Philippines: Leather Sports Gloves Market 2024

Leather Sports Gloves Market Size in the Philippines

The Philippine leather sports gloves market contracted to $X in 2022, declining by -4.7% against the previous year. Over the period under review, consumption, however, continues to indicate strong growth. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Leather Sports Gloves Production in the Philippines

In value terms, leather sports gloves production reduced slightly to $X in 2022 estimated in export price. In general, the total production indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.7% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 54% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Leather Sports Gloves Exports

Exports from the Philippines

In 2022, shipments abroad of leather sports gloves, mittens and mitts increased by 8.1% to X units, rising for the second year in a row after four years of decline. In general, exports, however, continue to indicate a deep reduction. The growth pace was the most rapid in 2021 when exports increased by 86% 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, leather sports gloves exports soared to $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 62%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for leather sports gloves exports from the Philippines, accounting for a 69% share of total exports. Moreover, leather sports gloves exports to the United States exceeded the volume sent to the second major destination, Japan (X units), threefold.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at -10.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-13.3% per year) and Canada (-14.6% per year).

In value terms, the United States ($X) remains the key foreign market for leather sports gloves, mittens and mitts exports from the Philippines, comprising 69% of total exports. The second position in the ranking was held by Japan ($X), with a 23% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-2.1% per year) and Canada (-2.7% per year).

Export Prices by Country

The average leather sports gloves export price stood at $X per unit in 2022, jumping by 19% against the previous year. In general, the export price enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2018 an increase of 124%. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Canada ($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 Canada (+14.0%), while the prices for the other major destinations experienced more modest paces of growth.

Leather Sports Gloves Imports

Imports into the Philippines

In 2022, supplies from abroad of leather sports gloves, mittens and mitts increased by 45% to X units for the first time since 2018, thus ending a three-year declining trend. In general, imports, however, continue to indicate a dramatic shrinkage. Over the period under review, imports attained the peak figure at X units in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, leather sports gloves imports skyrocketed to $X in 2022. Over the period under review, imports, however, recorded a precipitous contraction. The most prominent rate of growth was recorded in 2018 with an increase of 389% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Pakistan (X units) and Indonesia (X units) were the main suppliers of leather sports gloves imports to the Philippines, together comprising 58% of total imports. Thailand, the United States, Bangladesh, Vietnam, Japan, Singapore, South Korea and Hong Kong SAR lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Bangladesh (with a CAGR of +6.6%), while imports for the other leaders experienced a decline.

In value terms, the largest leather sports gloves suppliers to the Philippines were China ($X), Pakistan ($X) and Indonesia ($X), with a combined 58% share of total imports. Thailand, the United States, Bangladesh, Vietnam, Japan, Singapore, South Korea and Hong Kong SAR lagged somewhat behind, together comprising a further 34%.

In terms of the main suppliers, Bangladesh, with a CAGR of +14.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average leather sports gloves import price stood at $X per unit in 2022, remaining relatively unchanged against the previous year. Overall, the import price recorded significant growth. The pace of growth appeared the most rapid in 2018 when the average import price increased by 344%. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from South Korea ($X per unit) and Singapore ($X per unit), while the price for Hong Kong SAR ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+39.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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