Philippines: Men Knitwear Market 2024

Men Knitwear Market Size in the Philippines

The Philippine men knitwear market expanded modestly to $X in 2022, surging by X% against the previous year. Over the period under review, consumption posted a strong expansion. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Men Knitwear Production in the Philippines

In value terms, men knitwear production dropped modestly to $X in 2022 estimated in export price. Overall, the total production indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of X%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

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Men Knitwear Exports

Exports from the Philippines

For the third consecutive year, the Philippines recorded decline in overseas shipments of men's or boys' clothing (knitted or crocheted), which decreased by X% to X units in 2022. Overall, exports faced a abrupt setback. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, men knitwear exports fell notably to $X in 2022. Over the period under review, exports recorded a deep downturn. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X units), South Korea (X units) and Japan (X units) were the main destinations of men knitwear exports from the Philippines, with a combined X% share of total exports.

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

In value terms, the largest markets for men knitwear exported from the Philippines were the United States ($X), South Korea ($X) and Japan ($X), with a combined X% share of total exports.

In terms of the main countries of destination, South Korea, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average men knitwear export price stood at $X per unit in 2022, growing by X% against the previous year. Over the period under review, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, men knitwear export price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2017 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per unit), while the average price for exports to the Netherlands ($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 France (X%), while the prices for the other major destinations experienced more modest paces of growth.

Men Knitwear Imports

Imports into the Philippines

After three years of decline, overseas purchases of men's or boys' clothing (knitted or crocheted) increased by X% to X units in 2022. Overall, imports saw buoyant growth. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, men knitwear imports soared to $X in 2022. Over the period under review, imports saw a significant expansion. The most prominent rate of growth was recorded in 2015 when imports increased by X%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest supplier of men knitwear to the Philippines, with a X% share of total imports. Moreover, men knitwear imports from China exceeded the figures recorded by the second-largest supplier, Bangladesh (X units), twofold. The third position in this ranking was taken by Vietnam (X units), 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: Bangladesh (X% per year) and Vietnam (X% per year).

In value terms, China ($X), Vietnam ($X) and Bangladesh ($X) appeared to be the largest men knitwear suppliers to the Philippines, together accounting for X% of total imports. Cambodia, Indonesia, Malaysia, Thailand, Myanmar and Hong Kong SAR lagged somewhat behind, together accounting for a further X%.

Myanmar, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of 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 men knitwear import price amounted to $X per unit, increasing by X% against the previous year. Over the period under review, the import price saw a strong increase. The pace of growth was the most pronounced in 2020 when the average import price increased by X%. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

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 Thailand ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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