Philippines: Sportswear Market 2024

Sportswear Market Size in the Philippines

In 2021, the Philippine sportswear market increased by 7.2% to $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Sportswear Production in the Philippines

In value terms, sportswear production expanded significantly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a perceptible decline. The growth pace was the most rapid in 2015 when the production volume increased by 32%. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Sportswear Exports

Exports from the Philippines

In 2021, overseas shipments of track suits, ski suits and swimwear decreased by -31.7% to X units, falling for the second year in a row after two years of growth. In general, exports showed a precipitous descent. The pace of growth was the most pronounced in 2018 when exports increased by 199% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, sportswear exports soared to $X in 2021. Over the period under review, exports saw a abrupt downturn. The most prominent rate of growth was recorded in 2018 with an increase of 122%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for sportswear exports from the Philippines, with a 70% share of total exports. Moreover, sportswear exports to the United States exceeded the volume sent to the second major destination, the Netherlands (X units), fivefold. The third position in this ranking was taken by Australia (X units), with a 9.7% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at -24.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-23.6% per year) and Australia (+47.6% per year).

In value terms, Australia ($X), the United States ($X) and Germany ($X) were the largest markets for sportswear exported from the Philippines worldwide, with a combined 87% share of total exports.

In terms of the main countries of destination, Australia, with a CAGR of +91.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average sportswear export price stood at $X per unit in 2021, with an increase of 76% against the previous year. Overall, the export price continues to indicate a strong expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Australia ($X per unit), while the average price for exports to the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+30.0%), while the prices for the other major destinations experienced more modest paces of growth.

Sportswear Imports

Imports into the Philippines

Sportswear imports into the Philippines declined notably to X units in 2021, with a decrease of -49.4% on 2020 figures. Overall, imports saw a slight contraction. The pace of growth appeared the most rapid in 2016 when imports increased by 91% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, sportswear imports reduced rapidly to $X in 2021. Over the period under review, imports, however, posted pronounced growth. The most prominent rate of growth was recorded in 2014 when imports increased by 157%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of sportswear to the Philippines, accounting for a 74% share of total imports. Moreover, sportswear imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), tenfold. Bangladesh (X units) ranked third in terms of total imports with a 6.1% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+8.9% per year) and Bangladesh (+91.7% per year).

In value terms, China ($X) constituted the largest supplier of track suits, ski suits and swimwear to the Philippines, comprising 29% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 13% share of total imports. It was followed by Cambodia, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to -4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+35.6% per year) and Cambodia (-3.3% per year).

Import Prices by Country

In 2021, the average sportswear import price amounted to $X per unit, increasing by 9.3% against the previous year. Overall, the import price posted a strong expansion. The most prominent rate of growth was recorded in 2019 when the average import price increased by 44% against the previous year. The import price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Indonesia ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+15.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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