Philippines: Festive Articles Market 2024

Festive Articles Market Size in the Philippines

In 2022, the Philippine festive articles market decreased by -10.2% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, consumption, however, recorded buoyant growth. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Festive Articles Production in the Philippines

In value terms, festive articles production declined to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a prominent increase. The pace of growth appeared the most rapid in 2019 with an increase of 1,268% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Festive Articles Exports

Exports from the Philippines

In 2022, shipments abroad of festive or carnival articles increased by 129% to X tons, rising for the second consecutive year after three years of decline. Overall, exports enjoyed a slight expansion. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, festive articles exports surged to $X in 2022. In general, exports enjoyed a strong increase. The growth pace was the most rapid in 2021 when exports increased by 149% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for festive articles exports from the Philippines, with a 78% share of total exports. Moreover, festive articles exports to the United States exceeded the volume sent to the second major destination, Italy (X tons), more than tenfold. The third position in this ranking was held by Australia (X tons), with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+17.1% per year) and Australia (+37.1% per year).

In value terms, the United States ($X) remains the key foreign market for festive or carnival articles exports from the Philippines, comprising 78% of total exports. The second position in the ranking was held by Italy ($X), with a 5.3% share of total exports. It was followed by Australia, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +10.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+24.6% per year) and Australia (+42.3% per year).

Export Prices by Country

The average festive articles export price stood at $X per ton in 2022, shrinking by -14.4% against the previous year. Over the period under review, the export price, however, enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2019 an increase of 85% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2021, and then reduced in the following year.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Australia ($X per ton) and Japan ($X per ton), while the average price for exports to Italy ($X per ton) and Belgium ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+8.2%), while the prices for the other major destinations experienced more modest paces of growth.

Festive Articles Imports

Imports into the Philippines

In 2022, overseas purchases of festive or carnival articles increased by 57% to X tons, rising for the second year in a row after three years of decline. Over the period under review, imports, however, saw a perceptible slump. The most prominent rate of growth was recorded in 2015 when imports increased by 223%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, festive articles imports skyrocketed to $X in 2022. Overall, imports saw a significant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 153%. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of festive articles to the Philippines, accounting for a 86% share of total imports. Moreover, festive articles imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), more than tenfold. Singapore (X tons) ranked third in terms of total imports with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+31.4% per year) and Singapore (+62.2% per year).

In value terms, China ($X) constituted the largest supplier of festive or carnival articles to the Philippines, comprising 86% of total imports. The second position in the ranking was held by Japan ($X), with an 8.1% share of total imports. It was followed by Singapore, with a 1.6% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +31.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+52.7% per year) and Singapore (+61.7% per year).

Import Prices by Country

In 2022, the average festive articles import price amounted to $X per ton, rising by 2.5% against the previous year. In general, the import price showed a significant expansion. The most prominent rate of growth was recorded in 2019 when the average import price increased by 381% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Japan ($X per ton) and Hong Kong SAR ($X per ton), while the price for Singapore ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+36.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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