Philippines: Knitted Fabric Market 2024

Knitted Fabric Market Size in the Philippines

In 2021, the Philippine knitted fabric market increased by 28% to $X, rising for the third year in a row after two years of decline. Overall, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +107.6% against 2018 indices. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in years to come.

Knitted Fabric Production in the Philippines

In value terms, knitted fabric production expanded modestly to $X in 2021 estimated in export price. In general, the total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +85.3% against 2018 indices. The pace of growth was the most pronounced in 2020 with an increase of 58%. Knitted fabric production peaked in 2021 and is expected to retain growth in the immediate term.

Knitted Fabric Exports

Exports from the Philippines

After two years of growth, shipments abroad of knitted or crocheted fabrics decreased by -27.7% to X tons in 2021. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 105% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, knitted fabric exports contracted to $X in 2021. Overall, exports, however, saw a noticeable increase. The pace of growth was the most pronounced in 2020 when exports increased by 179% against the previous year. As a result, the exports reached the peak of $X, and then reduced in the following year.

Exports by Country

Japan (X tons) was the main destination for knitted fabric exports from the Philippines, accounting for a 53% share of total exports. Moreover, knitted fabric exports to Japan exceeded the volume sent to the second major destination, Cambodia (X tons), fourfold. The third position in this ranking was held by Ecuador (X tons), with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan stood at +105.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+48.7% per year) and Ecuador (-68.4% per year).

In value terms, Japan ($X) remains the key foreign market for knitted or crocheted fabrics exports from the Philippines, comprising 54% of total exports. The second position in the ranking was taken by Cambodia ($X), with an 11% share of total exports. It was followed by Hong Kong SAR, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan totaled +76.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+48.7% per year) and Hong Kong SAR (-12.2% per year).

Export Prices by Country

In 2021, the average knitted fabric export price amounted to $X per ton, surging by 25% against the previous year. Over the period under review, export price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, knitted fabric export price increased by +84.1% against 2018 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 36%. The export price peaked in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ecuador (+22.6%), while the prices for the other major destinations experienced more modest paces of growth.

Knitted Fabric Imports

Imports into the Philippines

Knitted fabric imports into the Philippines soared to X tons in 2021, increasing by 46% on the year before. Over the period under review, imports showed resilient growth. The pace of growth appeared the most rapid in 2019 when imports increased by 63% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, knitted fabric imports soared to $X in 2021. The total import value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of knitted fabric to the Philippines, accounting for a 63% share of total imports. Moreover, knitted fabric imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), sixfold. The third position in this ranking was taken by Vietnam (X tons), with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-0.7% per year) and Vietnam (+31.4% per year).

In value terms, China ($X) constituted the largest supplier of knitted or crocheted fabrics to the Philippines, comprising 46% of total imports. The second position in the ranking was taken by South Korea ($X), with a 20% share of total imports. It was followed by Hong Kong SAR, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-1.9% per year) and Hong Kong SAR (+6.0% per year).

Import Prices by Country

The average knitted fabric import price stood at $X per ton in 2021, declining by -3.6% against the previous year. In general, the import price recorded a abrupt downturn. The pace of growth appeared the most rapid in 2018 an increase of 29% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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