Philippines: Twine And Cordage Market 2025

Twine And Cordage Market Size in the Philippines

The Philippine twine and cordage market contracted modestly to $X in 2022, which is down by -4.6% against the previous year. Overall, consumption, however, recorded a strong expansion. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Twine And Cordage Production in the Philippines

In value terms, twine and cordage production reached $X in 2022 estimated in export price. In general, the total production indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +4.3% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 56%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Twine And Cordage Exports

Exports by Country

The United States (X tons) was the main destination for twine and cordage exports from the Philippines, accounting for a 61% share of total exports. Moreover, twine and cordage exports to the United States exceeded the volume sent to the second major destination, Singapore (X tons), fivefold. The third position in this ranking was taken by the Netherlands (X tons), with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at -4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-2.6% per year) and the Netherlands (+0.5% per year).

In value terms, the United States ($X) remains the key foreign market for twine, cordage, rope and cables exports from the Philippines, comprising 56% of total exports. The second position in the ranking was held by Singapore ($X), with a 12% share of total exports. It was followed by South Korea, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to -5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+0.5% per year) and South Korea (+1.1% per year).

Export Prices by Country

In 2022, the average twine and cordage export price amounted to $X per ton, picking up by 4.9% against the previous year. In general, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 11%. The export price peaked in 2022 and is likely to see gradual growth in the near future.

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 the UK (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Twine And Cordage Imports

Imports into the Philippines

After seven years of growth, purchases abroad of twine, cordage, rope and cables decreased by -22.3% to X tons in 2022. Overall, imports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 69%. Imports peaked at X tons in 2021, and then declined remarkably in the following year.

In value terms, twine and cordage imports fell notably to $X in 2022. In general, imports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 162% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest twine and cordage supplier to the Philippines, accounting for a 80% share of total imports. Moreover, twine and cordage imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), more than tenfold. Vietnam (X tons) ranked third in terms of total imports with a 3% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +32.0%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-0.7% per year) and Vietnam (+18.1% per year).

In value terms, China ($X) constituted the largest supplier of twine, cordage, rope and cables to the Philippines, comprising 40% of total imports. The second position in the ranking was taken by Japan ($X), with a 13% share of total imports. It was followed by Taiwan (Chinese), with a 10% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +35.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+21.8% per year) and Taiwan (Chinese) (+5.3% per year).

Import Prices by Country

The average twine and cordage import price stood at $X per ton in 2022, shrinking by -3.5% against the previous year. In general, the import price recorded a noticeable descent. The most prominent rate of growth was recorded in 2019 an increase of 75% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 to 2022, the average 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 Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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