Price for Cereals; Maize (Corn), Seed in the Philippines - 2023
Contents:
- Price for Cereals; Maize (Corn), Seed in the Philippines (CIF) - 2022
- Price for Cereals; Maize (Corn), Seed in the Philippines (FOB) - 2022
- Imports of Cereals; Maize (Corn), Seed in the Philippines
- Exports of Cereals; Maize (Corn), Seed in the Philippines
Price for Cereals; Maize (Corn), Seed in the Philippines (CIF) - 2022
The average cereals; maize (corn), seed import price stood at $17,106 per ton in 2022, picking up by 16% against the previous year. Over the period under review, the import price saw a significant increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by 437% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Brazil ($53,815 per ton), while the price for India ($586 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Myanmar (+62.2%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Cereals; Maize (Corn), Seed in the Philippines (FOB) - 2022
The average cereals; maize (corn), seed export price stood at $3,876 per ton in July 2022, leveling off at the previous month. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in December 2021 when the average export price increased by 1.3% against the previous month. As a result, the export price reached the peak level of $3,889 per ton; afterwards, it flattened through to July 2022.
As there is only one major export destination, the average price level is determined by prices for Vietnam.
From July 2021 to July 2022, the rate of growth in terms of prices for Vietnam amounted to -0.0% per month.
Imports of Cereals; Maize (Corn), Seed in the Philippines
In 2022, approx. 632 tons of cereals; maize (corn), seeds were imported into the Philippines; waning by -4.2% on the previous year. In general, imports faced a dramatic curtailment.
In value terms, cereals; maize (corn), seed imports reached $11M in 2022. Overall, imports showed a sharp setback.
| Import of Cereals; Maize (Corn), Seed in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Myanmar | 18.7 | 12.3 | 7.4 | 6.3 | -30.4% |
| Brazil | 13.1 | 5.0 | 0.4 | 2.6 | -41.7% |
| Vietnam | 2.2 | 1.9 | 0.9 | 0.8 | -28.6% |
| South Africa | 1.5 | 0.8 | 0.4 | 0.4 | -35.6% |
| India | 1.3 | N/A | 0.2 | 0.2 | -46.4% |
| Others | 1.0 | 0.7 | 0.5 | 0.5 | -20.6% |
| Total | 37.8 | 20.7 | 9.8 | 10.8 | -34.1% |
Top Suppliers of Cereals; Maize (Corn), Seed to the Philippines in 2022:
- India (366.4 tons)
- Myanmar (126.1 tons)
- Vietnam (57.5 tons)
- Brazil (47.6 tons)
- South Africa (23.1 tons)
Exports of Cereals; Maize (Corn), Seed in the Philippines
In 2022, approx. 2.3K tons of cereals; maize (corn), seeds were exported from the Philippines; increasing by 188% against 2021. Over the period under review, exports posted a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 240% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.
In value terms, cereals; maize (corn), seed exports soared to $8.8M in 2022. Overall, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 275%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.
| Export of Cereals; Maize (Corn), Seed in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Vietnam | 1.1 | 4.5 | 3.0 | 8.6 | 98.5% |
| Others | 0.2 | 0.1 | 0.1 | 0.2 | 0.0% |
| Total | 1.2 | 4.6 | 3.0 | 8.8 | 94.3% |
Top Export Markets for Cereals; Maize (Corn), Seed from the Philippines in 2022:
- Vietnam (2.3K tons)
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