US farm exports to PH hit record high at $3 B

Published December 28, 2019, 12:00 AM

by manilabulletin_admin

By Madelaine B. Miraflor

Philippines’ growing demand for imported agriculture products had benefited the United States this year, with the latter seeing its agriculture export sales to the Southeast Asian nation hitting an all time high of US$3 billion.

In a data published by the United States of Department of Agriculture (USDA), US government’s Foreign Agricultural Service (FAS) in Manila said that despite slowdown in the first three quarters, sales of US agricultural products to the Philippines will reach a record $3 billion by year-end as shipments arrive in time for the holiday season, surpassing the previous year by 1.5 percent.

The United States is the Philippines’ largest supplier of agricultural products with a 28 percent market share.

In 2018, the Philippines ranked as the 11th largest global market for US agricultural exports, with soybean meal, wheat, dairy products, pork and pork products, and poultry as the top five products.

To be specific, US agricultural exports to the Philippines reached a record $2.9 billion in 2018. The top exports products were soybean meal ($884 million), wheat ($642 million), dairy ($246 million), pork ($116 million), and poultry ($110 million). “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.

Right now, the Philippines is 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 now forecasts exports of US food and beverage products alone to the Philippines will reach a record $1.2 billion by the end of 2019, equivalent to roughly 29,300 container trucks.

“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 further said.