Philippines: Fishing Rod Market 2024

Fishing Rod Market Size in the Philippines

The Philippine fishing rod market expanded modestly to $X in 2021, surging by 2.8% against the previous year. Overall, consumption, however, showed a pronounced decrease. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Fishing Rod Production in the Philippines

In value terms, fishing rod production stood at $X in 2021 estimated in export price. In general, production, however, saw a slight contraction. The most prominent rate of growth was recorded in 2018 with an increase of 60%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Fishing Rod Exports

Exports from the Philippines

In 2021, exports of fishing rods and other line fishing tackle from the Philippines soared to X tons, growing by 48% compared with 2020 figures. In general, exports posted a buoyant expansion. The pace of growth was the most pronounced in 2015 with an increase of 86% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, fishing rod exports soared to $X in 2021. Over the period under review, total exports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -22.4% against 2019 indices. The most prominent rate of growth was recorded in 2015 when exports increased by 70% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for fishing rod exports from the Philippines, accounting for a 61% share of total exports. Moreover, fishing rod exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), twofold. The third position in this ranking was taken by the UK (X tons), with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +19.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+4.8% per year) and the UK (+12.7% per year).

In value terms, the largest markets for fishing rod exported from the Philippines were the United States ($X), Japan ($X) and France ($X), with a combined 87% share of total exports. The UK lagged somewhat behind, comprising a further 3.6%.

Among the main countries of destination, the UK, with a CAGR of +15.1%, recorded 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

The average fishing rod export price stood at $X per ton in 2021, with a decrease of -14.5% against the previous year. In general, the export price continues to indicate a pronounced shrinkage. The pace of growth was the most pronounced in 2017 when the average export price increased by 20%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was France ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+6.8%), while the prices for the other major destinations experienced mixed trend patterns.

Fishing Rod Imports

Imports into the Philippines

Fishing rod imports into the Philippines skyrocketed to X tons in 2021, picking up by 43% compared with the previous year. In general, imports saw a measured increase. The pace of growth was the most pronounced in 2016 with an increase of 55% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, fishing rod imports soared to $X in 2021. Overall, total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +8.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 46% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest fishing rod supplier to the Philippines, with a 66% share of total imports. Moreover, fishing rod imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), sevenfold. Thailand (X tons) ranked third in terms of total imports with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.4% per year) and Thailand (+6.2% per year).

In value terms, the largest fishing rod suppliers to the Philippines were Japan ($X), China ($X) and South Korea ($X), with a combined 75% share of total imports.

China, with a CAGR of +14.0%, saw the highest growth rate of 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

The average fishing rod import price stood at $X per ton in 2021, shrinking by -17.9% against the previous year. In general, the import price, however, continues to indicate a moderate increase. The most prominent rate of growth was recorded in 2018 an increase of 67% against the previous year. The import price peaked at $X per ton in 2020, and then fell sharply in the following year.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+25.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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