Price for Articles of Apparel, Clothing Accessories and Other Articles of Furskin in the Philippines - 2023

Contents:

1. Price for Articles of Apparel, Clothing Accessories and Other Articles of Furskin in the Philippines (CIF) - 2022
2. Price for Articles of Apparel, Clothing Accessories and Other Articles of Furskin in the Philippines (FOB) - 2023
3. Imports of Articles of Apparel, Clothing Accessories and Other Articles of Furskin in the Philippines
4. Exports of Articles of Apparel, Clothing Accessories and Other Articles of Furskin in the Philippines

Price for Articles of Apparel, Clothing Accessories and Other Articles of Furskin in the Philippines (CIF) - 2022

The average import price for articles of apparel, clothing accessories and other articles of furskin stood at $15 per unit in 2022, with a decrease of -33.4% against the previous year. Over the period under review, the import price faced a deep contraction. The most prominent rate of growth was recorded in 2018 when the average import price increased by 224%. Over the period under review, average import prices hit record highs at $92 per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Vietnam ($69 per unit), while the price for Malaysia ($10 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+48.3%), while the prices for the other major suppliers experienced a decline.

Price for Articles of Apparel, Clothing Accessories and Other Articles of Furskin in the Philippines (FOB) - 2023

In November 2023, the average export price for articles of apparel, clothing accessories and other articles of furskin amounted to $226 per unit, rising by 29% against the previous month. Over the period under review, the export price, however, showed a deep contraction. The pace of growth appeared the most rapid in February 2023 an increase of 1,394% month-to-month. As a result, the export price reached the peak level of $1,086 per unit. From March 2023 to November 2023, the the average export prices remained at a somewhat lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was Malaysia ($1,198 per unit), while the average price for exports to Germany ($77.2 per unit) was amongst the lowest.

From November 2022 to November 2023, the most notable rate of growth in terms of prices was recorded for supplies to Australia (0.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles of Apparel, Clothing Accessories and Other Articles of Furskin in the Philippines

In 2022, imports of articles of apparel, clothing accessories and other articles of furskin into the Philippines skyrocketed to 134K units, growing by 103% against the previous year. Overall, imports posted a significant increase. The growth pace was the most rapid in 2021 with an increase of 474%. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, imports of articles of apparel, clothing accessories and other articles of furskin surged to $2M in 2022. In general, imports showed a prominent expansion. The pace of growth was the most pronounced in 2021 when imports increased by 331% against the previous year. Over the period under review, imports of attained the maximum in 2022 and are likely to see gradual growth in years to come.

Top Suppliers of Articles of Apparel, Clothing Accessories and Other Articles of Furskin to the Philippines in 2022:

1. China (124.7K units)
2. Taiwan (Chinese) (4.3K units)
3. South Korea (1.9K units)
4. Malaysia (0.6K units)
5. Vietnam (0.1K units)

Exports of Articles of Apparel, Clothing Accessories and Other Articles of Furskin in the Philippines

In 2022, after two years of decline, there was growth in shipments abroad of articles of apparel, clothing accessories and other articles of furskin, when their volume increased by 3.6% to 11K units. Overall, exports, however, saw a deep setback. Over the period under review, the exports of attained the maximum at 13K units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, exports of articles of apparel, clothing accessories and other articles of furskin skyrocketed to $1.1M in 2022. Over the period under review, exports, however, saw a precipitous shrinkage. Over the period under review, the exports of reached the maximum at $8.4M in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Top Export Markets for Articles of Apparel, Clothing Accessories and Other Articles of Furskin from the Philippines in 2022:

1. Germany (10.4K units)
2. United States (0.3K units)

Source: IndexBox Market Intelligence Platform