Browse Data and Analysis

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.

As tourists flock back to the Caribbean in larger numbers and island economies regain their footing after being challenged by global inflation, competition, and other headwinds, opportunities for U.S. suppliers are slowly emerging. While hurdles remain present on the horizon, U.S. suppliers are finding resilient Caribbean buyers to be excellent partners on the road to commercial success.