Recent data has shown that the textile trade between the Philippines and Australia has been thriving in recent years, with the Philippines’ garment exports consistently growing. The latest figures demonstrate that the Philippines’ garment exports to Australia increased by 20% to reach $7.711 million in 2022, reflecting a consistent growth pattern over the past five years, except for 2020.
Furthermore, TexPro data reveals that the Philippines has emerged as a significant market for Australian cotton. During 2022, the Philippines’ cotton (HSN Code 5201) imports reached $10.822 million, indicating substantial growth from the negligible $1.845 million recorded in 2021. This suggests that price dynamics play a crucial role in the trade of raw materials. With geopolitical tensions between China and Australia, the latter country had to explore new markets for its cotton crop.
The growth in the Philippines-Australia textile trade relationship is a positive sign for both countries, as it creates opportunities for economic growth and job creation. Additionally, the increasing emphasis on sustainability in the industry presents an opportunity for both countries to collaborate and promote environmentally-friendly practices.
The pandemic has disrupted trade and economic activities worldwide, causing a decline in many industries, including textiles. However, the Philippines-Australia textile trade has weathered the pandemic’s impact, bouncing back in 2021 and continuing to grow in 2022. This development is an encouraging sign for the textile industry, indicating a potential recovery and growth in the post-pandemic era.
Overall, the Philippines-Australia textile trade is flourishing, with garment exports soaring, and cotton imports rising. This trade relationship offers opportunities for both countries to collaborate, grow, and prosper in the textile industry, while also promoting sustainability and environmentally-friendly practices.