Philippines 2021 Export Highlights

Top 10 U.S. Agricultural Exports to Philippines

(values in million USD)
Commodity 2017 2018 2019 2020 2021 2020-2021 % Change 2017-2021 Average
Soybean Meal 747 884 788 900 960 7% 856
Wheat 555 642 708 827 871 5% 721
Dairy Products 242 247 273 409 437 7% 322
Pork & Pork Products 98 116 93 114 204 78% 125
Poultry Meat & Products* 92 111 102 64 147 130% 103
Food Preparations 74 86 91 109 110 1% 94
Processed Vegetables 96 102 129 74 97 32% 100
Feeds, Meals & Fodders 51 73 67 75 86 14% 71
Beef & Beef Products 62 87 88 62 74 19% 74
Soybeans 92 66 52 54 65 19% 66
All Others 569 668 606 522 498 -5% 573
Total Exported 2,678 3,083 2,996 3,210 3,549 11% 3,103

Source: U.S. Census Bureau Trade Data - BICO HS-10
*Excludes eggs

Highlights

In 2021, the Philippines was the eighth-largest export destination for U.S. products, accounting for more than $3.5 billion, an 11-percent increase over 2020. The United States is the Philippines’ top supplier of agricultural goods, supplying an estimated 21 percent of the total import market by value. The EU, the second-largest supplier, has an 11-percent market share. The largest year-to-year export increase was seen in pork and pork products, with a $90 million (79 percent) increase over last year. U.S. exports of poultry meat and products, soybean meal, and wheat also performed well, increasing by $83 million, $60 million, and $44 million respectively. None of the top U.S. exports to the Philippines declined in 2021. The Philippines was the largest export destination for U.S. soybean meal, second largest for wheat, fourth largest for dairy products, and seventh largest for pork.

Drivers

  • Coming out of the COVID-19 pandemic and economic recession, the Philippines rebounded from its 2020 GDP decline of 9.4 percent with a projected 5.0 percent GDP growth in 2021, which contributed to increased 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 have bounced back from a slow 2020, while others like wheat, dairy products, and food preparations have been consistently rising annually.
  • ASF’s continued decimation of local pork production, inflationary pressures accompanied by a spending rebound, and an on-again-off-again opening of the economy were key drivers in 2021.

Philippines’s Agricultural Suppliers

Stacked column chart showing global agricultural suppliers to the Philippines in 2021. The top suppliers were the U.S., Indonesia, and the EU.

Looking Ahead

With a total population of 110 million, the Philippines remains a young, fast-growing, and highly urbanized market, although the economy remains a laggard in the region with respect to COVID recovery. A traditionally strong preference for U.S. food and beverage products continues to offer strong potential for growth despite continuous erosion of U.S. market share in favor of trade partners with preferential tariff treatment (e.g., Australia and China).

The United States can expect tariff increases on key products in 2022. On May 18, 2022, most favored nation (MFN) tariff rates for in-quota and out-quota pork imports are set to increase from 15 to 30 percent and 25 to 40 percent respectively. Starting February 1, 2022, the annual in-quota volume reverted to 54,210 metric tons from the temporary expansion to 254,210 metric tons in mid-2021. On January 1, 2023, the temporary reduced MFN tariff of 5 percent on mechanically deboned chicken meat reverts to 40 percent.

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