Philippines: Women Knitwear Market 2024

Women Knitwear Market Size in the Philippines

For the third year in a row, the Philippine women knitwear market recorded growth in sales value, which increased by 1.3% to $X in 2022. Overall, consumption, however, recorded a resilient expansion. Women knitwear consumption peaked in 2022 and is likely to see gradual growth in the near future.

Women Knitwear Production in the Philippines

In value terms, women knitwear production shrank modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 +1.5% against 2020 indices. The pace of growth was the most pronounced in 2014 with an increase of 83%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Women Knitwear Exports

Exports from the Philippines

In 2022, approx. X units of women's or girls' clothing (knitted or crocheted) were exported from the Philippines; declining by -13.7% on 2021 figures. Overall, exports recorded a abrupt decrease. The pace of growth appeared the most rapid in 2014 when exports increased by 56% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, women knitwear exports rose slightly to $X in 2022. Over the period under review, exports recorded a drastic downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 54%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for women knitwear exports from the Philippines, with a 82% share of total exports. Moreover, women knitwear exports to the United States exceeded the volume sent to the second major destination, Canada (X units), more than tenfold. The Netherlands (X units) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled -8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+2.2% per year) and the Netherlands (-8.3% per year).

In value terms, the United States ($X) remains the key foreign market for women's or girls' clothing (knitted or crocheted) exports from the Philippines, comprising 76% of total exports. The second position in the ranking was taken by Canada ($X), with an 8.9% share of total exports. It was followed by Japan, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at -5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+8.9% per year) and Japan (+8.7% per year).

Export Prices by Country

The average women knitwear export price stood at $X per unit in 2022, surging by 20% against the previous year. In general, the export price enjoyed a noticeable increase. The most prominent rate of growth was recorded in 2020 an increase of 47%. The export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per unit), while the average price for exports to the Netherlands ($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 Japan (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Women Knitwear Imports

Imports into the Philippines

In 2022, overseas purchases of women's or girls' clothing (knitted or crocheted) were finally on the rise to reach X units for the first time since 2016, thus ending a five-year declining trend. Overall, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2014 when imports increased by 255% against the previous year. Imports peaked at X units in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, women knitwear imports surged to $X in 2022. In general, imports enjoyed a significant increase. The most prominent rate of growth was recorded in 2014 when imports increased by 173% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest women knitwear supplier to the Philippines, with a 46% share of total imports. Moreover, women knitwear imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), twofold. The third position in this ranking was taken by Bangladesh (X units), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +17.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+57.8% per year) and Bangladesh (+57.9% per year).

In value terms, the largest women knitwear suppliers to the Philippines were Vietnam ($X), China ($X) and Morocco ($X), together accounting for 69% of total imports.

Morocco, with a CAGR of +141.0%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average women knitwear import price amounted to $X per unit, jumping by 24% against the previous year. Over the period under review, the import price enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2018 when the average import price increased by 79% against the previous year. The import price peaked in 2022 and is likely to continue growth in the near future.

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 Morocco ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+10.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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