Philippines: Primary Fiber Crops Market 2024

Primary Fiber Crops Market Size in the Philippines

The Philippine primary fiber crops market dropped sharply to $X in 2022, shrinking by X% against the previous year. In general, consumption saw a deep contraction. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Primary Fiber Crops Production in the Philippines

In value terms, primary fiber crops production shrank rapidly to $X in 2022 estimated in export price. Overall, production recorded a mild curtailment. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Primary Fiber Crops Exports

Exports from the Philippines

After three years of growth, overseas shipments of fiber crops (primary) decreased by X% to X tons in 2022. Over the period under review, exports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, primary fiber crops exports contracted remarkably to $X in 2022. In general, exports, however, recorded prominent growth. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for primary fiber crops exports from the Philippines, accounting for a X% share of total exports. Moreover, primary fiber crops exports to China exceeded the volume sent to the second major destination, the UK (X tons), tenfold. The third position in this ranking was taken by Japan (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (X% per year) and Japan (X% per year).

In value terms, the UK ($X), China ($X) and Japan ($X) appeared to be the largest markets for primary fiber crops exported from the Philippines worldwide, together comprising X% of total exports.

Japan, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average primary fiber crops export price stood at $X per ton in 2022, dropping by X% against the previous year. Overall, the export price continues to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 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 Japan ($X per ton), while the average price for exports to China ($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 Japan (X%), while the prices for the other major destinations experienced a decline.

Primary Fiber Crops Imports

Imports into the Philippines

In 2022, the amount of fiber crops (primary) imported into the Philippines dropped dramatically to X tons, which is down by X% compared with the previous year's figure. Over the period under review, imports, however, saw a buoyant increase. The pace of growth was the most pronounced in 2013 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2021, and then dropped markedly in the following year.

In value terms, primary fiber crops imports declined to $X in 2022. Overall, imports, however, posted strong growth. The growth pace was the most rapid in 2013 with an increase of X%. Imports peaked at $X in 2021, and then dropped in the following year.

Imports by Country

Australia (X tons), Ecuador (X tons) and Tanzania (X tons) were the main suppliers of primary fiber crops imports to the Philippines, with a combined X% share of total imports. Brazil, Indonesia, the United States and Pakistan lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Ecuador ($X) and Tanzania ($X) were the largest primary fiber crops suppliers to the Philippines, together accounting for X% of total imports. Brazil, the United States, Indonesia and Pakistan lagged somewhat behind, together comprising a further X%.

Indonesia, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average primary fiber crops import price stood at $X per ton in 2022, rising by X% against the previous year. Overall, import price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, primary fiber crops import price increased by X% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Australia ($X per ton) and Ecuador ($X per ton), while the price for Pakistan ($X per ton) and Tanzania ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :