In 2023, the import value for parts of soil preparation or cultivation machinery to the Philippines stood at USD 5.570 million. The forecasted trends from 2024 to 2028 show a steady increase, with values growing from USD 5.814 million in 2024 to USD 6.809 million by 2028. On a year-on-year basis, the variations are as follows:
- 2024: 4.39%
- 2025: 4.41%
- 2026: 4.14%
- 2027: 3.89%
- 2028: 3.67%
The compounded annual growth rate (CAGR) over the five-year period from 2024 to 2028 is approximately 4.10%, demonstrating a consistent upward trend in imports.
Future trends to watch include the impact of technological advancements in agricultural machinery on import demand, governmental policies supporting agricultural modernization, and potential shifts in the global supply chain affecting part availability and cost. Additionally, the increasing trend of sustainable farming practices could influence the types of machinery parts that are imported.
