The US was the top market for the Philippines’ apparel exports, with more than half of the total share, indicating the country’s dependence on the world’s largest economy. South Korea was the second-largest market, accounting for only one-fifth of the top market’s share. The Philippines exported apparel worth $35.877 million to South Korea in 2022, which was 9.73 per cent of the total shipment, according to Fibre2Fashion’s market insight tool TexPro.
Among the top five markets, the Philippines exported apparel worth $22.116 million (6 per cent of total) to Canada, $19.539 million (5.30 per cent) to Japan, and $16.719 million (4.53 per cent) to Italy.
The Philippines’ apparel exports in 2022 amounted to $368.74 million, with the US being the largest market, followed by South Korea, Canada, Japan, and Italy.
The total apparel export increased by 25.17 per cent in 2022, indicating the country’s trade recovery despite the pandemic’s impact.
The US accounted for over 57 per cent of its total apparel exports
The Philippines’ apparel exports to the world increased by 25.17 per cent to $368.74 million during 2022, compared to the preceding year 2021. The outbound shipment recovered to $294.529 million in 2021 from $268.397 million in 2020. The COVID-19 pandemic led to a decline in exports during 2020. The trade was recorded at $372.130 million in 2019, as per TexPro.
Fibre2Fashion News Desk (KUL)
