Philippines: Market for Spindles And Spindle Flyers, Spinning Ring And Ring Travellers 2024

Market Size for Spindles And Spindle Flyers, Spinning Ring And Ring Travellers in the Philippines

The Philippine spindles and spindle flyer market dropped remarkably to $X in 2022, reducing by -33.4% 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). Overall, consumption, however, saw a resilient expansion. Spindles and spindle flyer consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Exports of Spindles And Spindle Flyers, Spinning Ring And Ring Travellers

Exports from the Philippines

Spindles and spindle flyer exports from the Philippines dropped remarkably to X kg in 2022, waning by -65.7% against the year before. Overall, exports saw a abrupt slump. The most prominent rate of growth was recorded in 2021 when exports increased by 4,600%. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, spindles and spindle flyer exports contracted dramatically to $X in 2022. Over the period under review, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 4,079%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Australia (X kg) was the main destination for spindles and spindle flyer exports from the Philippines, accounting for a 89% share of total exports. Moreover, spindles and spindle flyer exports to Australia exceeded the volume sent to the second major destination, Japan (X kg), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Australia was relatively modest.

In value terms, Australia ($X) emerged as the key foreign market for spindles and spindle flyers, spinning ring and ring travellers exports from the Philippines, comprising 89% of total exports. The second position in the ranking was held by Japan ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Australia was relatively modest.

Export Prices by Country

In 2022, the average spindles and spindle flyer export price amounted to $X per ton, which is down by -5.1% against the previous year. Overall, the export price, however, posted strong growth. The pace of growth appeared the most rapid in 2019 when the average export price increased by 209%. Over the period under review, the average export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Australia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+18.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Spindles And Spindle Flyers, Spinning Ring And Ring Travellers

Imports into the Philippines

In 2022, the amount of spindles and spindle flyers, spinning ring and ring travellers imported into the Philippines declined significantly to X tons, with a decrease of -21.2% compared with the year before. Over the period under review, imports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2015 with an increase of 178%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, spindles and spindle flyer imports dropped markedly to $X in 2022. In general, imports, however, enjoyed strong growth. The pace of growth was the most pronounced in 2016 with an increase of 159% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Taiwan (Chinese) (X tons) constituted the largest spindles and spindle flyer supplier to the Philippines, with a 57% share of total imports. Moreover, spindles and spindle flyer imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. Germany (X tons) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Taiwan (Chinese) stood at +23.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.0% per year) and Germany (-7.2% per year).

In value terms, Japan ($X), Taiwan (Chinese) ($X) and Singapore ($X) constituted the largest spindles and spindle flyer suppliers to the Philippines, with a combined 90% share of total imports.

Among the main suppliers, Singapore, with a CAGR of +52.2%, recorded the highest rates of growth with regard to 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 spindles and spindle flyer import price stood at $X per ton in 2022, with a decrease of -33.8% against the previous year. Over the period under review, the import price, however, posted a measured expansion. The growth pace was the most rapid in 2014 an increase of 103%. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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