Philippines: Oilseeds and Products Annual

FAS Manila forecasts MY 2024/25 soybean meal imports to reach 3.2 million metric tons (MMT), an increase of 4 percent attributed to the growing feed demand for livestock, poultry, and aquaculture. The projected 3 percent growth in soybean meal equivalent (SME) consumption coincides with the forecasted 3 percent increase in livestock production during the same period. Copra crushing will decline by 15 percent, which will also result in a 15 percent reduction in coconut oil supply, lowering exports to 900,000 MT. The decrease in coconut oil production will continue to be offset by palm oil imports, which is forecast to increase by 5 percent to 940,000 MT in MY 2024/25. Soybean meal will also cover the 16 percent decline in copra meal production with the anticipated low coconut supply due to El Niño.