ASEAN: Sportswear Market 2024

Sportswear Market Size in ASEAN

In 2021, the ASEAN sportswear market decreased by -1.5% to $X, falling for the third year in a row after two years of growth. In general, consumption saw a noticeable setback. The pace of growth was the most pronounced in 2018 with an increase of 5%. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Sportswear Production in ASEAN

In value terms, sportswear production rose significantly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Sportswear Exports

Exports in ASEAN

Sportswear exports soared to X units in 2021, jumping by 17% against 2020. The total export volume increased at an average annual rate of +3.5% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2019 with an increase of 19% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in the near future.

In value terms, sportswear exports surged to $X in 2021. Over the period under review, exports enjoyed resilient growth. The growth pace was the most rapid in 2017 when exports increased by 25%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Vietnam was the main exporter of track suits, ski suits and swimwear in ASEAN, with the volume of exports recording X units, which was near 64% of total exports in 2021. Cambodia (X units) ranks second in terms of the total exports with a 24% share, followed by Indonesia (7.4%). Thailand (X units) followed a long way behind the leaders.

Exports from Vietnam increased at an average annual rate of +11.5% from 2012 to 2021. At the same time, Thailand (+16.4%) and Cambodia (+6.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +16.4% from 2012-2021. By contrast, Indonesia (-14.3%) illustrated a downward trend over the same period. While the share of Vietnam (+31 p.p.), Cambodia (+5.5 p.p.) and Thailand (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Indonesia (-33.3 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X), Cambodia ($X) and Indonesia ($X) were the countries with the highest levels of exports in 2021, with a combined 94% share of total exports.

Cambodia, with a CAGR of +15.8%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2021, increasing by 5.2% against the previous year. Export price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sportswear export price decreased by -1.4% against 2018 indices. The most prominent rate of growth was recorded in 2017 when the export price increased by 33%. The level of export peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Indonesia ($X per unit), while Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+17.2%), while the other leaders experienced more modest paces of growth.

Sportswear Imports

Imports in ASEAN

In 2021, approx. X units of track suits, ski suits and swimwear were imported in ASEAN; growing by 23% on the year before. In general, imports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 26% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, sportswear imports surged to $X in 2021. Total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +9.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Singapore (X units) and Thailand (X units) were the major importers of track suits, ski suits and swimwear in ASEAN, together accounting for approx. 67% of total imports. Vietnam (X units) ranks next in terms of the total imports with a 15% share, followed by Malaysia (8.8%). Indonesia (X units) and the Philippines (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +31.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constitutes the largest market for imported track suits, ski suits and swimwear in ASEAN, comprising 53% of total imports. The second position in the ranking was held by Thailand ($X), with a 17% share of total imports. It was followed by Vietnam, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in Singapore amounted to +12.6%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+14.0% per year) and Vietnam (+6.5% per year).

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2021, with an increase of 16% against the previous year. Over the period under review, the import price, however, recorded a perceptible slump. The level of import peaked at $X per unit in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Singapore ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+6.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform