Philippines: Oilseeds and Products Annual

The Philippines is the largest market for U.S. soybean meal (SBM) and a top coconut oil exporter. The country is also a major palm oil market for neighboring ASEAN countries. The loosening of COVID-related restrictions and the corresponding economic rebound are expected to support greater demand for soybean meal. Post forecasts Market Year (MY) 2022/23 SBM imports to grow 3 percent to 2.725 million metric tons (MT). Typhoon Rai (local name Odette) reached the Philippines in December 2021 and damaged coconut trees, resulting in Post forecasting declines in MY 2022/23 for copra and coconut oil production and exports. Meanwhile, the continuing conflict in Ukraine is expected to push palm oil prices up and constrain imports.