The United States has reported a significant rise in pork exports to the Association of Southeast Asian Nations (ASEAN), with a 15% increase in April compared to the same month last year. According to the latest data from the USDA and compiled by USMEF, shipments to the Philippines, Malaysia, and Vietnam led the surge, totaling 7,669 metric tons, valued at $16.3 million—an increase of 7% in value.
From January to April, pork exports to the region have grown by 9% year-over-year, reaching 22,480 metric tons. Despite this volume increase, the total value of exports slightly declined by 5%, amounting to just under $50 million.
A key factor contributing to this growth is the advantageous tariff rate in the Philippines. Most US pork currently enters the Philippines at a reduced duty of 25%, significantly lower than the standard out-of-quota rate of 40%. This favorable rate, which is instrumental in boosting trade, is due to expire at the end of 2024. However, discussions are ongoing, with Philippine President Ferdinand Marcos Jr. considering a proposal to extend this reduction through 2028.
The potential extension of the reduced tariff rate is crucial as it could further facilitate the growth of US pork exports to the region, supporting the agricultural sectors and strengthening trade relations between the US and ASEAN countries.
#ITCNewsUpdates #BreakingNews #TradeGrowth #USExports #ASEANMarket #AgriNews #InternationalTradeUpdate
