Philippines: Market for Jute And Jute-Like Fibers 2024

Market Size for Jute And Jute-Like Fibers in the Philippines

The Philippine jute and jute-like fibers market shrank slightly to $X in 2022, which is down by -2.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, posted a strong expansion. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Exports of Jute And Jute-Like Fibers

Exports from the Philippines

For the fifth year in a row, the Philippines recorded decline in shipments abroad of jute and jute-like fibers, which decreased by -33.2% to X tons in 2022. Overall, exports, however, saw prominent growth. The pace of growth appeared the most rapid in 2017 with an increase of 286%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, jute and jute-like fibers exports reduced remarkably to $X in 2022. In general, exports saw a pronounced setback. The growth pace was the most rapid in 2015 when exports increased by 181%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Spain (X tons) was the main destination for jute and jute-like fibers exports from the Philippines, with a 31% share of total exports. Moreover, jute and jute-like fibers exports to Spain exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was held by Japan (X tons), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Spain amounted to +41.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-4.2% per year) and Japan (+14.2% per year).

In value terms, Spain ($X), China ($X) and Germany ($X) constituted the largest markets for jute and jute-like fibers exported from the Philippines worldwide, together accounting for 55% of total exports. Japan, Portugal and Thailand lagged somewhat behind, together accounting for a further 14%.

Thailand, with a CAGR of +43.8%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average jute and jute-like fibers export price stood at $X per ton in 2022, remaining constant against the previous year. Over the period under review, the export price faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 an increase of 63% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a 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 Portugal ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Portugal (+15.4%), while the prices for the other major destinations experienced a decline.

Imports of Jute And Jute-Like Fibers

Imports into the Philippines

In 2022, jute and jute-like fibers imports into the Philippines shrank to X tons, falling by -15% on the previous year's figure. Over the period under review, imports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 862% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, jute and jute-like fibers imports contracted modestly to $X in 2022. Overall, imports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 964% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Tanzania (X tons) was the main jute and jute-like fibers supplier to the Philippines, with a 96% share of total imports. Moreover, jute and jute-like fibers imports from Tanzania exceeded the figures recorded by the second-largest supplier, Kenya (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Tanzania stood at +23.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Kenya (-19.9% per year) and Bangladesh (-31.7% per year).

In value terms, Tanzania ($X) constituted the largest supplier of jute and jute-like fibers to the Philippines, comprising 92% of total imports. The second position in the ranking was taken by Kenya ($X), with an 8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Tanzania stood at +23.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Kenya (-13.4% per year) and Bangladesh (-28.7% per year).

Import Prices by Country

In 2022, the average jute and jute-like fibers import price amounted to $X per ton, rising by 13% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average import price increased by 36% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Kenya ($X per ton), while the price for Tanzania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kenya (+8.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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