Philippines: Luggage Market 2024

Luggage Market Size in the Philippines

The Philippine luggage market expanded slightly to $X in 2021, rising by 3.6% against the previous year. Overall, the total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -18.7% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Luggage Production in the Philippines

In value terms, luggage production declined significantly to $X in 2021 estimated in export price. Overall, production, however, showed a strong increase. The pace of growth was the most pronounced in 2020 when the production volume increased by 282% against the previous year. As a result, production attained the peak level of $X, and then declined sharply in the following year.

Luggage Exports

Exports from the Philippines

In 2021, overseas shipments of luggage and handbags were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports showed a significant increase. The pace of growth was the most pronounced in 2013 when exports increased by 192%. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, luggage exports surged to $X in 2021. Overall, exports posted a significant expansion. The growth pace was the most rapid in 2013 when exports increased by 142%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for luggage exports from the Philippines, with a 62% share of total exports. Moreover, luggage exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), fourfold. The third position in this ranking was taken by China (X tons), with a 5.6% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +23.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+53.8% per year) and China (+50.9% per year).

In value terms, the United States ($X) remains the key foreign market for luggage and handbags exports from the Philippines, comprising 77% of total exports. The second position in the ranking was held by China ($X), with a 5.9% share of total exports. It was followed by the Netherlands, with a 3.8% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +37.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+64.8% per year) and the Netherlands (+29.3% per year).

Export Prices by Country

The average luggage export price stood at $X per ton in 2021, surging by 18% against the previous year. Overall, the export price continues to indicate a resilient increase. The growth pace was the most rapid in 2014 when the average export price increased by 76%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Canada ($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 Hong Kong SAR (+21.3%), while the prices for the other major destinations experienced more modest paces of growth.

Luggage Imports

Imports into the Philippines

In 2021, purchases abroad of luggage and handbags was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, total imports indicated a noticeable expansion from 2012 to 2021: its volume increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -40.8% against 2017 indices. The most prominent rate of growth was recorded in 2014 with an increase of 38%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, luggage imports surged to $X in 2021. Overall, imports recorded a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of 75%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest luggage supplier to the Philippines, accounting for a 70% share of total imports. Moreover, luggage imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X tons), fivefold. South Korea (X tons) ranked third in terms of total imports with a 5% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+33.7% per year) and South Korea (+24.3% per year).

In value terms, China ($X) constituted the largest supplier of luggage and handbags to the Philippines, comprising 48% of total imports. The second position in the ranking was taken by France ($X), with a 19% share of total imports. It was followed by Singapore, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+61.1% per year) and Singapore (-2.8% per year).

Import Prices by Country

In 2021, the average luggage import price amounted to $X per ton, growing by 9.1% against the previous year. Overall, the import price continues to indicate a buoyant expansion. The growth pace was the most rapid in 2018 when the average import price increased by 115% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+15.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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