June 10, 2024

 

Philippine meat imports in four months to April 30 increased by 11.3%

 

 

The Philippines' meat imports rose by 11.3% in the four months to April 30, 2024, as traders are building up stocks ahead of the projected increase in global prices.

 

Data from the Bureau of Animal Industry (BAI) showed the volume of imported meat totaled 396.38 million kilogrammes as of the end of April, rising from 356.01 million kilogrammes in the same period a year ago.

 

"Importers are likely positioning in anticipation of higher prices abroad, a weaker peso, as well as lower hog production due to El Niño," said Meat Importers and Traders Association (MITA) president emeritus Jesus Cham in a message to reporters.

 

The influx of meat imports has been on an uptrend since February this year, with the highest monthly volume of 122.74 million kilogrammes recorded in April. Of this amount, imported pork reached 193.14 million kilogrammes, climbing by almost 18%. These are mostly made up of offals and pork cuts.

 

Cham noted that offal volume decreased which could indicate a "greater attractiveness" of pork at the current import duty rate.

 

"As these arrivals were contracted more than three months ago, the impact of the suspension of the pork quota most likely has not been felt. We will see in the next few months how it will affect imports," he said.

 

Chicken imports came second with 134.46 million kilogrammes, an increase of 2.4%, mostly of mechanically deboned meat or mechanically separated chicken.

 

Imported beef accounted for 51.52 million kilogrammes in meat imports, an increase of 21.89%, the majority of which are beef cuts.

 

"Perhaps the high retail price of pork is pushing consumers toward mid-range beef," Cham said.

 

- Inquirer