Philippines: Cotton Fabric Market 2024

Cotton Fabric Market Size in the Philippines

In 2023, after two years of growth, there was significant decline in the Philippine cotton fabric market, when its value decreased by X% to $X. In general, consumption, however, continues to indicate a modest increase. Cotton fabric consumption peaked at $X in 2014; however, from 2015 to 2023, consumption remained at a lower figure.

Cotton Fabric Exports

Exports from the Philippines

Cotton fabric exports from the Philippines surged to X square meters in 2023, picking up by X% against the year before. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X square meters in 2012; afterwards, it flattened through to 2023.

In value terms, cotton fabric exports surged to $X in 2023. In general, exports enjoyed a resilient expansion. The growth pace was the most rapid in 2020 when exports increased by X%. The exports peaked in 2023 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X square meters) was the main destination for cotton fabric exports from the Philippines, accounting for a X% share of total exports. Moreover, cotton fabric exports to the United States exceeded the volume sent to the second major destination, China (X square meters), fivefold. The UK (X square meters) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and the UK (X% per year).

In value terms, the United States ($X) remains the key foreign market for woven fabrics of cotton exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by China ($X), with a X% share of total exports. It was followed by the UK, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and the UK (X% per year).

Export Prices by Country

The average cotton fabric export price stood at $X per square meter in 2023, dropping by X% against the previous year. In general, the export price, however, enjoyed prominent growth. The pace of growth appeared the most rapid in 2013 when the average export price increased by X%. The export price peaked at $X per square meter in 2018; however, from 2019 to 2023, the export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2023, amid the top suppliers, the highest price was recorded for prices to Taiwan (Chinese) ($X per square meter) and Cambodia ($X per square meter), while the average price for exports to South Korea ($X per square meter) and the UK ($X per square meter) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cotton Fabric Imports

Imports into the Philippines

In 2023, imports of woven fabrics of cotton into the Philippines dropped slightly to X square meters, declining by X% against the previous year. Overall, imports saw a pronounced slump. The most prominent rate of growth was recorded in 2014 when imports increased by X%. As a result, imports attained the peak of X square meters. From 2015 to 2023, the growth of imports remained at a lower figure.

In value terms, cotton fabric imports contracted rapidly to $X in 2023. In general, imports, however, showed a strong expansion. The pace of growth appeared the most rapid in 2013 with an increase of X%. Imports peaked at $X in 2018; however, from 2019 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, China (X square meters) constituted the largest supplier of cotton fabric to the Philippines, accounting for a X% share of total imports. Moreover, cotton fabric imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X square meters), sevenfold. The third position in this ranking was held by Japan (X square meters), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (X% per year) and Japan (X% per year).

In value terms, China ($X) constituted the largest supplier of woven fabrics of cotton to the Philippines, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports. It was followed by Hong Kong SAR, with a X% share.

From 2012 to 2023, the average annual growth rate of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Hong Kong SAR (X% per year).

Import Prices by Country

The average cotton fabric import price stood at $X per square meter in 2023, shrinking by X% against the previous year. Over the period under review, the import price, however, showed prominent growth. The growth pace was the most rapid in 2015 an increase of X%. Over the period under review, average import prices attained the peak figure at $X per square meter in 2022, and then dropped significantly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per square meter), while the price for Pakistan ($X per square meter) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Pakistan (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform