Based on the provided forecast data, the import of motorboats, other than outboard motorboats, to the Philippines is anticipated to decline consistently over the next five years. Starting from a value of 89.64 thousand US dollars in 2024, there is an expected year-on-year decrease, leading to a value of 61.19 thousand US dollars by 2028. This successive downfall reflects a negative trend.
In comparison to the actual data from 2023, this forecast suggests that the country was importing motorboats at a higher rate before this period of anticipated decline set in. Observing the variations over the past two years, the year-on-year percentage changes show a consistent decline that accumulates into a compound annual growth rate (CAGR) reflecting an average decrease per year over the five-year span.
Future trends to watch for include potential changes in trade policies, economic conditions, and local demand within the maritime and tourism sectors, which could influence future import levels. Additionally, innovations and alternatives in marine transportation technologies might impact the need for importing such motorboats.
