Based on the data provided, the Philippines' import of fruits and vegetables is forecasted to grow steadily from 2024 to 2028. The values are forecasted from Php 75.68 billion in 2024 to Php 87.05 billion in 2028. When expressed in billion Philippine Pesos (Php), this series saw a notable increase. As we stand in 2024, the actual value for 2023 was critical to frame this upward trend, reflecting a surge in demand for imported produce.
When analyzing year-on-year variations:
- 2024-2025: 3.87% increase
- 2025-2026: 3.65% increase
- 2026-2027: 3.45% increase
- 2027-2028: 3.28% increase
The compound annual growth rate (CAGR) for the 2024-2028 period is approximately 3.56%, indicating a moderately stable upward trend.
Future trends to watch for include potential shifts in consumer preferences towards locally sourced produce, impacts of trade policies, and external economic conditions affecting overall import volumes. Moreover, advancements in agricultural technology and global pricing dynamics could influence future import patterns.