Philippines: Oilseeds and Products Annual

  |   Attaché Report (GAIN)   |   RP2022-0021

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Office of Agricultural Affairs, Manila   |   (011-632) 301-4900

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Philippines: Oilseeds and Products Annual

The Philippines is the largest market for U.S. soybean meal (SBM) and a top coconut oil exporter. The country is also a major palm oil market for neighboring ASEAN countries. The loosening of COVID-related restrictions and the corresponding economic rebound are expected to support greater demand for soybean meal. Post forecasts Market Year (MY) 2022/23 SBM imports to grow 3 percent to 2.725 million metric tons (MT). Typhoon Rai (local name Odette) reached the Philippines in December 2021 and damaged coconut trees, resulting in Post forecasting declines in MY 2022/23 for copra and coconut oil production and exports. Meanwhile, the continuing conflict in Ukraine is expected to push palm oil prices up and constrain imports.

East Asia and the Pacific, Philippines
Oilseeds, Soybeans, Oilseeds (excl. soybean)

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