Philippines: Wooden Frame Market 2024

Wooden Frame Market Size in the Philippines

The Philippine wooden frame market was estimated at $X in 2022, remaining relatively unchanged against the previous year. Overall, the total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.2% against 2020 indices. Wooden frame consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Wooden Frame Production in the Philippines

In value terms, wooden frame production reached $X in 2022 estimated in export price. Over the period under review, the total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.0% 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 -0.5% against 2020 indices. The pace of growth was the most pronounced in 2019 with an increase of 47% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Wooden Frame Exports

Exports from the Philippines

After two years of growth, overseas shipments of wooden frames for paintings, photographs, mirrors or similar objects decreased by -10.4% to X units in 2022. In general, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 1,111% against the previous year. As a result, the exports reached the peak of X units. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, wooden frame exports shrank markedly to $X in 2022. Overall, exports, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 933%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for wooden frame exports from the Philippines, with a 89% share of total exports. Moreover, wooden frame exports to the United States exceeded the volume sent to the second major destination, Germany (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +31.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+19.3% per year) and Spain (+20.4% per year).

In value terms, the United States ($X) remains the key foreign market for wooden frames for paintings, photographs, mirrors or similar objects exports from the Philippines, comprising 89% of total exports. The second position in the ranking was held by Germany ($X), with a 6.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +26.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+11.6% per year) and Spain (+12.8% per year).

Export Prices by Country

The average wooden frame export price stood at $X per unit in 2022, falling by -19.7% against the previous year. Over the period under review, the export price continues to indicate a perceptible curtailment. The growth pace was the most rapid in 2016 when the average export price increased by 24% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2017 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Germany ($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 (-0.5%), while the prices for the other major destinations experienced a decline.

Wooden Frame Imports

Imports into the Philippines

In 2022, the amount of wooden frames for paintings, photographs, mirrors or similar objects imported into the Philippines rose modestly to X units, surging by 2.5% on 2021. Overall, imports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2015 with an increase of 40% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, wooden frame imports shrank slightly to $X in 2022. In general, imports recorded a remarkable increase. The growth pace was the most rapid in 2013 with an increase of 102%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of wooden frame to the Philippines, accounting for a 70% share of total imports. Moreover, wooden frame imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), sevenfold. The third position in this ranking was taken by South Korea (X units), with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+9.0% per year) and South Korea (-5.1% per year).

In value terms, China ($X) constituted the largest supplier of wooden frames for paintings, photographs, mirrors or similar objects to the Philippines, comprising 70% of total imports. The second position in the ranking was held by Japan ($X), with an 11% share of total imports. It was followed by South Korea, with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+12.1% per year) and South Korea (+23.0% per year).

Import Prices by Country

The average wooden frame import price stood at $X per unit in 2022, reducing by -4.7% against the previous year. Over the period under review, the import price, however, continues to indicate significant growth. The pace of growth was the most pronounced in 2018 when the average import price increased by 304%. Over the period under review, average import prices hit record highs at $X per unit in 2021, and then reduced in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Japan ($X per unit) and Malaysia ($X per unit), while the price for the UK ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+29.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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