Philippines: Market for Industrial Sewing Machines (Non-Automatic) 2024

Market Size for Industrial Sewing Machines (Non-Automatic) in the Philippines

In 2022, the Philippine industrial sewing machines (non-automatic) market increased by 12% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, continues to indicate a buoyant increase. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Production of Industrial Sewing Machines (Non-Automatic) in the Philippines

In value terms, industrial sewing machines (non-automatic) production totaled $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 decreased by 99.9% against the previous year. Over the period under review, production reached the peak level in 2022 and is likely to see gradual growth in years to come.

Exports of Industrial Sewing Machines (Non-Automatic)

Exports from the Philippines

In 2022, exports of industrial sewing machines (non-automatic) from the Philippines fell significantly to X units, declining by -49.8% against 2021. In general, exports showed a dramatic downturn. The pace of growth was the most pronounced in 2020 when exports increased by 2,222% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, industrial sewing machines (non-automatic) exports dropped rapidly to $X in 2022. Overall, exports continue to indicate a precipitous decline. The most prominent rate of growth was recorded in 2020 with an increase of 2,719%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Micronesia (X units), American Samoa (X units) and Papua New Guinea (X units) were the main destinations of industrial sewing machines (non-automatic) exports from the Philippines, with a combined 99% 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 American Samoa (with a CAGR of 0.0%), while the other leaders experienced mixed trend patterns.

In value terms, Micronesia ($X) emerged as the key foreign market for industrial sewing machines (non-automatic) exports from the Philippines, comprising 64% of total exports. The second position in the ranking was held by Papua New Guinea ($X), with a 24% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Micronesia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Papua New Guinea (-9.1% per year) and American Samoa (0.0% per year).

Export Prices by Country

In 2022, the average industrial sewing machines (non-automatic) export price amounted to $X per unit, which is down by -90.5% against the previous year. Over the period under review, the export price continues to indicate a drastic downturn. The pace of growth appeared the most rapid in 2015 when the average export price increased by 830%. The export price peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Papua New Guinea ($X per unit), while the average price for exports to American Samoa ($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 Taiwan (Chinese) (+50.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Industrial Sewing Machines (Non-Automatic)

Imports into the Philippines

In 2022, purchases abroad of industrial sewing machines (non-automatic) decreased by -4.5% to X units, falling for the fourth year in a row after two years of growth. In general, imports, however, posted resilient growth. The pace of growth was the most pronounced in 2018 with an increase of 184% against the previous year. As a result, imports attained the peak of X units. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, industrial sewing machines (non-automatic) imports soared to $X in 2022. Over the period under review, imports, however, enjoyed a temperate increase. The most prominent rate of growth was recorded in 2018 when imports increased by 127%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of industrial sewing machines (non-automatic) to the Philippines, with a 54% share of total imports. Moreover, industrial sewing machines (non-automatic) imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), twofold. Singapore (X units) ranked third in terms of total imports with a 9.5% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+34.3% per year) and Singapore (+26.7% per year).

In value terms, the largest industrial sewing machines (non-automatic) suppliers to the Philippines were Singapore ($X), China ($X) and Taiwan (Chinese) ($X), with a combined 75% share of total imports.

Singapore, with a CAGR of +27.6%, recorded the highest rates of growth with regard to 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 industrial sewing machines (non-automatic) import price stood at $X per unit in 2022, jumping by 34% against the previous year. Overall, the import price, however, showed a deep downturn. The pace of growth appeared the most rapid in 2016 when the average import price increased by 43%. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+5.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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