In 2023, the Philippines' rice imports stood at 647.89 million USD. The forecasted data from 2024 to 2028 indicates a steady increase in the import value of rice, starting from 654.88 million USD in 2024 and reaching 684.82 million USD by 2028. Comparing year-on-year variations, the growth rates are relatively consistent: 1.18% in 2025, 1.14% in 2026, 1.10% in 2027, and 1.07% in 2028. Over the last two years, the highest variation is observed between 2024 and 2025 with an increase of 1.18%. The Compound Annual Growth Rate (CAGR) over the next five years is approximately 1.12%, indicating a stable yet modest growth in rice imports.
Future trends to watch for:
- Changes in domestic rice production that could impact import dependency.
- Fluctuations in global rice prices due to economic or climatic factors.
- Government policy shifts regarding agricultural import tariffs and subsidies.
- Technological advancements in agriculture that may alter production efficiencies.