Philippines: Cotton Lint Market 2024

Cotton Lint Market Size in the Philippines

In 2022, the Philippine cotton lint market increased by 16% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, showed a pronounced increase. Cotton lint consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Cotton Lint Production in the Philippines

In value terms, cotton lint production surged to $X in 2022 estimated in export price. Overall, production, however, showed a deep setback. The pace of growth appeared the most rapid in 2017 with an increase of 317%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

In 2022, the average cotton lint yield in the Philippines soared to X tons per ha, growing by 193% compared with the previous year's figure. In general, the yield saw a significant increase. As a result, the yield reached the peak level and is likely to continue growth in the immediate term. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cotton lint harvested area in the Philippines shrank remarkably to X ha in 2022, which is down by -48.7% compared with 2021. In general, the harvested area continues to indicate a significant contraction. The cotton lint harvested area peaked at X ha in 2021, and then contracted remarkably in the following year.

Cotton Lint Exports

Exports from the Philippines

For the third year in a row, the Philippines recorded growth in shipments abroad of cotton lint, which increased by 100% to X tons in 2022. In general, exports recorded significant growth. The pace of growth appeared the most rapid in 2018 when exports increased by 633,248%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, cotton lint exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed a significant expansion. The pace of growth was the most pronounced in 2018 with an increase of 387,098% against the previous year. The exports peaked in 2022 and are likely to continue growth in years to come.

Exports by Country

Thailand (X tons), Indonesia (X tons) and Taiwan (Chinese) (X tons) were the main destinations of cotton lint exports from the Philippines, together comprising 100% of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +361.9%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for cotton lint exported from the Philippines were Thailand ($X), Indonesia ($X) and Taiwan (Chinese) ($X), together comprising 100% of total exports.

Thailand, with a CAGR of +579.0%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average cotton lint export price amounted to $X per ton, falling by -12% against the previous year. Overall, the export price continues to indicate a abrupt downturn. The pace of growth was the most pronounced in 2021 an increase of 23%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Thailand ($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 Thailand (+47.0%), while the prices for the other major destinations experienced a decline.

Cotton Lint Imports

Imports into the Philippines

Cotton lint imports into the Philippines shrank modestly to X tons in 2022, reducing by -1.8% on 2021. Overall, imports, however, recorded a pronounced expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 77%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, cotton lint imports soared to $X in 2022. Over the period under review, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of 106% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Australia (X tons) constituted the largest cotton lint supplier to the Philippines, accounting for a 37% share of total imports. Moreover, cotton lint imports from Australia exceeded the figures recorded by the second-largest supplier, Brazil (X tons), twofold. Indonesia (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual growth rate of volume from Australia totaled +21.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+2.3% per year) and Indonesia (+346.5% per year).

In value terms, Australia ($X) constituted the largest supplier of cotton lint to the Philippines, comprising 43% of total imports. The second position in the ranking was taken by Brazil ($X), with a 16% share of total imports. It was followed by the United States, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from Australia amounted to +25.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+3.1% per year) and the United States (-5.0% per year).

Import Prices by Country

In 2022, the average cotton lint import price amounted to $X per ton, surging by 42% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Singapore ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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