Philippines: Golf Equipment Market 2024

Golf Equipment Market Size in the Philippines

In 2022, the Philippine golf equipment market increased by X% to $X, rising for the second consecutive year after three years of decline. In general, consumption, however, saw a relatively flat trend pattern. Golf equipment consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Golf Equipment Exports

Exports from the Philippines

After four years of decline, shipments abroad of golf clubs and other golf equipment increased by X% to X tons in 2022. Over the period under review, exports, however, saw a sharp curtailment. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, golf equipment exports soared to $X in 2022. Overall, exports recorded mild growth. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X kg) was the main destination for golf equipment exports from the Philippines, with a X% share of total exports. Moreover, golf equipment exports to Thailand exceeded the volume sent to the second major destination, Marshall Islands (X kg), more than tenfold. The UK (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Thailand stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Marshall Islands (X% per year) and the UK (X% per year).

In value terms, Thailand ($X) emerged as the key foreign market for golf clubs and other golf equipment exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by the UK ($X), with a X% share of total exports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Thailand amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (X% per year) and South Korea (X% per year).

Export Prices by Country

In 2022, the average golf equipment export price amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the export price posted a significant increase. The pace of growth was the most pronounced in 2017 an increase of X% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Marshall Islands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Golf Equipment Imports

Imports into the Philippines

In 2022, purchases abroad of golf clubs and other golf equipment increased by X% to X tons, rising for the second consecutive year after three years of decline. Overall, imports, however, continue to indicate a noticeable reduction. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, golf equipment imports surged to $X in 2022. In general, imports posted a buoyant expansion. The pace of growth was the most pronounced in 2021 when imports increased by X%. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

China (X tons), Japan (X tons) and the United States (X tons) were the main suppliers of golf equipment imports to the Philippines, together accounting for X% of total imports. Malaysia, Taiwan (Chinese), Thailand, Hong Kong SAR, Vietnam, South Korea and Singapore lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and the United States ($X) constituted the largest golf equipment suppliers to the Philippines, with a combined X% share of total imports. Malaysia, Vietnam, Hong Kong SAR, Taiwan (Chinese), South Korea, Thailand and Singapore lagged somewhat behind, together comprising a further X%.

Vietnam, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among 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 golf equipment import price amounted to $X per ton, which is down by X% against the previous year. Over the period under review, the import price, however, saw a significant expansion. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

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 Vietnam ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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