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 domestic hog and poultry industries, SBM imports are forecast to reach a record 3.15 million tons in market year (MY) 19/20, up 200,000 tons from the previous year’s level. U.S. SBM will continue to dominate the market, with less competition from Argentina and Brazil. For CNO, exports in MY 19/20 are forecast down five percent from the previous market year to 950,000 tons due to an oversupply of global palm oil as well as a predicted decline in copra production.
