Philippines: Golf Equipment Market 2024

Golf Equipment Market Size in the Philippines

In 2022, the Philippine golf equipment market increased by 67% to $X, rising for the second consecutive year after two years of decline. Overall, consumption recorded a resilient increase. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Golf Equipment Exports

Exports from the Philippines

In 2022, shipments abroad of golf clubs and other golf equipment increased by 1,397% to X units, rising for the second year in a row after three years of decline. Overall, exports, however, saw a dramatic decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 3,320% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, golf equipment exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt contraction. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Thailand (X units) was the main destination for golf equipment exports from the Philippines, with a 84% share of total exports. Moreover, golf equipment exports to Thailand exceeded the volume sent to the second major destination, Marshall Islands (X units), more than tenfold. The UK (X units) ranked third in terms of total exports with a 4.4% share.

From 2012 to 2022, the average annual growth rate of volume to Thailand amounted to +110.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Marshall Islands (0.0% per year) and the UK (+64.0% per year).

In value terms, Thailand ($X) emerged as the key foreign market for golf clubs and other golf equipment exports from the Philippines, comprising 85% of total exports. The second position in the ranking was taken by the UK ($X), with a 4.4% share of total exports. It was followed by South Korea, with a 3.4% share.

From 2012 to 2022, the average annual growth rate of value to Thailand amounted to +131.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+50.0% per year) and South Korea (-8.2% per year).

Export Prices by Country

The average golf equipment export price stood at $X per unit in 2022, surging by 18% against the previous year. Overall, the export price enjoyed a significant expansion. The pace of growth was the most pronounced in 2018 when the average export price increased by 332%. The export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Marshall Islands ($X per unit) was 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 (+53.7%), while the prices for the other major destinations experienced more modest paces of growth.

Golf Equipment Imports

Imports into the Philippines

In 2022, supplies from abroad of golf clubs and other golf equipment increased by 45% to X units, rising for the second consecutive year after three years of decline. Overall, imports, however, saw a noticeable downturn. The most prominent rate of growth was recorded in 2021 with an increase of 54%. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, golf equipment imports surged to $X in 2022. Over the period under review, imports saw resilient growth. The pace of growth appeared the most rapid in 2021 when imports increased by 99%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

China (X units), Japan (X units) and the United States (X units) were the main suppliers of golf equipment imports to the Philippines, with a combined 67% share of total imports. Malaysia, Taiwan (Chinese), Thailand, Hong Kong SAR, Vietnam, South Korea and Singapore lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +9.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and the United States ($X) appeared to be the largest golf equipment suppliers to the Philippines, with a combined 74% share of total imports. Malaysia, Vietnam, Hong Kong SAR, Taiwan (Chinese), South Korea, Thailand and Singapore lagged somewhat behind, together accounting for a further 21%.

Vietnam, with a CAGR of +38.4%, 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

In 2022, the average golf equipment import price amounted to $X per unit, with an increase of 26% against the previous year. In general, the import price enjoyed a significant increase. The most prominent rate of growth was recorded in 2018 an increase of 165% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+32.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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