Philippines: Oilseeds and Products Annual

FAS Manila forecasts copra production at 3 million MT for MY 2023/24 because of the coming El Niño and the break from the 3-year productive cycle. Soybean meal imports are projected to reach 2.9 million MT because of expected expansion in the broiler and aquaculture sectors. Copra meal production is forecasted at 1 million MT in line with copra production. Soybean oil imports are forecasted at 65,000 MT in line with population growth. Coconut oil production is projected to reach 1.9 million MT because of lower copra production. FAS Manila forecasts palm oil imports at 1.2 million MT in line with population growth. FAS Manila forecasts soybean imports at 185,000 MT for MY 2023/24 in line with population growth.