The forecasted import of iron and steel to the Philippines shows a steady upward trend from 2024 to 2028. In 2023, the actual import value stood at $6.3293 billion. The forecasted values for the subsequent years are $6.6293 billion for 2024, $6.9386 billion for 2025, $7.2417 billion for 2026, $7.5388 billion for 2027, and $7.8299 billion for 2028.
Year-on-year variations are as follows:
- 2024: 4.74%
- 2025: 4.66%
- 2026: 4.37%
- 2027: 4.11%
- 2028: 3.86%
The compound annual growth rate (CAGR) over the five-year period from 2023 to 2028 is approximately 4.35%.
Future trends to watch for include potential changes in global iron and steel prices, trade policies affecting import tariffs, and the impact of domestic infrastructure projects on steel demand. Additionally, monitoring environmental regulations and sustainability practices in production could influence future import dynamics.