Philippines: Market for Upholstered Seats With Wooden Frames 2024

Market Size for Upholstered Seats With Wooden Frames in the Philippines

The Philippine wooden frame upholstered seat market surged to $X in 2022, with an increase of 41% 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). In general, consumption recorded a prominent expansion. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in years to come.

Exports of Upholstered Seats With Wooden Frames

Exports from the Philippines

In 2022, approx. X units of upholstered seats with wooden frames were exported from the Philippines; growing by 281% on 2021 figures. In general, exports saw a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 3,413% 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.

In value terms, wooden frame upholstered seat exports skyrocketed to $X in 2022. Overall, exports posted a significant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 1,873% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for wooden frame upholstered seat exports from the Philippines, with a 75% share of total exports. Moreover, wooden frame upholstered seat exports to the United States exceeded the volume sent to the second major destination, Japan (X units), sevenfold. The United Arab Emirates (X units) ranked third in terms of total exports with a 9.3% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +137.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+67.4% per year) and the United Arab Emirates (+33.8% per year).

In value terms, the largest markets for wooden frame upholstered seat exported from the Philippines were the United States ($X), the United Arab Emirates ($X) and Japan ($X), together comprising 91% of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +96.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average wooden frame upholstered seat export price stood at $X per unit in 2022, reducing by -14.1% against the previous year. Overall, the export price saw a precipitous slump. The pace of growth was the most pronounced in 2015 when the average export price increased by 34%. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to the United States ($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 Macao SAR (+16.6%), while the prices for the other major destinations experienced a decline.

Imports of Upholstered Seats With Wooden Frames

Imports into the Philippines

In 2022, imports of upholstered seats with wooden frames into the Philippines skyrocketed to X units, rising by 43% compared with 2021 figures. In general, imports posted strong growth. The most prominent rate of growth was recorded in 2021 when imports increased by 103%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, wooden frame upholstered seat imports surged to $X in 2022. Over the period under review, imports continue to indicate a significant expansion. The growth pace was the most rapid in 2021 when imports increased by 74% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest wooden frame upholstered seat supplier to the Philippines, with a 54% share of total imports. Moreover, wooden frame upholstered seat imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. Malaysia (X units) ranked third in terms of total imports with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+59.5% per year) and Malaysia (+10.4% per year).

In value terms, China ($X) constituted the largest supplier of upholstered seats with wooden frames to the Philippines, comprising 70% of total imports. The second position in the ranking was held by Thailand ($X), with an 8.7% share of total imports. It was followed by Malaysia, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +22.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+32.8% per year) and Malaysia (+14.4% per year).

Import Prices by Country

The average wooden frame upholstered seat import price stood at $X per unit in 2022, picking up by 12% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +5.3%. The pace of growth was the most pronounced in 2013 an increase of 72%. The import price peaked at $X per unit in 2020; however, from 2021 to 2022, import prices remained at a 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 Thailand ($X per unit), while the price for Japan ($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 (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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