U.S. agricultural imports hit $3.55 billion in 2021


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

In its 2021 yearbook of U.S. agricultural exports, the USDA-Foreign Agricultural Service said the Philippines was its eighth largest buyer of agricultural products.

“The Philippines was the largest export destination for U.S. soybean meal, second for wheat, fourth for dairy and seventh for pork,” the USDA said.

He said the United States is the Philippines’ largest supplier of agricultural products, supplying about 21% of the total import market by value.

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

U.S. pork and pork product exports reached $204 million, up from just $114 million the previous year.

“The continued decimation of local pig production by ASF (African swine fever), inflationary pressures accompanied by a rebound in spending and an intermittent reopening of the economy have been the main drivers in 2021,” he said. declared.

Meanwhile, the USDA said the Philippines’ economic growth last year also contributed to higher 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 rebounded from a slow 2020, while others such as wheat, produce dairy and food preparations have steadily increased each year,” the USDA said.

Besides pork, exports of meat and poultry products also recorded a significant increase of 130% to $147 million from $64 million a year earlier.

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

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

Exports of dairy products also rose 7% to $437 million from $409 million the previous year.

Other major 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 urbanized market, although the economy still lags the region in terms of COVID recovery. A traditionally strong preference for U.S. food and beverage products continues to offer strong growth potential despite continued erosion of U.S. market share in favor of trading partners receiving preferential tariff treatment (e.g., Australia and China),” the USDA said.

In 2021, U.S. agricultural exports hit a record $177 billion, up 18% from the $149.7 billion in 2020.

“Exports of soybeans, corn and beef led the way as the top three US exports, with all three setting records last year. Pork, dairy, soybean meal, distillers grains and pet food also set records,” he said.

China remained the top destination for US agricultural exports, posting a 25% increase to $32.98 billion. Next come Mexico and Canada with respectively $25.5 billion and $25.05 billion in agricultural exports.

Source link


Comments are closed.