Philippines: Hat Market Overview 2020

Hat Market Size in the Philippines

The revenue of the hat market in the Philippines amounted to $X in 2018, rising by X% against the previous year. Over the period under review, the total market indicated notable growth from 2007 to 2018: its value increased at an average annual rate of +X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, hat consumption increased by +X% against 2014 indices. The most prominent rate of growth was recorded in 2009 with an increase of X% against the previous year. Over the period under review, the hat market reached its peak figure level in 2018 and is likely to continue its growth in the near future.

Hat Production in the Philippines

In value terms, hat production totaled $X in 2018 estimated in export prices. The total output value increased at an average annual rate of +X% over the period from 2007 to 2018; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2011 when production volume increased by X% y-o-y. Hat production peaked at $X in 2016; however, from 2017 to 2018, production failed to regain its momentum.

Hat Exports

Exports from the Philippines

In 2018, the exports of hats and other headgear from the Philippines stood at X units, growing by X% against the previous year. In general, the total exports indicated a slight expansion from 2007 to 2018: its volume increased at an average annual rate of +X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, hat exports decreased by -X% against 2016 indices. The pace of growth appeared the most rapid in 2011 with an increase of X% year-to-year. Over the period under review, hat exports reached their peak figure at X units in 2016; however, from 2017 to 2018, exports stood at a somewhat lower figure.

In value terms, hat exports stood at $X in 2018. Overall, hat exports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2011 with an increase of X% against the previous year. Over the period under review, hat exports reached their peak figure at $X in 2016; however, from 2017 to 2018, exports failed to regain their momentum.

Exports by Country

The U.S. (X units) was the main destination for hat exports from the Philippines, with a X% share of total exports. Moreover, hat exports to the U.S. exceeded the volume sent to the second major destination, South Korea (X units), eightfold. India (X units) ranked third in terms of total exports with a X% share.

From 2007 to 2018, the average annual growth rate of volume to the U.S. totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+X% per year) and India (+X% per year).

In value terms, the U.S. ($X), South Korea ($X) and South Africa ($X) constituted the largest markets for hat exported from the Philippines worldwide, together accounting for X% of total exports.

In terms of the main countries of destination, South Korea (+X% per year) experienced the highest growth rate of exports, over the last eleven years, while the other leaders experienced more modest paces of growth.

Export Prices by Country

The average hat export price stood at $X per unit in 2018, leveling off at the previous year. In general, the hat export price continues to indicate a deep decrease. The pace of growth appeared the most rapid in 2012 when the average export price increased by X% year-to-year. The export price peaked at $X per unit in 2008; however, from 2009 to 2018, export prices remained at a lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was South Korea ($X per unit), while the average price for exports to India ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to South Korea, while the prices for the other major destinations experienced a decline.

Hat Imports

Imports into the Philippines

In 2018, the amount of hats and other headgear imported into the Philippines totaled X units, picking up by X% against the previous year. Over the period under review, hat imports continue to indicate extraordinary growth. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. In that year, hat imports reached their peak of X units. From 2016 to 2018, the growth of hat imports remained at a somewhat lower figure.

In value terms, hat imports totaled $X in 2018. In general, hat imports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2015 when imports increased by X% y-o-y. In that year, hat imports reached their peak of $X. From 2016 to 2018, the growth of hat imports failed to regain its momentum.

Imports by Country

In 2018, China (X units) constituted the largest supplier of hat to the Philippines, with a X% share of total imports. Moreover, hat imports from China exceeded the figures recorded by the second-largest supplier, Taiwan, Chinese (X units), more than tenfold. The third position in this ranking was occupied by South Korea (X units), with a X% share.

From 2007 to 2018, the average annual growth rate of volume from China amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan, Chinese (+X% per year) and South Korea (+X% per year).

In value terms, China ($X) constituted the largest supplier of hat to the Philippines, comprising X% of total hat imports. The second position in the ranking was occupied by Taiwan, Chinese ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2007 to 2018, the average annual rate of growth in terms of value from China amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan, Chinese (+X% per year) and South Korea (+X% per year).

Import Prices by Country

The average hat import price stood at $X per unit in 2018, falling by -X% against the previous year. Over the period under review, the hat import price continues to indicate an abrupt contraction. The most prominent rate of growth was recorded in 2009 when the average import price increased by X% year-to-year. Over the period under review, the average import prices for hats and other headgear attained their maximum at $X per unit in 2007; however, from 2008 to 2018, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2018, the country with the highest price was South Korea ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by South Korea, while the prices for the other major suppliers experienced a decline.

Source: IndexBox AI Platform