Philippines: Plaits And Basketwork Market 2024

Plaits And Basketwork Market Size in the Philippines

After two years of decline, the Philippine plaits and basketwork market increased by 14% to $X in 2022. Over the period under review, the total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Plaits And Basketwork Production in the Philippines

In value terms, plaits and basketwork production stood at $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by 15%. Plaits and basketwork production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Plaits And Basketwork Exports

Exports from the Philippines

In 2022, approx. X tons of plaits, basketwork, wickerwork and similar products of plaiting materials were exported from the Philippines; waning by -17% compared with 2021. Over the period under review, exports saw a abrupt decrease. The pace of growth appeared the most rapid in 2020 when exports increased by 92%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, plaits and basketwork exports shrank notably to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 39% against the previous year. As a result, the exports reached the peak of $X, and then contracted markedly in the following year.

Exports by Country

The United States (X tons) was the main destination for plaits and basketwork exports from the Philippines, accounting for a 83% share of total exports. Moreover, plaits and basketwork exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), more than tenfold. Italy (X tons) ranked third in terms of total exports with a 0.9% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at -7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-13.3% per year) and Italy (-16.0% per year).

In value terms, the United States ($X) remains the key foreign market for plaits, basketwork, wickerwork and similar products of plaiting materials exports from the Philippines, comprising 84% of total exports. The second position in the ranking was taken by Japan ($X), with a 5.5% share of total exports. It was followed by Italy, with a 1% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-10.5% per year) and Italy (-8.1% per year).

Export Prices by Country

The average plaits and basketwork export price stood at $X per ton in 2022, which is down by -8.6% against the previous year. In general, the export price, however, showed a strong increase. The pace of growth was the most pronounced in 2018 an increase of 112% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+11.9%), while the prices for the other major destinations experienced more modest paces of growth.

Plaits And Basketwork Imports

Imports into the Philippines

Plaits and basketwork imports into the Philippines skyrocketed to X tons in 2022, increasing by 66% on 2021 figures. Over the period under review, imports, however, saw a pronounced descent. The most prominent rate of growth was recorded in 2014 when imports increased by 121% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, plaits and basketwork imports fell dramatically to $X in 2022. Overall, imports enjoyed a resilient increase. The pace of growth appeared the most rapid in 2020 when imports increased by 153% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest plaits and basketwork supplier to the Philippines, accounting for a 77% share of total imports. Moreover, plaits and basketwork imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), sevenfold. Italy (X tons) ranked third in terms of total imports with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+47.8% per year) and Italy (+52.3% per year).

In value terms, China ($X) constituted the largest supplier of plaits, basketwork, wickerwork and similar products of plaiting materials to the Philippines, comprising 49% of total imports. The second position in the ranking was held by Vietnam ($X), with a 22% share of total imports. It was followed by Italy, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+75.8% per year) and Italy (+58.9% per year).

Import Prices by Country

In 2022, the average plaits and basketwork import price amounted to $X per ton, falling by -52.5% against the previous year. Over the period under review, the import price, however, showed a strong increase. The pace of growth was the most pronounced in 2018 when the average import price increased by 209% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, 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 Singapore ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+23.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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