Price for T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in the Philippines - 2024
Contents:
- Price for T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in the Philippines (CIF) - 2022
- Price for T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in the Philippines (FOB) - 2022
- Imports of T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in the Philippines
- Exports of T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in the Philippines
Price for T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in the Philippines (CIF) - 2022
The average import price for t-shirts, singlets and other vests; of cotton, knitted or crocheted stood at $2.8 per unit in 2022, picking up by 33% against the previous year. Over the period under review, the import price recorded a remarkable increase. The pace of growth was the most pronounced in 2017 when the average import price increased by 69%. The import price peaked in 2022 and is likely to see steady growth in the immediate term.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Cambodia ($3.9 per unit), while the price for Hong Kong SAR ($691 per thousand units) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+21.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in the Philippines (FOB) - 2022
The average export price for t-shirts, singlets and other vests; of cotton, knitted or crocheted stood at $2.5 per unit in 2022, shrinking by -27.4% against the previous year. Overall, the export price showed a noticeable decline. The pace of growth was the most pronounced in 2021 when the average export price increased by 67% against the previous year. Over the period under review, the average export prices attained the maximum at $5.2 per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.
There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($23 per unit), while the average price for exports to Northern Mariana Islands ($338 per thousand units) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+18.4%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in the Philippines
In 2022, overseas purchases of t-shirts, singlets and other vests; of cotton, knitted or crocheted were finally on the rise to reach 28M units after two years of decline. Over the period under review, imports, however, faced a significant decline. Over the period under review, imports of hit record highs at 64M units in 2019; however, from 2020 to 2022, imports failed to regain momentum.
In value terms, imports of t-shirts, singlets and other vests; of cotton, knitted or crocheted soared to $79M in 2022. In general, imports saw a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 29.2 | 18.0 | 13.1 | 29.0 | -0.2% |
| Vietnam | 11.2 | 8.0 | 7.2 | 20.9 | 23.1% |
| Bangladesh | 5.3 | 5.1 | 7.3 | 9.2 | 20.2% |
| Cambodia | 1.0 | 0.4 | 1.2 | 3.2 | 47.4% |
| India | 2.7 | 1.5 | 1.3 | 3.0 | 3.6% |
| Thailand | 2.0 | 1.9 | 1.1 | 1.1 | -18.1% |
| Hong Kong SAR | 0.1 | 0.1 | 0.3 | 0.5 | 71.0% |
| Others | 12.5 | 7.1 | 6.9 | 12.2 | -0.8% |
| Total | 63.9 | 42.2 | 38.4 | 79.0 | 7.3% |
Top Suppliers of T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted to the Philippines in 2022:
- China (13.9M units)
- Vietnam (5.4M units)
- Bangladesh (4.1M units)
- India (1.1M units)
- Cambodia (0.8M units)
- Hong Kong SAR (0.7M units)
- Thailand (0.4M units)
Exports of T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in the Philippines
In 2022, approx. 4.4M units of t-shirts, singlets and other vests; of cotton, knitted or crocheted were exported from the Philippines; falling by -19.9% compared with the previous year. Overall, total exports indicated a resilient expansion from 2019 to 2022: its volume increased at an average annual rate of +8.1% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +32.0% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 65%. As a result, the exports reached the peak of 5.5M units, and then dropped rapidly in the following year.
In value terms, exports of t-shirts, singlets and other vests; of cotton, knitted or crocheted contracted rapidly to $11M in 2022. Over the period under review, exports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 176% against the previous year. As a result, the exports reached the peak of $19M, and then declined sharply in the following year.
| Export of T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 6.2 | 1.3 | 11.1 | 5.0 | -6.9% |
| Japan | 1.4 | 3.2 | 3.0 | 3.2 | 31.7% |
| South Korea | 1.3 | 1.9 | 2.4 | 1.0 | -8.4% |
| Mexico | N/A | N/A | N/A | 0.6 | 0% |
| Marshall Islands | N/A | N/A | N/A | 0.1 | 0% |
| Northern Mariana Islands | N/A | N/A | N/A | N/A | 0% |
| Others | 0.6 | 0.6 | 2.4 | 1.2 | 26.0% |
| Total | 9.4 | 6.9 | 19.0 | 11.0 | 5.4% |
Top Export Markets for T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted from the Philippines in 2022:
- Japan (2074.7K units)
- United States (1168.7K units)
- South Korea (345.8K units)
- Mexico (232.9K units)
- Marshall Islands (161.5K units)
- Northern Mariana Islands (109.3K units)
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