Philippines: Smoothing Iron Market 2024

Smoothing Iron Market Size in the Philippines

In 2021, the Philippine smoothing iron market decreased by -50.9% to $X, falling for the fourth year in a row after two years of growth. Overall, consumption continues to indicate a abrupt downturn. Smoothing iron consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Smoothing Iron Exports

Exports from the Philippines

In 2021, the amount of electric smoothing irons exported from the Philippines shrank dramatically to X units, with a decrease of -85.5% against the previous year. Overall, exports, however, continue to indicate a significant expansion. The growth pace was the most rapid in 2020 when exports increased by 9,213% against the previous year. As a result, the exports attained the peak of X units, and then dropped notably in the following year.

In value terms, smoothing iron exports shrank rapidly to $X in 2021. Over the period under review, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 10,990%. As a result, the exports attained the peak of $X, and then dropped markedly in the following year.

Exports by Country

Thailand (X units) was the main destination for smoothing iron exports from the Philippines, with a 36% share of total exports. Moreover, smoothing iron exports to Thailand exceeded the volume sent to the second major destination, Singapore (X units), fourfold. Ethiopia (X units) ranked third in terms of total exports with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Thailand totaled +37.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+30.0% per year) and Ethiopia (+55.9% per year).

In value terms, Singapore ($X), Thailand ($X) and Ethiopia ($X) constituted the largest markets for smoothing iron exported from the Philippines worldwide, together accounting for 77% of total exports.

In terms of the main countries of destination, Ethiopia, with a CAGR of +58.8%, saw the highest growth rate of 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 2021, the average smoothing iron export price amounted to $X per unit, picking up by 5.1% against the previous year. Overall, the export price, however, showed a abrupt descent. The pace of growth appeared the most rapid in 2015 when the average export price increased by 400% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2016 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Austria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+11.3%), while the prices for the other major destinations experienced more modest paces of growth.

Smoothing Iron Imports

Imports into the Philippines

For the fifth year in a row, the Philippines recorded decline in overseas purchases of electric smoothing irons, which decreased by -41.8% to X units in 2021. In general, imports saw a precipitous slump. The most prominent rate of growth was recorded in 2016 when imports increased by 69% against the previous year. As a result, imports attained the peak of X units. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, smoothing iron imports shrank notably to $X in 2021. Overall, imports faced a abrupt setback. The most prominent rate of growth was recorded in 2016 when imports increased by 54% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) was the main smoothing iron supplier to the Philippines, accounting for a 90% share of total imports. Moreover, smoothing iron imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -23.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-21.1% per year) and Indonesia (-15.4% per year).

In value terms, China ($X) constituted the largest supplier of electric smoothing irons to the Philippines, comprising 81% of total imports. The second position in the ranking was held by Indonesia ($X), with a 5.6% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to -10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+4.4% per year) and Hong Kong SAR (-12.9% per year).

Import Prices by Country

In 2021, the average smoothing iron import price amounted to $X per unit, shrinking by -22.2% against the previous year. In general, the import price, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2020 when the average import price increased by 80%. As a result, import price attained the peak level of $X per unit, and then declined markedly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Indonesia ($X per unit), while the price for China ($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 (+23.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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