Philippines: Narrow Woven Fabric Market 2024

Narrow Woven Fabric Market Size in the Philippines

For the third consecutive year, the Philippine narrow woven fabric market recorded decline in sales value, which decreased by -23.2% to $X in 2021. Overall, consumption continues to indicate a perceptible setback. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Narrow Woven Fabric Production in the Philippines

In value terms, narrow woven fabric production shrank to $X in 2021 estimated in export price. In general, production, however, continues to indicate a significant increase. The pace of growth was the most pronounced in 2018 with an increase of 115% against the previous year. Narrow woven fabric production peaked at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Narrow Woven Fabric Exports

Exports from the Philippines

In 2021, after four years of decline, there was significant growth in overseas shipments of narrow woven fabrics, when their volume increased by 49% to X tons. Overall, total exports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, narrow woven fabric exports surged to $X in 2021. In general, total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for narrow woven fabric exports from the Philippines, accounting for a 44% share of total exports. Moreover, narrow woven fabric exports to China exceeded the volume sent to the second major destination, Japan (X tons), twofold. South Korea (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +14.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-5.6% per year) and South Korea (+7.7% per year).

In value terms, China ($X) remains the key foreign market for narrow woven fabrics exports from the Philippines, comprising 56% of total exports. The second position in the ranking was taken by Japan ($X), with a 16% share of total exports. It was followed by South Korea, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to China totaled +17.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-5.4% per year) and South Korea (+7.6% per year).

Export Prices by Country

In 2021, the average narrow woven fabric export price amounted to $X per ton, rising by 28% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

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 China ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+2.4%), while the prices for the other major destinations experienced mixed trend patterns.

Narrow Woven Fabric Imports

Imports into the Philippines

For the fifth year in a row, the Philippines recorded decline in overseas purchases of narrow woven fabrics, which decreased by -13.3% to X tons in 2021. Over the period under review, imports saw a deep contraction. The most prominent rate of growth was recorded in 2016 with an increase of 60%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, narrow woven fabric imports surged to $X in 2021. In general, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 142% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of narrow woven fabric to the Philippines, with a 49% share of total imports. Moreover, narrow woven fabric imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at -13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+27.1% per year) and Taiwan (Chinese) (-18.0% per year).

In value terms, China ($X), South Korea ($X) and Hong Kong SAR ($X) were the largest narrow woven fabric suppliers to the Philippines, with a combined 62% share of total imports. Taiwan (Chinese), Malaysia, Vietnam and Thailand lagged somewhat behind, together comprising a further 29%.

Among the main suppliers, Malaysia, with a CAGR of +33.6%, 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 narrow woven fabric import price stood at $X per ton in 2021, picking up by 33% against the previous year. Overall, the import price continues to indicate a buoyant increase. The most prominent rate of growth was recorded in 2016 an increase of 51%. The import price peaked in 2021 and is likely to see gradual growth in the near future.

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 Hong Kong SAR ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+27.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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