December 30, 2019
US farm exports to Philippines to reach record high of US$3 billion in 2019
In data published by the United States of Department of Agriculture (USDA), the US government's Foreign Agricultural Service (FAS) in Manila said that despite slowdown in the first three quarters, US farm exports to the Philippines will reach a record US$3 billion by year-end, surpassing the previous year by 1.5%, Manila Bulletin reported.
The US is the Philippines' largest supplier of agricultural products with a 28% market share.
In 2018, the Philippines was the 11th largest market for US agricultural exports (US$2.9 billion), with soybean meal (US$884 million), wheat (US$642 million), dairy products (US$246 million), pork and pork products (US$116 million), and poultry (US$110 million) as the top five products.
"While sales are down four percent from January to October 2019 year-on-year, FAS Manila still expects exports to reach a record $3 billion as shipments pick up ahead of the holiday season," the USDA data showed.
The Philippines is also the largest market in Southeast Asia for US consumer-oriented food and beverage products. "Despite high prices and stiff competition from other sources, traders report brisk sales and strong preference for US products," the USDA data showed.
FAS Manila forecasts exports of US food and beverage products to the Philippines to reach a record US$1.2 billion by end 2019.
"The top ten high-value consumer-oriented food and beverage products with best prospects for future export growth include pork, cheese and cheese products, frozen and powdered eggs, fresh fruits and vegetables, processed fruits and vegetables," the USDA data added.