 reported that Philippines will increase demand of agri imports from US by 10%.){kind=link}
Global Agricultural Information Network (Gain) reported that Philippines will increase demand of agri imports from US by 10%.
“In 2017, shipments of American farm products to the Philippines expanded by 14 percent year-on-year to $2.9 billion “,US Department of Agriculture’s (USDA) Foreign Agricultural Service in Manila said.
US exporters of agricultural raw materials and high-value ingredients seen opportunity to the increasing growth of food and beverage processing industry. Based on the report of GAIN, “65 percent of total PH agri imports from US flow through the food and beverage processing industry”.
Moreover, the food manufacturing expansion is influenced significantly by the increasing demand by the consumers. Importantly, the growing of young population, under 24 years old, acquire ‘sophisticated’ taste. Modernization of retail outlet,making more accessible to consumers, had also deemed to be an attribution to the increase of consumption.
Philippine Statistic Authority recorded that”the Philippine food and beverage processing industry’s gross value-added output rose by 7 percent over the previous year to $32.5 billion, and grew 31 percent over the past 5 years”.
The improving quality of processed food and beverages is also beneficial for the agri produce of America.
According to the report of Business Mirror, “based on interviews with Philippine food and beverage processors, the top prospects for US agricultural raw materials and ingredients include poultry cuts, mechanically deboned meat, trimmings and beef offal, milk and whey powder, and cheese and other dairy products”.
The locally available products such as tropical fruits and vegetables, cacao, sugar and seafood can potentially be combined with the agri imports from US.
Source:
US agricultural exports to PHL seen growing by 10%