Browse Data and Analysis

On December 22, 2023, the State Council Tariff Commission (SCTC) announced to again extend the Section 301 retaliatory tariff exclusions on 12 agricultural products, including shrimp for cultivation, whey for feed, fishmeal for feed, alfalfa and seven hardwood products through July 31, 2024.

On December 22, 2023, President Ferdinand Marcos, Jr. signed Executive Order No. 50 (EO 50) extending lower tariffs on pork, corn, and rice for another year or until December 31, 2024. EO 50 was published on December 26, 2023, and took effect immediately upon publication.

On December 21, 2023, the State Council Tariff Commission (SCTC) announced its annual tariff adjustment plan that sets tentative import and export tariff rates for select commodities in 2024.

Following three years of travel restrictions due to China’s zero-COVID policy, trade shows are quickly regaining their international participants and audiences.

Despite challenges related to the slow economy, citrus production in China for marketing year (MY) 2023/24 is expected to continue to grow, outperforming other fruit categories.

China ended its three-year long COVID restrictions in late December 2022. Since then, hotels have generally had a robust return of customers, while restaurants performed differently.

FAS Manila maintains its September 2023 forecast for rice and corn production and imports, but lowers its forecast slightly for wheat imports to 6.0 million metric tons.

Korea's total citrus production is forecast at 570,000 metric tons (MT), a 2.1 percent decline from the previous marketing year (582,000 MT), driven by lower yield for open-field tangerines, and a slight reduction in planted area. As the prices of other domestic and imported fruits rise, consumption of relatively cheap citrus - both imported and domestic - is expected to remain strong.

This report contains guidance from the Office of Agricultural Affairs at the U.S. Embassy in Beijing, China for U.S. exporters who continue experiencing difficulties registering their manufacturing, processing, and storage facilities subject to General Administration of Customs of the People's Republic of China (GACC) Decree 248.

On December 7, 2023, the Ministry of Agriculture and Rural Affairs (MARA) announced the registration of 51 genetically engineered (GE) corn and soy varieties, including 37 GE corn varieties and 14 GE soybean varieties.

The People's Republic of China (PRC) continues to advance toward commercial cultivation of domestically developed genetically engineered (GE) corn and soybean crops.

The Philippines is expected to experience economic growth between 2025 and 2070, due to a shift in its demographics, necessitating a robust and efficient food distribution system.