Philippines: Footwear Market 2024

Footwear Market Size in the Philippines

In 2022, the Philippine footwear market was finally on the rise to reach $X for the first time since 2015, thus ending a six-year declining trend. Over the period under review, consumption, however, recorded a mild decline. Footwear consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Footwear Production in the Philippines

In value terms, footwear production stood at $X in 2022 estimated in export price. Over the period under review, production saw a mild reduction. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Footwear Exports

Exports from the Philippines

Footwear exports from the Philippines expanded modestly to X pairs in 2022, with an increase of X% against the previous year. In general, exports showed buoyant growth. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, footwear exports expanded significantly to $X in 2022. Overall, exports showed a significant expansion. The pace of growth was the most pronounced in 2018 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

The United States (X pairs), the Czech Republic (X pairs) and the Netherlands (X pairs) were the main destinations of footwear exports from the Philippines, with a combined X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Czech Republic (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for footwear exported from the Philippines were the United States ($X), the Czech Republic ($X) and the Netherlands ($X), with a combined X% share of total exports.

The Czech Republic, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average footwear export price amounted to $X per pair, picking up by X% against the previous year. Overall, the export price enjoyed a strong increase. The growth pace was the most rapid in 2013 an increase of X%. As a result, the export price attained the peak level of $X per pair. From 2014 to 2022, 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 the Czech Republic ($X per pair), while the average price for exports to the Netherlands ($X per pair) was amongst the lowest.

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

Footwear Imports

Imports into the Philippines

In 2022, overseas purchases of footwear increased by X% to X pairs, rising for the second consecutive year after two years of decline. Overall, imports, however, saw a pronounced decline. The pace of growth appeared the most rapid in 2016 with an increase of X%. As a result, imports attained the peak of X pairs. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, footwear imports skyrocketed to $X in 2022. In general, imports saw a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X pairs) constituted the largest footwear supplier to the Philippines, with a X% share of total imports. Moreover, footwear imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X pairs), more than tenfold. Brazil (X pairs) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Brazil (X% per year).

In value terms, China ($X), Vietnam ($X) and Brazil ($X) appeared to be the largest footwear suppliers to the Philippines, with a combined X% share of total imports.

Among the main suppliers, Vietnam, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average footwear import price amounted to $X per pair, rising by X% against the previous year. Overall, the import price saw a strong increase. The most prominent rate of growth was recorded in 2017 when the average import price increased by X%. The import price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per pair), while the price for China ($X per pair) was amongst the lowest.

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

Source: IndexBox Platform

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