Philippines: Market for Machines For Preparing, Weaving And Knitting Textiles 2024

Market Size for Machines For Preparing, Weaving And Knitting Textiles in the Philippines

In 2021, the Philippine market for machines for preparing, weaving and knitting textiles decreased by -1.3% to $X, falling for the fifth consecutive year after two years of growth. In general, consumption showed a abrupt setback. Textile weaving and knitting machinery consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Exports of Machines For Preparing, Weaving And Knitting Textiles

Exports from the Philippines

In 2021, textile weaving and knitting machinery exports from the Philippines fell dramatically to X units, dropping by -52.5% compared with 2020. In general, exports saw a deep reduction. The most prominent rate of growth was recorded in 2015 with an increase of 790%. The exports peaked at X units in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, textile weaving and knitting machinery exports contracted remarkably to $X in 2021. Over the period under review, exports faced a abrupt decrease. The growth pace was the most rapid in 2017 when exports increased by 493% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Cambodia (X units) was the main destination for textile weaving and knitting machinery exports from the Philippines, accounting for a 60% share of total exports. Moreover, textile weaving and knitting machinery exports to Cambodia exceeded the volume sent to the second major destination, Thailand (X units), fivefold. Egypt (X units) ranked third in terms of total exports with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cambodia amounted to +10.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (0.0% per year) and Egypt (-10.4% per year).

In value terms, the largest markets for textile weaving and knitting machinery exported from the Philippines were Thailand ($X), Cambodia ($X) and India ($X), together accounting for 78% of total exports.

Among the main countries of destination, Thailand, with a CAGR of +2.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for machines for preparing, weaving and knitting textiles stood at $X per unit in 2021, rising by 45% against the previous year. In general, the export price, however, continues to indicate a perceptible descent. The growth pace was the most rapid in 2017 when the average export price increased by 146% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per unit), while the average price for exports to Pakistan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+29.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machines For Preparing, Weaving And Knitting Textiles

Imports into the Philippines

In 2021, supplies from abroad of machines for preparing, weaving and knitting textiles decreased by -4.4% to X units, falling for the fifth year in a row after two years of growth. Overall, imports faced a abrupt curtailment. The most prominent rate of growth was recorded in 2015 when imports increased by 36%. Imports peaked at X units in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, textile weaving and knitting machinery imports declined modestly to $X in 2021. Over the period under review, imports, however, showed a prominent increase. The growth pace was the most rapid in 2013 with an increase of 114% against the previous year. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Slovakia (X units) and South Korea (X units) were the main suppliers of textile weaving and knitting machinery imports to the Philippines, together comprising 53% of total imports. Italy, Australia, Taiwan (Chinese), India, Indonesia, Japan, Germany and the Czech Republic lagged somewhat behind, together comprising a further 22%.

From 2012 to 2021, the biggest increases were recorded for Australia (with a CAGR of +9.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and Italy ($X) were the largest textile weaving and knitting machinery suppliers to the Philippines, together comprising 53% of total imports. Germany, Taiwan (Chinese), Japan, India, Australia, the Czech Republic, Indonesia and Slovakia lagged somewhat behind, together comprising a further 23%.

In terms of the main suppliers, Slovakia, with a CAGR of +1,045.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for machines for preparing, weaving and knitting textiles stood at $X per unit in 2021, increasing by 2.7% against the previous year. In general, the import price saw a significant expansion. The most prominent rate of growth was recorded in 2018 when the average import price increased by 142% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+38.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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