Agri imports from U.S. seen at $3B

Despite a four percent slowdown in the first three quarters, the Philippines is expected to close the year as one of the largest global markets for agricultural exports from the United States.

In its latest country report, the United States Department of Agriculture-Foreign Agricultural Service said US agricultural products to the Philippines are expected to hit a record $3 billion by year-end.

The forecast came after shipments reaching the country in time for the holiday season surpassed the previous year’s level by 1.5 percent.

“High-value consumer-oriented food and beverage products are the best prospects for future export growth, including pork, cheese and cheese products, frozen and powdered eggs, fresh fruits and vegetables, and processed fruits and vegetables,” the US agency reported.

The report also said the US will likewise remain as the country’s largest supplier of agricultural products with a 28 percent market share.

Despite high prices and stiff competition from other agri import sources, traders report brisk sales and a strong preference for US products.

Thus, the sale of US food and beverage products to the Philippines is seen to reach a record $1.2 billion by the end of the year, roughly equivalent to 29,300 container trucks.