Philippines: Market for Silk Shawls And Scarves 2024

Market Size for Silk Shawls And Scarves in the Philippines

The Philippine silk shawl and scarf market fell to $X in 2022, with a decrease of -9.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a remarkable increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Exports of Silk Shawls And Scarves

Exports from the Philippines

In 2022, exports of silk shawls and scarves from the Philippines soared to X units, surging by 106% on the previous year's figure. In general, exports saw buoyant growth. The most prominent rate of growth was recorded in 2016 with an increase of 3,059%. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, silk shawl and scarf exports soared to $X in 2022. Over the period under review, exports saw a prominent increase. The pace of growth was the most pronounced in 2016 when exports increased by 3,701% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

The United States (X units) was the main destination for silk shawl and scarf exports from the Philippines, with a 53% share of total exports. Moreover, silk shawl and scarf exports to the United States exceeded the volume sent to the second major destination, the UK (X units), threefold. Qatar (X units) ranked third in terms of total exports with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +10.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+44.4% per year) and Qatar (0.0% per year).

In value terms, the United States ($X) remains the key foreign market for silk shawls and scarves exports from the Philippines, comprising 55% of total exports. The second position in the ranking was taken by the UK ($X), with a 13% share of total exports. It was followed by Thailand, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +20.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+67.3% per year) and Thailand (0.0% per year).

Export Prices by Country

The average silk shawl and scarf export price stood at $X per unit in 2022, with an increase of 16% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average export price increased by 20%. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per unit), while the average price for exports to Qatar ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+15.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Silk Shawls And Scarves

Imports into the Philippines

In 2022, imports of silk shawls and scarves into the Philippines contracted to X units, falling by -13.5% on the year before. In general, imports, however, showed strong growth. The most prominent rate of growth was recorded in 2020 with an increase of 94%. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, silk shawl and scarf imports declined to $X in 2022. Overall, imports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 74%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Italy (X units) was the main supplier of silk shawl and scarf to the Philippines, with a 93% share of total imports. Moreover, silk shawl and scarf imports from Italy exceeded the figures recorded by the second-largest supplier, China (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Italy totaled +57.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-10.0% per year) and Hong Kong SAR (-41.2% per year).

In value terms, Italy ($X) constituted the largest supplier of silk shawls and scarves to the Philippines, comprising 92% of total imports. The second position in the ranking was held by China ($X), with a 2.5% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Italy stood at +67.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-2.1% per year) and Hong Kong SAR (-41.0% per year).

Import Prices by Country

In 2022, the average silk shawl and scarf import price amounted to $X per unit, increasing by 14% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 51% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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