Technically Speaking: Philippines a growing market

Recognizing that it’s a robust market with potential to grow exponentially, SSGA recently requested proposals for foreign market research of the Philippines and soon will begin surveying identity-preserved (IP) soya and specialty grain buyers in the value chain there.

Exports of U.S. soya to the Philippines continue to be strong albeit the coronavirus pandemic, reports Hoa Huynh, SSGA Technical Adviser for Southeast Asia.

According to a May 27 an export sales announcement issued by the by the Foreign Agricultural Service (FAS-SER-046-20):

• Private exporters reported to the U.S. Department of Agriculture export sales of 138,000 metric tons of soybean cake and meal for delivery to the Philippines during the 2019-2020 marketing year.
• Changes in destination of 216,000 metric tons of soybean cake and meal from unknown destinations to the Philippines during the 2019-2020 marketing year.

The Philippines has been the largest market for U.S. soybean meal. The U.S. has also accounted for about 90 percent of its imports of soybeans and expected to remain firm in marketing year 2019-2020.

Overall, the Philippines, the 10^th-largest export market for U.S. agri-food products, reached $2.9 billion in 2019, a 124% increase from 2009.

SSGA’s market research of the Philippines is part of a Foreign Agricultural Service Agricultural Trade Program to increase exports of U.S. IP specialty soya and specialty grains through foreign market development programs.

Technically Speaking is an SSGA feature that includes news and information from SSGA’s technical advisers for North Asia, Southeast Asia and Europe.

Note: This article has been corrected to reflect U.S. agri-food exports to the Philippines reached $2.9 billion in 2019, not $29 billion.