Philippines: Wooden Bedroom Furniture Market 2024

Wooden Bedroom Furniture Market Size in the Philippines

In 2022, the Philippine wooden bedroom furniture market decreased by -4% to $X, falling for the third consecutive year after six years of growth. Over the period under review, consumption, however, recorded a resilient increase. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Wooden Bedroom Furniture Production in the Philippines

In value terms, wooden bedroom furniture production dropped slightly to $X in 2022 estimated in export price. In general, the total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.8% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 34% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Wooden Bedroom Furniture Exports

Exports from the Philippines

After two years of growth, shipments abroad of wooden furniture of a kind used in the bedroom decreased by -3.8% to X units in 2022. Overall, exports, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 491% against the previous year. As a result, the exports reached the peak of X units, and then contracted modestly in the following year.

In value terms, wooden bedroom furniture exports rose sharply to $X in 2022. In general, exports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2021 with an increase of 999%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

The Netherlands (X units) was the main destination for wooden bedroom furniture exports from the Philippines, with a 81% share of total exports. Moreover, wooden bedroom furniture exports to the Netherlands exceeded the volume sent to the second major destination, South Korea (X units), tenfold. The third position in this ranking was held by the United States (X units), with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands totaled +35.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+24.0% per year) and the United States (-2.9% per year).

In value terms, the Netherlands ($X) remains the key foreign market for wooden furniture of a kind used in the bedroom exports from the Philippines, comprising 90% of total exports. The second position in the ranking was held by the United States ($X), with a 5.6% share of total exports. It was followed by Malaysia, with a 2.1% share.

From 2012 to 2022, the average annual growth rate of value to the Netherlands stood at +40.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-7.6% per year) and Malaysia (+46.8% per year).

Export Prices by Country

In 2022, the average wooden bedroom furniture export price amounted to $X per unit, increasing by 17% against the previous year. Overall, the export price, however, showed a perceptible shrinkage. The growth pace was the most rapid in 2021 when the average export price increased by 86% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to South Korea ($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 the Netherlands (+3.1%), while the prices for the other major destinations experienced a decline.

Wooden Bedroom Furniture Imports

Imports into the Philippines

In 2022, supplies from abroad of wooden furniture of a kind used in the bedroom decreased by -18.9% to X units, falling for the third year in a row after four years of growth. Overall, imports, however, continue to indicate a resilient increase. The growth pace was the most rapid in 2018 when imports increased by 125%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, wooden bedroom furniture imports expanded to $X in 2022. Over the period under review, imports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2014 with an increase of 114% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest wooden bedroom furniture supplier to the Philippines, accounting for a 55% share of total imports. Moreover, wooden bedroom furniture imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), twofold. The third position in this ranking was taken by Japan (X units), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+6.1% per year) and Japan (+16.7% per year).

In value terms, China ($X), Malaysia ($X) and Japan ($X) constituted the largest wooden bedroom furniture suppliers to the Philippines, together comprising 87% of total imports. South Korea, Thailand and Taiwan (Chinese) lagged somewhat behind, together comprising a further 4.2%.

South Korea, with a CAGR of +31.1%, 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 wooden bedroom furniture import price amounted to $X per unit, surging by 29% against the previous year. Over the period under review, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wooden bedroom furniture import price increased by +94.0% against 2018 indices. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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