Philippines: Industrial Sewing Machine Market 2024

Industrial Sewing Machine Market Size in the Philippines

In 2022, the Philippine industrial sewing machine market increased by 1.3% to $X, rising for the second year in a row after two years of decline. In general, consumption saw a abrupt curtailment. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Industrial Sewing Machine Exports

Exports from the Philippines

In 2022, exports of industrial sewing machines from the Philippines contracted markedly to X units, which is down by -51.2% compared with 2021. Over the period under review, exports continue to indicate a dramatic curtailment. The pace of growth was the most pronounced in 2020 with an increase of 1,838% 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 machine exports contracted remarkably to $X in 2022. In general, exports recorded a significant curtailment. The pace of growth was the most pronounced in 2020 when exports increased by 1,455% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Micronesia (X units), American Samoa (X units) and Papua New Guinea (X units) were the main destinations of industrial sewing machine 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 +47.6%), while the other leaders experienced mixed trend patterns.

In value terms, Micronesia ($X) emerged as the key foreign market for industrial sewing machines exports from the Philippines, comprising 61% of total exports. The second position in the ranking was held by Papua New Guinea ($X), with a 23% 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 (-9.5% per year) and American Samoa (-21.5% per year).

Export Prices by Country

In 2022, the average industrial sewing machine export price amounted to $X per unit, declining by -90.3% against the previous year. Over the period under review, the export price recorded a deep setback. The pace of growth was the most pronounced in 2015 an increase of 1,182% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas 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 Hong Kong SAR (+75.4%), while the prices for the other major destinations experienced more modest paces of growth.

Industrial Sewing Machine Imports

Imports into the Philippines

In 2022, supplies from abroad of industrial sewing machines decreased by -9.3% to X units, falling for the fourth consecutive year after two years of growth. Over the period under review, imports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2018 when imports increased by 159%. As a result, imports reached the peak of X units. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, industrial sewing machine imports rose markedly to $X in 2022. Overall, imports, however, recorded a strong expansion. The growth pace was the most rapid in 2018 when imports increased by 83% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest industrial sewing machine supplier to the Philippines, accounting for a 54% share of total imports. Moreover, industrial sewing machine imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), twofold. The third position in this ranking was held by Singapore (X units), with a 9.2% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+32.9% per year) and Singapore (+25.8% per year).

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

Singapore, with a CAGR of +24.9%, 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

In 2022, the average industrial sewing machine import price amounted to $X per unit, picking up by 18% against the previous year. In general, the import price, however, saw a abrupt descent. The pace of growth appeared the most rapid in 2016 an increase of 34%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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) (+5.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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