Philippines: Wooden Bedroom Furniture Market 2024

Wooden Bedroom Furniture Market Size in the Philippines

In 2022, the Philippine wooden bedroom furniture market decreased by X% to $X, falling for the third year in a row after five years of growth. Overall, consumption, however, enjoyed a resilient increase. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Wooden Bedroom Furniture Production in the Philippines

In value terms, wooden bedroom furniture production reduced to $X in 2022 estimated in export price. In general, the total production indicated a strong expansion 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 decreased by X% against 2019 indices. The most prominent rate of growth was recorded 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 failed to regain momentum.

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Wooden Bedroom Furniture Exports

Exports from the Philippines

In 2022, after two years of growth, there was decline in shipments abroad of wooden furniture of a kind used in the bedroom, when their volume decreased by X% to X units. In general, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of X units, and then fell in the following year.

In value terms, wooden bedroom furniture exports expanded significantly to $X in 2022. Over the period under review, exports, however, recorded a buoyant increase. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

The Netherlands (X units) was the main destination for wooden bedroom furniture exports from the Philippines, with a X% share of total exports. Moreover, wooden bedroom furniture exports to the Netherlands exceeded the volume sent to the second major destination, South Korea (X units), tenfold. The third position in this ranking was taken by the United States (X units), with a X% share.

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

In value terms, the Netherlands ($X) remains the key foreign market for wooden furniture of a kind used in the bedroom exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Malaysia, with a X% share.

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

Export Prices by Country

The average wooden bedroom furniture export price stood at $X per unit in 2022, surging by X% against the previous year. Over the period under review, the export price, however, saw a pronounced slump. The most prominent rate of growth was recorded in 2021 an increase of X%. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to South Korea ($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 Netherlands (X%), while the prices for the other major destinations experienced a decline.

Wooden Bedroom Furniture Imports

Imports into the Philippines

In 2022, supplies from abroad of wooden furniture of a kind used in the bedroom decreased by X% to X units, falling for the third consecutive year after four years of growth. In general, imports, however, saw a remarkable increase. The pace of growth was the most pronounced in 2018 with an increase of X%. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, wooden bedroom furniture imports expanded to $X in 2022. Overall, imports, however, posted a buoyant expansion. The growth pace was the most rapid in 2014 when imports increased by X%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest wooden bedroom furniture supplier to the Philippines, with a X% share of total imports. Moreover, wooden bedroom furniture imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), twofold. The third position in this ranking was held by Japan (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Japan (X% per year).

In value terms, China ($X), Malaysia ($X) and Japan ($X) appeared to be the largest wooden bedroom furniture suppliers to the Philippines, together comprising X% of total imports. South Korea, Thailand and Taiwan (Chinese) lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, South Korea, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average wooden bedroom furniture import price stood at $X per unit in 2022, rising by X% against the previous year. In general, import price indicated perceptible growth 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, wooden bedroom furniture import price increased by X% against 2018 indices. Over the period under review, average import prices reached the peak figure at $X per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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