Philippines: Market for Coconut, Abaca, Ramie and other Vegetable Textile Fibres 2024

Market Size for Coconut, Abaca, Ramie and other Vegetable Textile Fibres in the Philippines

In 2022, the Philippine market for coconut, abaca, ramie and other vegetable textile fibres decreased by -50.5% to $X for the first time since 2017, thus ending a four-year rising trend. Overall, consumption, however, showed a pronounced expansion. Over the period under review, the market attained the maximum level at $X in 2021, and then fell dramatically in the following year.

Production of Coconut, Abaca, Ramie and other Vegetable Textile Fibres in the Philippines

In value terms, production of coconut, abaca, ramie and other vegetable textile fibres shrank dramatically to $X in 2022 estimated in export price. Over the period under review, production saw a slight curtailment. The pace of growth was the most pronounced in 2021 when the production volume increased by 123% against the previous year. Over the period under review, production of attained the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In 2022, the average yield of coconut, abaca, ramie and other vegetable textile fibres in the Philippines dropped sharply to X kg per ha, with a decrease of -43.4% compared with the previous year's figure. In general, the yield, however, continues to indicate a moderate increase. The pace of growth appeared the most rapid in 2020 with an increase of 128%. The yield of coconut, abaca, ramie and other vegetable textile fibres peaked at X tons per ha in 2021, and then reduced markedly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The harvested area of coconut, abaca, ramie and other vegetable textile fibres in the Philippines contracted modestly to X ha in 2022, leveling off at the year before. Overall, the harvested area, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 2.7%. Over the period under review, the harvested area dedicated to coconut, abaca, ramie and other vegetable textile fibre production reached the maximum at X ha in 2017; however, from 2018 to 2022, the harvested area remained at a lower figure.

Exports of Coconut, Abaca, Ramie and other Vegetable Textile Fibres

Exports from the Philippines

In 2022, after two years of growth, there was significant decline in overseas shipments of coconut, abaca, ramie and other vegetable textile fibres, when their volume decreased by -25.6% to X tons. Over the period under review, exports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 125% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of coconut, abaca, ramie and other vegetable textile fibres dropped rapidly to $X in 2022. Overall, exports, however, saw resilient growth. The pace of growth appeared the most rapid in 2014 when exports increased by 59%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for exports of coconut, abaca, ramie and other vegetable textile fibres from the Philippines, with a 64% share of total exports. Moreover, exports of coconut, abaca, ramie and other vegetable textile fibres to China exceeded the volume sent to the second major destination, the UK (X tons), threefold. Japan (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+14.4% per year) and Japan (+10.9% per year).

In value terms, the UK ($X), China ($X) and Japan ($X) constituted the largest markets for coconut, abaca, ramie and other vegetable textile fibre exported from the Philippines worldwide, with a combined 94% share of total exports.

In terms of the main countries of destination, Japan, with a CAGR of +17.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for coconut, abaca, ramie and other vegetable textile fibres amounted to $X per ton, leveling off at the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average export price increased by 64% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to South Korea ($X 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 (+6.1%), while the prices for the other major destinations experienced a decline.

Imports of Coconut, Abaca, Ramie and other Vegetable Textile Fibres

Imports into the Philippines

In 2022, after six years of growth, there was significant decline in supplies from abroad of coconut, abaca, ramie and other vegetable textile fibres, when their volume decreased by -56.4% to X tons. In general, imports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 562%. Imports peaked at X tons in 2021, and then declined sharply in the following year.

In value terms, imports of coconut, abaca, ramie and other vegetable textile fibres fell remarkably to $X in 2022. Overall, imports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2016 with an increase of 791%. Over the period under review, imports of hit record highs at $X in 2021, and then declined notably in the following year.

Imports by Country

Ecuador (X tons), Tanzania (X tons) and Kenya (X tons) were the main suppliers of imports of coconut, abaca, ramie and other vegetable textile fibres to the Philippines, with a combined 79% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Tanzania (with a CAGR of +85.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ecuador ($X), Tanzania ($X) and Kenya ($X) appeared to be the largest coconut, abaca, ramie and other vegetable textile fibre suppliers to the Philippines, together comprising 81% of total imports. Madagascar, Costa Rica, Brazil and Bangladesh lagged somewhat behind, together comprising a further 17%.

Madagascar, with a CAGR of +84.8%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for coconut, abaca, ramie and other vegetable textile fibres amounted to $X per ton, with an increase of 62% against the previous year. Overall, the import price continues to indicate a resilient expansion. Over the period under review, average import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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 Costa Rica ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform