Philippines: Hat And Headgear Market 2024

Hat And Headgear Market Size in the Philippines

In 2022, the Philippine hat and headgear market increased by X% to $X, rising for the second consecutive year after two years of decline. Overall, consumption showed a resilient increase. Over the period under review, the market attained the maximum level in 2022 and is likely to continue growth in the immediate term.

Hat And Headgear Production in the Philippines

In value terms, hat and headgear production dropped to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Hat And Headgear Exports

Exports from the Philippines

In 2022, shipments abroad of hats and other headgear decreased by X% to X units, falling for the second year in a row after two years of growth. In general, exports showed a precipitous setback. The pace of growth appeared the most rapid in 2020 when exports increased by X%. As a result, the exports reached the peak of X units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, hat and headgear exports soared to $X in 2022. Overall, exports continue to indicate a sharp contraction. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2020 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 hat and headgear exports from the Philippines, with a X% share of total exports. Moreover, hat and headgear exports to the United States exceeded the volume sent to the second major destination, the Netherlands (X units), fivefold. Germany (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Germany (X% per year).

In value terms, the United States ($X) remains the key foreign market for hats and other headgear exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by the Netherlands ($X), with a X% share of total exports. It was followed by the UK, with a X% share.

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

Export Prices by Country

In 2022, the average hat and headgear export price amounted to $X per unit, picking up by X% against the previous year. Overall, the export price, however, saw a noticeable downturn. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2020 to 2022, the average 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 ($X per unit), while the average price for exports to India ($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 UK (X%), while the prices for the other major destinations experienced more modest paces of growth.

Hat And Headgear Imports

Imports into the Philippines

In 2022, the amount of hats and other headgear imported into the Philippines soared to X units, rising by X% against 2021 figures. Over the period under review, imports posted significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hat and headgear imports declined to $X in 2022. In general, imports continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of hat and headgear to the Philippines, accounting for a X% share of total imports. Moreover, hat and headgear imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), more than tenfold. Italy (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Italy (X% per year).

In value terms, China ($X) constituted the largest supplier of hats and other headgear to the Philippines, comprising X% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a X% share of total imports. It was followed by Vietnam, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (X% per year) and Vietnam (X% per year).

Import Prices by Country

In 2022, the average hat and headgear import price amounted to $X per unit, falling by X% against the previous year. Over the period under review, the import price continues to indicate a noticeable decline. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

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 Taiwan (Chinese) ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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