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Pharloom has more of a focus on technology and metal working but they have to get magic (or Soul) from silk, and most of the time that silk is only useful with machinery.
Hallownest has less metal but the metal they DO have is OP (pale ore), while also having much more of a focus on magic/soul rather than tech. You can actually see in the bestiary Hornet going "Damn they've got good metal." With her even being a little upset over the flinstone flying ranged guys throwing around what she thinks is a practical as fuck rock.

I actually find this pretty cool, it highlights the differences in both kingdoms. HK just suffers from Team Cherry making their first game and Hallownest feeling a bit smaller than Pharloom. In canon I'm sure they're around the same size. Or at least, Hallownest is smaller but denser in it's power, and Pharloom is bigger but less powerful over that area.
I think Hallownest would overall win in a fight if both kingdoms were in their primes.