States (1.2K tons)
- Hong Kong SAR (1.1K tons)
- Taiwan (Chinese) (0.7K tons)
- South Korea (0.7K tons)
- Singapore (0.4K tons)
- Malaysia (0.3K tons)
- Germany (0.3K tons)
- Thailand (0.3K tons)
- Japan (0.1K tons)
Waxes; Artificial, Prepared Exports in the Philippines
After two years of decline, overseas shipments of waxes; artificial, prepared increased by 98% to 291 tons in 2022. Over the period under review, exports, however, continue to indicate a dramatic decline.
In value terms, waxes; artificial, prepared exports skyrocketed to $496K in 2022. Overall, exports, however, saw a precipitous setback.
| Export of Waxes; Artificial, Prepared in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 567 | 372 | 96.3 | 158 | -34.7% |
| Japan | 4.1 | 1.6 | 36.9 | 63.6 | 149.4% |
| Mexico | 281 | 170 | 42.4 | 61.6 | -39.7% |
| Brazil | 8.4 | 7.4 | 3.5 | 57.4 | 89.8% |
| Thailand | 28.4 | 31.1 | 12.0 | 40.2 | 12.3% |
| India | 14.0 | 16.5 | 8.0 | 38.6 | 40.2% |
| Vietnam | 46.0 | 43.9 | 12.4 | 20.4 | -23.7% |
| Turkey | 9.3 | 13.9 | 8.6 | 16.8 | 21.8% |
| South Korea | 10.5 | 7.8 | 2.4 | 4.3 | -25.7% |
| United Kingdom | 18.5 | 10.1 | 2.3 | 3.0 | -45.5% |
| Qatar | 29.4 | N/A | N/A | N/A | 0% |
| Others | 49.3 | 78.4 | 14.4 | 31.6 | -13.8% |
| Total | 1,066 | 752 | 239 | 496 | -22.5% |
Top Export Markets for Waxes; Artificial, Prepared from the Philippines in 2022:
- United States (95.0 tons)
- Mexico (37.1 tons)
- Thailand (34.8 tons)
- India (32.6 tons)
- Japan (28.6 tons)
- Turkey (19.5 tons)
- Brazil (10.7 tons)
- Vietnam (10.0 tons)
- South Korea (7.0 tons)
- United Kingdom (3.9 tons)
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