Agriculture imports from US seen rising to $3.7 billion this year – Philstar.com

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Catherine Talavera – The Philippine Star

August 29, 2021 | 12:00am

MANILA, Philippines — America Division of Agriculture (DA) has revised upward its forecast of agricultural exports to the Philippines for 2021 to $3.7 billion, pushed by extra shipments of pork and poultry merchandise.

Based mostly on a report by USDA’s Overseas Agricultural Service, The mannequin new decide is greater than the preliminary forecast of $3.4 billion for this yr.

“Exports to Southeast Asia are up $400 million, primarily As a Outcome of of stronger-than-anticipated shipments of pork and poultry merchandise to the Philippines and soybeans to Indonesia,” the USDA said.

Agricultural exports to the Philippines have been additionally projected To maintain at $3.7 billion subsequent yr.

Final yr, US agricultural exports to the Philippines grew 9 % to $3.2 billion.

In July, the USDA said the Philippines was anticipated to import over 400,000 metric tons (MT) of pork this yr pushed by improved market entry largely As a Outcome of of current authorities insurance coverage policies facilitating importation.

The USDA adjusted upward its pork importation forecast for this yr to 425,000 MT from its earlier forecast of 350,000 MT, amid a shortfall in current Due to African swine fever (ASF) As properly as to the modifications to the nation’s tariff price system.

The latest pork importation forecast decide is Higher than double the 167,000 MT pork imports in 2020.

Based mostly on the USDA, the latest revisions have been pushed by current commerce tendencies and improved market entry.

In Might, President Duterte issued Government Order (EO) 133, which elevated the minimal entry quantity (MAV) for pork meat to 254,210 MT for MAV yr 2021 from 54,210 MT, as Definitely one of many measures To reinforce native pork current and stabilize prices On the market.

Duterte additionally signed EO 134 in Might, which currents that in-quota pork imports or these beneath the MAV are imposed A ten % tariff For 3 months and Shall be elevated To fifteen % Inside the remaining months. That is decrease than The distinctive price of 30 %.

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