April 5, 2024

USDA forecasts the Philippines to import more corn to meet feed demand

The United States Department of Agriculture's (USDA) Manila office predicts the Philippines will increase corn imports, reaching approximately 1 million tonnes in Marketing Year (MY) 2024/25, to fulfil the rising feed consumption demand, UkrAgroConsult reported.

This surge in imports is deemed necessary as local corn production, anticipated to reach 8.4 million tonnes, is projected to fall short of meeting the escalating demands from the expanding livestock and poultry sectors.

In the upcoming year, swine production in the Philippines is anticipated to witness a 3% growth, while broiler production is expected to experience a more substantial increase of 4-5%.

Additionally, the government has decided to extend lower tariff rates on corn, maintaining them at 5% on quota and 15% off-quota until the conclusion of 2024. Despite these measures, the USDA anticipates local production to remain stagnant at approximately 8.4 million tonnes.

-      UkrAgroConsult