April 14, 2018
Philippines' imports of US agricultural products seen to rise over 4% in 2018
Philippine imports of US agri-food products are expected to reach a four-year high of $2.7 billion, bolstering the Southeast Asian country's status as America's 10th-largest global market.
The US Department of Agriculture said in a Global Agricultural Information Network (GAIN) report that the forecast increase is 4.24% higher than the $2.59 billion worth of agricultural products exported by the US to the Philippines last year.
"The US continues to be the Philippines' largest supplier of agricultural products, and the Philippines is its 10th-largest global market", the report said.
It said the bulk of sales to the island nation consists of wheat, dairy, meat and poultry.
The report sees poultry cuts including chicken feet; mechanically deboned meat; trimmings and beef offal; milk and whey powder; and cheeses and other dairy products as the top agricultural product prospects to the Philippines.
Other US agricultural items with the potential to grow in the Philippine food & beverage sector include seafood products, the report added.
"The wide acceptance food processors and consumers have of US raw materials and ingredients are a tremendous advantage for US exporters seeking to develop a market in the Philippines," the reported also noted.