Price for Lac; Natural Gums, Resins, Gum-Resins and Balsams in the Philippines - 2023

Contents:

1. Price for Lac; Natural Gums, Resins, Gum-Resins and Balsams in the Philippines (CIF) - 2022
2. Price for Lac; Natural Gums, Resins, Gum-Resins and Balsams in the Philippines (FOB) - 2022
3. Imports of Lac; Natural Gums, Resins, Gum-Resins and Balsams in the Philippines
4. Exports of Lac; Natural Gums, Resins, Gum-Resins and Balsams in the Philippines

Price for Lac; Natural Gums, Resins, Gum-Resins and Balsams in the Philippines (CIF) - 2022

The average import price for lac; natural gums, resins, gum-resins and balsamses stood at $4,160 per ton in 2022, dropping by -20.9% against the previous year. Overall, the import price, however, saw a strong increase. The pace of growth was the most pronounced in 2020 an increase of 180% against the previous year. Over the period under review, average import prices attained the peak figure at $5,258 per ton in 2021, and then contracted markedly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($9,864 per ton), while the price for France ($3,486 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+31.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Lac; Natural Gums, Resins, Gum-Resins and Balsams in the Philippines (FOB) - 2022

The average export price for lac; natural gums, resins, gum-resins and balsamses stood at $3,197 per ton in 2022, shrinking by -1.8% against the previous year. Overall, the export price, however, showed a strong expansion. The growth pace was the most rapid in 2014 when the average export price increased by 40%. Over the period under review, the average export prices hit record highs at $3,254 per ton in 2021, and then contracted slightly in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($4,210 per ton), while the average price for exports to India ($2,612 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 Malaysia (+29.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Lac; Natural Gums, Resins, Gum-Resins and Balsams in the Philippines

In 2022, overseas purchases of lac; natural gums, resins, gum-resins and balsamses were finally on the rise to reach 834 tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, faced a dramatic curtailment.

In value terms, imports of lac; natural gums, resins, gum-resins and balsamses skyrocketed to $3.5M in 2022. The total import value increased at an average annual rate of +7.1% from 2019 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Top Suppliers of Lac; Natural Gums, Resins, Gum-Resins and Balsams to the Philippines in 2022:

1. India (347.1 tons)
2. France (184.2 tons)
3. Thailand (118.6 tons)
4. Vietnam (67.8 tons)
5. Indonesia (41.2 tons)
6. China (23.2 tons)
7. United Kingdom (20.7 tons)

Exports of Lac; Natural Gums, Resins, Gum-Resins and Balsams in the Philippines

In 2022, shipments abroad of lac; natural gums, resins, gum-resins and balsamses decreased by -38% to 328 tons, falling for the second consecutive year after two years of growth. Overall, exports saw a abrupt downturn. The pace of growth was the most pronounced in 2020 with an increase of 18% against the previous year. As a result, the exports attained the peak of 544 tons. From 2021 to 2022, the growth of the exports of remained at a lower figure.

In value terms, exports of lac; natural gums, resins, gum-resins and balsamses contracted markedly to $1M in 2022. In general, exports continue to indicate a deep slump. The pace of growth was the most pronounced in 2020 with an increase of 23%.

Top Export Markets for Lac; Natural Gums, Resins, Gum-Resins and Balsams from the Philippines in 2022:

1. India (156.9 tons)
2. Spain (58.0 tons)
3. Switzerland (41.5 tons)
4. Germany (29.2 tons)
5. Morocco (22.3 tons)
6. France (16.8 tons)

Source: IndexBox Market Intelligence Platform