Philippines: Oilseeds and Products Annual
The Philippines is the largest market for U.S. soybean meal (SBM) and the world’s top coconut oil (CNO) exporter. Driven by strong feed demand from the expanding domestic hog and poultry industries, SBM imports are forecast to reach a record 2.9 million tons in market year (MY) 18/19. U.S. SBM is expected to lead in market share, enhanced by less competition from Argentina. For CNO, exports in MY 17/18 are forecast up 14 percent from the previous market year to 1.05 million tons, and should increase modestly (3 percent) to 1.08 million tons in MY 18/19 as a result of substitution of CNO with cheaper imported palm oil and improved copra supply.
