The Philippine haulage and overhead crane market fell -X% to X dollars in 2021, declining for the third consecutive year after two years of growth. Overall, however, consumption showed a deep decline. Consumption of haulage cranes and overhead cranes peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.
In 2021, overseas shipments of haulage cranes, gantry cranes and overhead cranes finally started to rise, reaching X units for the first time since 2018, ending a two-year downward trend. Overall, exports have grown significantly. As a result, exports peaked and may continue to grow in the short term.
In value terms, haulage and overhead crane exports contracted significantly to $X in 2021. Exports showed strong growth during the period under review. Growth appears to be the fastest in 2020, when exports increased by X% over the previous year. As a result, exports peaked at $X and then declined rapidly the following year.
China (X units) was the leading destination for Philippine transport cranes and overhead crane exports, accounting for X% of total exports. In addition, transport cranes and overhead cranes are exported to China twice as much as to the second largest destination, Saudi Arabia (X units). South Korea (X units) ranked third with X% of total exports. From 2012 to 2021, the average annual growth rate of exports to China is +X%. Exports to other major destinations recorded the following average annual export growth rates: Saudi Arabia (+X% per annum) and South Korea (-X% per annum).
In value terms, China ($X) remains the leading foreign market for Philippine haulage and overhead crane exports, accounting for X% of total exports. In second place is Saudi Arabia ($X) with X% of total exports. It is followed by Papua New Guinea with an X% share.
Average annual growth in value to China from 2012 to 2021 is +X%. Exports to other major destinations recorded the following average annual export growth rates: Saudi Arabia (+X% per annum) and Papua New Guinea (+X% per annum).
In 2021, foreign supply of transport cranes, gantry cranes and overhead cranes finally picked up, reaching X units for the first time since 2017, ending a three-year downward trend. However, imports contracted severely during the review period. The fastest growth rate in 2017, an increase of X% year-on-year. During the period under review, imports reached a maximum of X units in 2013; however, from 2014 to 2021, imports have remained low.
In value terms, 2021 imports of transport and overhead cranes fell to $X. But overall, there has been a serious setback in import volumes. The fastest growth was recorded in 2018, with imports increasing by X% year-on-year. As a result, imports peaked at X dollars. Import growth will remain low in 2019-2021.
Ireland (X units), China (X units) and Japan (X units) were the main suppliers of haulage and overhead cranes imported into the Philippines, together accounting for X% of total imports. Other leaders in Malaysia and Thailand experienced a more moderate pace of growth.
By value, China ($X), Singapore ($X) and Ireland ($X) are the largest suppliers of haulage and overhead cranes to the Philippines, together accounting for X% of total imports. With a CAGR of +X%, Singapore recorded the highest import value growth rate among the major suppliers during the period under review, while other leaders saw more modest purchase growth.
The largest haulage and overhead crane suppliers in the Philippines by value are China, Singapore and Ireland, which account for 80% of total imports.
In value terms, China remains the leading foreign market for Philippine transport and overhead crane exports, accounting for 60% of total exports. In second place is Saudi Arabia, which accounted for 29% of total exports. It was followed by Papua New Guinea with a 10% share.
In 2021, the average export price of transport cranes and overhead cranes will be USD 19,638 each, a decrease of -89.7% from the previous year.
In 2021, the average import price of transport cranes and overhead cranes will be USD 27,332 per unit, a decrease of -28.8% from the previous year.
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