Philippines: Cotton Yarn Market 2024

Cotton Yarn Market Size in the Philippines

The Philippine cotton yarn market surged to $X in 2022, jumping by 60% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, continues to indicate a slight descent. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Cotton Yarn Exports

Exports from the Philippines

In 2022, after three years of growth, there was decline in shipments abroad of cotton yarn, when their volume decreased by -2.1% to X tons. Over the period under review, exports, however, saw significant growth. The pace of growth was the most pronounced in 2020 when exports increased by 3,158% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank modestly in the following year.

In value terms, cotton yarn exports declined to $X in 2022. Overall, exports, however, showed significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 642%. Over the period under review, the exports hit record highs at $X in 2021, and then declined in the following year.

Exports by Country

Bangladesh (X tons) was the main destination for cotton yarn exports from the Philippines, accounting for a 42% share of total exports. Moreover, cotton yarn exports to Bangladesh exceeded the volume sent to the second major destination, Spain (X tons), twofold. The third position in this ranking was taken by Malaysia (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bangladesh amounted to +111.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (0.0% per year) and Malaysia (0.0% per year).

In value terms, Bangladesh ($X) remains the key foreign market for cotton yarn exports from the Philippines, comprising 52% of total exports. The second position in the ranking was held by Spain ($X), with a 14% share of total exports. It was followed by Malaysia, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Bangladesh amounted to +82.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+201.9% per year) and Malaysia (0.0% per year).

Export Prices by Country

In 2022, the average cotton yarn export price amounted to $X per ton, waning by -3.4% against the previous year. In general, the export price continues to indicate a abrupt slump. The growth pace was the most rapid in 2015 when the average export price increased by 153%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Portugal ($X per ton), while the average price for exports to Thailand ($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 Portugal (-9.1%), while the prices for the other major destinations experienced a decline.

Cotton Yarn Imports

Imports into the Philippines

In 2022, cotton yarn imports into the Philippines soared to X tons, rising by 50% compared with 2021 figures. Overall, total imports indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +69.9% against 2020 indices. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, cotton yarn imports soared to $X in 2022. In general, imports showed a relatively flat trend pattern. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Vietnam (X tons), China (X tons) and India (X tons) were the main suppliers of cotton yarn imports to the Philippines, with a combined 72% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +22.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest cotton yarn suppliers to the Philippines were India ($X), Vietnam ($X) and China ($X), with a combined 74% share of total imports.

Among the main suppliers, Vietnam, with a CAGR of +24.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average cotton yarn import price amounted to $X per ton, flattening at the previous year. Overall, the import price showed a mild setback. The most prominent rate of growth was recorded in 2015 an increase of 21%. The import price peaked at $X per ton in 2017; however, from 2018 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 South Korea ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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