The Philippines is set to increase its meat imports this year, driven by favorable tariff policies and rising demand for cost-effective protein sources. According to the latest report from the United Nations' Food and Agriculture Organization (FAO), the country's total meat imports are expected to reach 1.09 million metric tons (MT) in 2024, marking a positive trend from last year’s 1.045 million MT. This increase reflects the Philippines' proactive approach to engaging in global trade to meet its domestic needs and stabilize food prices.
Central to this growth is the extension of reduced tariffs on pork imports through the end of 2024, as outlined in President Marcos' Executive Order 50. This strategic decision aims to keep meat products affordable and curb inflation. Under EO 50, pork imports within the minimum access volume (MAV) benefit from a reduced 15 percent tariff, while imports outside the MAV are levied at 25 percent. As a result, the FAO projects that the Philippines' pork imports will rise to 393,000 MT this year, up from 388,000 MT in 2023, reinforcing its position as a leading pork importer in Asia.
Beyond pork, the Philippines is also seeing an increase in bovine meat imports, expected to climb to 205,000 MT from 192,000 MT last year. This rise is indicative of the broader global trend where the demand for meat is outpacing local supplies, prompting countries to turn to international markets. The Philippines' growing appetite for poultry meat further boosts its role in global trade. With the global poultry meat trade forecasted to grow by 1.5 percent to 16.312 million MT, the Philippines' contributions are crucial as it seeks affordable protein alternatives.
Additionally, the FAO forecasts a significant rise in the Philippines' dairy imports, anticipated to increase by 7.19 percent year-on-year to 2.49 million MT. This surge is driven by heightened demand from the food service industry and favorable international skim milk prices. These developments underscore the Philippines' expanding role in the global trade ecosystem, highlighting its strategic use of imports to ensure a steady supply of essential food products. By leveraging international trade, the Philippines continues to support its economic stability and enhance food security for its population.
#ITCNewsUpdates #BreakingNews #GlobalTrade #PhilippinesEconomy #MeatImports #TradeGrowth
