In 2023, the import value of paintings, drawings, and pastels executed by hand to the Philippines stood at an actual value of 42.8 thousand. From 2024 onwards, we observe forecasted data showing a consistent increase year-on-year. Specifically, the import value is expected to be 45.02 thousand in 2024, 47.35 thousand in 2025, 49.64 thousand in 2026, 51.87 thousand in 2027, and 54.07 thousand by 2028.
The year-on-year variation depicts a steady growth trend, with each subsequent year showcasing an increase of approximately 5%. Calculating the Compound Annual Growth Rate (CAGR) over the forecasted five-year period from 2024 to 2028 results in an average annual increase of around 5.2%.
Future trends to watch for include:
• Potential increase in demand for hand-executed artworks, influenced by rising incomes and growing interest in the art sector within the Philippines.
• Possible fluctuations based on economic conditions, cultural shifts, and evolving consumer preferences, which could impact the forecast.
• Effects of trade policies and tariffs which could either hinder or boost imports of these luxury art items.