-By Mansi Suryawanshi
INSIGHTS
- With the Philippines’ garment exports steadily rising, the textile trade between Australia and the Philippines has increased recently.
- Australian cotton imports have also surged in 2022.
- In 2022, the Philippines’ exports of clothing to Australia increased by 20% to $7.711 million, while its purchases of cotton rose to $10.822 million.
Since the Philippines’ garment exports have been steadily increasing in previous years, there has been an increase in textile commerce between Australia and the Philippines in recent years. According to the most recent data, Australia’s cotton imports increased significantly in 2022.
The Philippines is a big exporter of clothing, and Australia is a notable producer and exporter of cotton. In 2022, the Philippines’ exports of clothing to Australia increased by 20% to $7.711 million. Except 2020, the industry has shown constant growth throughout the last five years. The export value increased to $4.441 million in 2019 from the shipment’s $1.662 million value in the previous year.
The export value fells to $3.553 million in 2020 as a result of COVID-19’s effects on trade and economic activity. In 2021 and 2022, respectively, it increased by $6.406 million and $7.711 million, before rebounding. In 2022, the Philippines imported cotton (HSN Code 5201) worth $10.822 million.
The inbound commerce, which totaled $1.845 million in 2021, was insignificant. According to Tex Pro data, the Philippines is becoming a significant market for Australian cotton. In the trading of raw commodities, price dynamics are crucial. Australia had to look into alternative markets for its cotton harvest because of geopolitical concern with China.
