Philippines: Walking-Sticks And Whips Market 2024

Walking-Sticks And Whips Market Size in the Philippines

In 2021, the Philippine walking-sticks and whips market decreased by -31.2% to $X, falling for the fifth year in a row after five years of growth. Over the period under review, consumption showed a abrupt slump. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Walking-Sticks And Whips Exports

Exports from the Philippines

In 2021, shipments abroad of walking-sticks, seat-sticks, whips and riding-crops was finally on the rise to reach X kg for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, saw a deep downturn. The pace of growth was the most pronounced in 2015 with an increase of 335% against the previous year. Over the period under review, the exports reached the maximum at X kg in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, walking-sticks and whips exports surged to $X in 2021. Over the period under review, exports, however, showed a pronounced curtailment. The pace of growth appeared the most rapid in 2015 with an increase of 341%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

The UK (X kg) was the main destination for walking-sticks and whips exports from the Philippines, with a 84% share of total exports. Moreover, walking-sticks and whips exports to the UK exceeded the volume sent to the second major destination, the United States (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to the UK totaled +4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+9.2% per year) and Switzerland (+25.1% per year).

In value terms, the UK ($X) remains the key foreign market for walking-sticks and whips exports from the Philippines, comprising 60% of total exports. The second position in the ranking was taken by Switzerland ($X), with a 20% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the UK totaled +21.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (+57.6% per year) and the United States (+11.9% per year).

Export Prices by Country

In 2021, the average walking-sticks and whips export price amounted to $X per ton, increasing by 94% against the previous year. In general, the export price posted buoyant growth. The most prominent rate of growth was recorded in 2014 when the average export price increased by 194%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+16.8%), while the prices for the other major destinations experienced more modest paces of growth.

Walking-Sticks And Whips Imports

Imports into the Philippines

In 2021, purchases abroad of walking-sticks, seat-sticks, whips and riding-crops decreased by -30.5% to X tons, falling for the fifth year in a row after five years of growth. In general, imports faced a deep reduction. The pace of growth appeared the most rapid in 2016 when imports increased by 72%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, walking-sticks and whips imports declined remarkably to $X in 2021. Over the period under review, imports, however, continue to indicate a perceptible expansion. The growth pace was the most rapid in 2015 when imports increased by 35% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of walking-sticks and whips to the Philippines, with a 68% share of total imports. Moreover, walking-sticks and whips imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X tons), sixfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -13.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+51.1% per year) and Taiwan (Chinese) (-17.6% per year).

In value terms, China ($X) constituted the largest supplier of walking-sticks and whips to the Philippines, comprising 69% of total imports. The second position in the ranking was held by Singapore ($X), with an 11% share of total imports. It was followed by Taiwan (Chinese), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+50.6% per year) and Taiwan (Chinese) (-5.1% per year).

Import Prices by Country

In 2021, the average walking-sticks and whips import price amounted to $X per ton, approximately reflecting the previous year. In general, the import price, however, enjoyed a buoyant expansion. The growth pace was the most rapid in 2018 an increase of 139% against the previous year. The import price peaked at $X per ton in 2020, and then contracted slightly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were China ($X per ton) and Taiwan (Chinese) ($X per ton), while the price for Japan ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+253.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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