June 25, 2009
Philippines, Brazil to boost agricultural trade
The Philippines plans to increase agricultural trade with Brazil, the world's second-largest soymeal supplier, a Philippine official said.
A spokesman said bilateral trade of all goods between the two countries rose by more than half to US$1.1 billion in 2008, from US$730 million a year earlier.
Improved economic relations between Brazil and the Philippines may help Southeast Asia's fourth-largest importer of soymeal secure supplies of the meal and wheat after global prices surged this month.
Exports of soymeal from Brazil are forecast to drop 7 percent to 11.9 million tonnes in the marketing year ending September next year, from a year earlier, as output is estimated to decline, according to a June 10 estimate of the US Department of Agriculture.
