PH Pork Imports This Year Can Reach 600,000 MT

A report by the United States Department of Agriculture-Foreign Agricultural Service in Manila (USDA-FAS Manila) stated that importers would take advantage of the extended lower pork tariffs.

The USDA-FAS Manila has mentioned that the additional imports would aid the country in stabilizing retail prices and ensuring food security.

“Pork imports, meanwhile, are forecast at 600,000 MT in response to lower tariffs that have been extended through December 31, 2023,” mentioned in the report by Global Agricultural Information Network (Gain).

Last year, USDA-FAS Manila approximates about 575,500 MT of imported pork products in the Philippines.

“Local pork belly prices have been under P395 per kilogram (kg) since January 2021. Interestingly, imported pork belly has remained significantly below the price of local pork belly. This contributed to lower prices (e.g., remaining under P395 per kg) for local pork belly, although the local product remained far above imported belly prices.”

It was also stated that the entry of less expensive imported pork would increase nationwide consumption of this year.

“FAS Manila forecasts 2023 consumption at 1.599 million [metric tons] because of the expected entry of more imported pork due to the extension of lower tariffs through December 31, 2023,” mentioned the report while highlighting the total pork consumption of 2022 to hit 1.499 million metric tons (MMT).

For local pig farmers, the total output for the Philippines in 2023 is expected to hit over 1 MMT from a previous 925,000 MT in 2022 as these local producers choose to produce “bigger pigs”

Source: Business Mirror