April 18, 2022

 

USDA: Value of Philippines' import of US agricultural products increased 11% in 2021

 

 

The Philippines continued to import more agricultural products from the United States last year, recording an 11% growth to $3.55 billion, according to the United States Department of Agriculture (USDA).

 

In its 2021 United States Agricultural Export Yearbook, the USDA-Foreign Agricultural Service said the Philippines was its eight largest buyer of agricultural products.

 

"The Philippines was the largest export destination for US soybean meal, second largest for wheat, fourth largest for dairy products and seventh largest for pork," the USDA said. It added that the US is the Philippines' top supplier of agricultural goods, supplying an estimated 21% of the total import market by value.

 

The USDA attributed the double-digit exports growth to the 79% increase in exports of pork and pork products.

 

US pork and pork product exports grew to $204 million from only $114 million in the previous year.

 

"ASF (African swine fever)'s continued decimation of local pork production, inflationary pressures accompanied by a spending rebound and an on-again-off-again opening of the economy were key drivers in 2021," it said.

 

Meanwhile, the USDA said the Philippine's economic growth last year also contributed to the increased levels of food and agricultural imports.

 

"Exports of most major agricultural products to the Philippines increased in 2021. Some products such as poultry, beef and processed vegetables have bounced back from a slow 2020, while others like wheat, dairy products and food preparations have been consistently rising annually," the USDA said.

 

Apart from pork, exports of poultry meat and products also registered a significant increase of 130% to $147 million from $64 million in the year before.

 

Soybean meal, which remained the top export to the Philippines, posted a 7% increase to $960 million from $900 million in 2020.

 

Similarly, wheat exports to the Philippines grew by 5% to $871 million from $827 million in the previous year.

 

Dairy exports also grew by 7% to $437 million from the previous year's $409 million.

 

Other top agricultural exports to the Philippines include food preparations, processed vegetables and beef products, among others.

 

"With a total population of 110 million, the Philippines remains a young, fast-growing and highly urbanised market, although the economy remains a laggard in the region with respect to COVID recovery," the USDA said. "A traditionally strong preference for US food and beverage products continues to offer strong potential for growth despite continuous erosion of US market share in favor of trade partners with preferential tariff treatment (for example, Australia and China)."

 

In 2021, US agricultural exports hit a record $177 billion, 18% higher than the $149.7 billion in 2020.

 

"Exports of soybeans, corn and beef led the way as the top three American exports with all three setting records last year. Pork, dairy products, soymeal, distillers' grains and pet food also set records," it said.

- Philstar Global