Price for Cereals; Millet, Other than Seed in the Philippines - 2023
Contents:
- Price for Cereals; Millet, Other than Seed in the Philippines (CIF) - 2022
- Imports of Cereals; Millet, Other than Seed in the Philippines
Price for Cereals; Millet, Other than Seed in the Philippines (CIF) - 2022
In 2022, the average import price for cereals; millet, other than seeds amounted to $410 per ton, jumping by 29% against the previous year. In general, import price indicated a buoyant expansion from 2017 to 2022: its price increased at an average annual rate of +6.4% over the last five-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cereals; millet, other than seed import price decreased by -16.7% against 2020 indices. Over the period under review, average import prices attained the maximum at $492 per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.
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 Russia ($640 per ton), while the price for Ukraine ($264 per ton) was amongst the lowest.
From 2017 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+12.3%), while the prices for the other major suppliers experienced more modest paces of growth.
Imports of Cereals; Millet, Other than Seed in the Philippines
For the fourth consecutive year, the Philippines recorded growth in purchases abroad of cereals; millet, other than seeds, which increased by 60% to 17K tons in 2022. In general, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2021 with an increase of 61%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.
In value terms, cereals; millet, other than seed imports skyrocketed to $7.1M in 2022. Overall, imports showed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.
| Import of Cereals; Millet, Other than Seed in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 2.4 | 2.3 | 0.2 | 3.1 | 8.9% |
| Ukraine | N/A | 0.4 | 2.6 | 2.8 | 164.6% |
| Russia | N/A | 0.5 | 0.1 | 0.7 | 18.3% |
| China | N/A | N/A | N/A | 0.4 | 0% |
| Others | 0.1 | 0.1 | 0.6 | 0.2 | 26.0% |
| Total | 2.5 | 3.3 | 3.4 | 7.1 | 41.6% |
Top Suppliers of Cereals; Millet, Other than Seed to the Philippines in 2022:
- Ukraine (10.6K tons)
- United States (4.8K tons)
- Russia (1.2K tons)
- China (0.6K tons)
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