South-Eastern Asia: Sportswear Market 2024

Sportswear Market Size in South-Eastern Asia

In 2021, the Southeast Asian sportswear market decreased by -1.4% to $X, falling for the third year in a row after two years of growth. Overall, consumption recorded a perceptible downturn. The pace of growth was the most pronounced in 2018 when the market value increased by 5% against the previous year. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Sportswear Production in South-Eastern Asia

In value terms, sportswear production expanded sharply to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The level of production peaked at $X in 2019; afterwards, it flattened through to 2021.

Sportswear Exports

Exports in South-Eastern Asia

In 2021, the amount of track suits, ski suits and swimwear exported in South-Eastern Asia surged to X units, with an increase of 17% against 2020 figures. The total export volume increased at an average annual rate of +3.5% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2019 when exports increased by 19%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, sportswear exports surged to $X in 2021. Over the period under review, exports posted strong growth. The most prominent rate of growth was recorded in 2017 when exports increased by 25% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Vietnam represented the main exporter of track suits, ski suits and swimwear in South-Eastern Asia, with the volume of exports resulting at X units, which was approx. 64% of total exports in 2021. Cambodia (X units) ranks second in terms of the total exports with a 24% share, followed by Indonesia (7.4%). Thailand (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to sportswear exports from Vietnam stood at +11.5%. At the same time, Thailand (+16.4%) and Cambodia (+6.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +16.4% from 2012-2021. By contrast, Indonesia (-14.3%) illustrated a downward trend over the same period. Vietnam (+31 p.p.), Cambodia (+5.5 p.p.) and Thailand (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while Indonesia saw its share reduced by -33.3% from 2012 to 2021, respectively.

In value terms, the largest sportswear supplying countries in South-Eastern Asia were Vietnam ($X), Cambodia ($X) and Indonesia ($X), together accounting for 94% of total exports.

Among the main exporting countries, Cambodia, with a CAGR of +15.8%, 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 export price in South-Eastern Asia stood at $X per unit in 2021, growing by 5.2% against the previous year. Export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sportswear export price decreased by -1.4% against 2018 indices. The most prominent rate of growth was recorded in 2017 an increase of 33%. The level of export peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Indonesia ($X per unit), while Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+17.2%), while the other leaders experienced more modest paces of growth.

Sportswear Imports

Imports in South-Eastern Asia

In 2021, approx. X units of track suits, ski suits and swimwear were imported in South-Eastern Asia; increasing by 23% against the year before. In general, imports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2016 with an increase of 26% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to continue growth in the immediate term.

In value terms, sportswear imports skyrocketed to $X in 2021. Total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +9.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Singapore (X units) and Thailand (X units) represented roughly 67% of total imports in 2021. Vietnam (X units) ranks next in terms of the total imports with a 15% share, followed by Malaysia (8.8%). Indonesia (X units) and the Philippines (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Thailand (with a CAGR of +31.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constitutes the largest market for imported track suits, ski suits and swimwear in South-Eastern Asia, comprising 53% of total imports. The second position in the ranking was held by Thailand ($X), with a 17% share of total imports. It was followed by Vietnam, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in Singapore stood at +12.6%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+14.0% per year) and Vietnam (+6.5% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per unit in 2021, with an increase of 16% against the previous year. In general, the import price, however, recorded a noticeable setback. The level of import peaked at $X per unit in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Singapore ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+6.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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