Philippines: Oilseeds and Products Annual
The Philippines is the second largest market for U.S. soybean meal (SBM) and the world’s largest coconut oil (CNO) exporter. SBM imports in MY 13/14 were raised to 2.41 MMT, in-line with industry approximations that prevalent lower global prices caused a moderate build-up in stocks. Post estimates MY 14/15 SBM imports will remain at the previous year’s level as the build-up in carry-over stocks will offset steadily growing feed demand. SBM imports are forecast to reach 2.5 MMT in MY 15/16, driven by continued consolidation and growing sophistication of the domestic feed-consuming industries, and significant industry investment in feed grain distribution infrastructure. From 866,000 MT in MY 13/14, CNO exports are forecast down eight percent to 800,000 MT in MY 14/15 due to typhoon damage and an anticipated cyclical decline in copra yields.
