Philippines: Gloves Market 2024

Gloves Market Size in the Philippines

The Philippine gloves market declined significantly to $X in 2022, waning by -32.5% against the previous year. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Gloves Production in the Philippines

In value terms, gloves production contracted modestly to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 100% 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.

Gloves Exports

Exports from the Philippines

In 2022, shipments abroad of gloves, mittens and mitts (excluding knitted or crocheted) increased by 119% to X pairs, rising for the second consecutive year after four years of decline. Overall, exports, however, saw a deep slump. The pace of growth was the most pronounced in 2015 with an increase of 191% against the previous year. Over the period under review, the exports reached the peak figure at X pairs in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, gloves exports skyrocketed to $X in 2022. Over the period under review, exports saw a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X pairs) was the main destination for gloves exports from the Philippines, with a 12% share of total exports. Moreover, gloves exports to the United States exceeded the volume sent to the second major destination, Japan (X pairs), eightfold. Mexico (X pairs) ranked third in terms of total exports with a 1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to -18.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-20.8% per year) and Mexico (-15.0% per year).

In value terms, the United States ($X) remains the key foreign market for gloves, mittens and mitts (excluding knitted or crocheted) exports from the Philippines, comprising 74% of total exports. The second position in the ranking was taken by Japan ($X), with a 9.7% share of total exports. It was followed by Mexico, with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +8.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+2.7% per year) and Mexico (+15.5% per year).

Export Prices by Country

In 2021, the average gloves export price amounted to $X per pair, increasing by 6.9% against the previous year. Over the period under review, the export price continues to indicate significant growth. The most prominent rate of growth was recorded in 2018 when the average export price increased by 891% against the previous year. The export price peaked in 2021 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to the Netherlands ($X per pair) and Canada ($X per pair), while the average price for exports to the United States ($X per pair) and the UK ($X per pair) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+35.9%), while the prices for the other major destinations experienced more modest paces of growth.

Gloves Imports

Imports into the Philippines

In 2022, approx. X pairs of gloves, mittens and mitts (excluding knitted or crocheted) were imported into the Philippines; which is down by -17.3% against the previous year's figure. Overall, imports recorded a abrupt contraction. The growth pace was the most rapid in 2014 with an increase of 231%. Over the period under review, imports hit record highs at X pairs in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, gloves imports reduced sharply to $X in 2022. Over the period under review, imports, however, posted a prominent increase. The pace of growth was the most pronounced in 2017 with an increase of 152%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

China (X pairs), Japan (X pairs) and Vietnam (X pairs) were the main suppliers of gloves imports to the Philippines, together accounting for 15% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +26.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and Vietnam ($X) appeared to be the largest gloves suppliers to the Philippines, together comprising 90% of total imports. These countries were followed by Pakistan and Malaysia, which together accounted for a further 3.6%.

Pakistan, with a CAGR of +87.6%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 gloves import price stood at $X per pair in 2021, growing by 4.2% against the previous year. Over the period under review, the import price enjoyed a significant increase. The pace of growth appeared the most rapid in 2018 an increase of 1,228%. Over the period under review, average import prices hit record highs at $X per pair in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Malaysia ($X per pair) and Pakistan ($X per pair), while the price for China ($X per pair) and Japan ($X per pair) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+51.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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