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Despite record production and ample stocks, the Philippines is forecast to import a record volume of rice. Large imports are spurred in part by high domestic prices and the recent government decision to reduce tariffs from 35 to 15 percent.

Fueled by a rebound in hospitality and food service, the Philippine economy outperformed Singapore, Thailand, Malaysia, and Indonesia in 2023 despite inflationary pressure. Total U.S. agricultural and related exports to the Philippines reached $3.6 billion in 2023 with U.S. consumer-oriented and intermediate agricultural exports ranking the highest in Southeast Asia.

The UK food and drink industry has faced multiple challenges in recent years, including COVID-19, cost-of-living, and adverse weather conditions. Wet weather in the UK has resulted in a significant decrease in harvests, particularly for crops like wheat, barley, and oilseed rape.