In 2023, the import of iron or steel tableware and kitchenware to the Philippines stood at 78.562 million US Dollars. The forecasted values show a steady year-on-year increase: 82.535 million in 2024, 86.612 million in 2025, 90.608 million in 2026, 94.524 million in 2027, and 98.362 million in 2028.
The year-on-year percentage variations for the forecasted years based on the provided data are as follows:
- 2024: approximately 5.1% increase over 2023
- 2025: approximately 4.9% increase over 2024
- 2026: approximately 4.6% increase over 2025
- 2027: approximately 4.3% increase over 2026
- 2028: approximately 4% increase over 2027
The Compound Annual Growth Rate (CAGR) from 2023 to 2028 is forecasted to be approximately 4.6%.
Future trends to watch for include potential changes in global trade policies, fluctuations in steel prices, and variations in consumer demand driven by economic conditions in the Philippines. Keeping an eye on these factors will help in making more accurate and responsive market strategies.