Key Market Indicators
The Philippines' musical instrument import is projected to increase to around $24 million by 2026 from $20 million in 2021, growing at an average rate of 2.9% each year. Since 2001, the demand for these instruments has increased by 7.7% year on year. Slovakia was the top importer in 2021, with $20 million, followed by Germany, China and Japan. Meanwhile, the Philippines' musical instrument exports are expected to dip to $331 million by 2026 from $438 million in 2021, at an average rate of 4.7% year on year. Since 2001, the country's supply has grown by 17.7%. Ukraine was the biggest exporter in 2021, with $438 million, followed by Germany, the United States and Japan.
