Philippines: Household Sewing Machine Market 2024

Household Sewing Machine Market Size in the Philippines

The Philippine household sewing machine market declined rapidly to $X in 2021, with a decrease of -19.2% against the previous year. Overall, consumption, however, posted buoyant growth. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Household Sewing Machine Production in the Philippines

In value terms, household sewing machine production declined sharply to $X in 2021 estimated in export price. Over the period under review, production, however, posted a noticeable expansion. The pace of growth appeared the most rapid in 2016 when the production volume increased by 83%. Household sewing machine production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Household Sewing Machine Exports

Exports from the Philippines

In 2021, approx. X units of household sewing machines were exported from the Philippines; increasing by 16% compared with 2020. In general, exports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of 197% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, household sewing machine exports amounted to $X in 2021. Overall, exports, however, continue to indicate a abrupt descent. The growth pace was the most rapid in 2020 with an increase of 194%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Singapore (X units) was the main destination for household sewing machine exports from the Philippines, with a 82% share of total exports. Moreover, household sewing machine exports to Singapore exceeded the volume sent to the second major destination, South Korea (X units), more than tenfold. The third position in this ranking was taken by Guatemala (X units), with a 2.2% share.

From 2012 to 2021, the average annual growth rate of volume to Singapore amounted to -19.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+5.1% per year) and Guatemala (+25.1% per year).

In value terms, Singapore ($X) remains the key foreign market for household sewing machines exports from the Philippines, comprising 75% of total exports. The second position in the ranking was taken by South Korea ($X), with a 14% share of total exports. It was followed by Guatemala, with a 1.6% share.

From 2012 to 2021, the average annual growth rate of value to Singapore amounted to -17.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-1.9% per year) and Guatemala (+29.9% per year).

Export Prices by Country

In 2021, the average household sewing machine export price amounted to $X per unit, approximately reflecting the previous year. Overall, export price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, household sewing machine export price increased by +89.3% against 2019 indices. The pace of growth appeared the most rapid in 2020 an increase of 92%. As a result, the export price reached the peak level of $X per unit, and then contracted modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+93.3%), while the prices for the other major destinations experienced more modest paces of growth.

Household Sewing Machine Imports

Imports into the Philippines

In 2021, purchases abroad of household sewing machines decreased by -2.8% to X units, falling for the fourth year in a row after four years of growth. Over the period under review, imports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2014 with an increase of 147% against the previous year. Over the period under review, imports attained the maximum at X units in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, household sewing machine imports rose to $X in 2021. Overall, imports, however, showed prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 104%. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest household sewing machine supplier to the Philippines, accounting for a 72% share of total imports. Moreover, household sewing machine imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), sixfold. The third position in this ranking was taken by Vietnam (X units), with an 8.3% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +15.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+0.6% per year) and Vietnam (+38.5% per year).

In value terms, the largest household sewing machine suppliers to the Philippines were China ($X), Vietnam ($X) and Japan ($X), with a combined 74% share of total imports.

In terms of the main suppliers, Vietnam, with a CAGR of +47.5%, saw the highest rates of growth with regard to 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 2021, the average household sewing machine import price amounted to $X per unit, growing by 4.7% against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, household sewing machine import price decreased by -1.3% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of 55%. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Vietnam ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+17.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :