Philippines: Buckwheat Market 2022

Buckwheat Market Size in the Philippines

In 2021, the Philippine buckwheat market decreased by -X% to $X for the first time since 2017, thus ending a three-year rising trend. In general, consumption recorded a measured increase. Over the period under review, the market reached the peak level at $X in 2020, and then declined in the following year.

Buckwheat Production in the Philippines

In value terms, buckwheat production dropped to $X in 2021 estimated in export price. Overall, production saw a slight decline. The most prominent rate of growth was recorded in 2020 with an increase of X%. Buckwheat production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

In 2021, the average buckwheat yield in the Philippines stood at less than X kg per ha, remaining constant against the year before. Overall, the yield continues to indicate a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the harvested area of buckwheat in the Philippines was estimated at less than X ha, leveling off at 2020 figures. Over the period under review, the harvested area showed a relatively flat trend pattern.

Buckwheat Exports

Exports from the Philippines

In 2021, shipments abroad of buckwheat was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, continue to indicate a abrupt downturn. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, buckwheat exports surged to $X in 2021. Over the period under review, exports, however, saw a dramatic curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for buckwheat exports from the Philippines, accounting for a approx. X% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Indonesia was relatively modest.

From 2012 to 2021, the average annual rate of growth in terms of value to Indonesia was relatively modest.

Export Prices by Country

The average buckwheat export price stood at $X per ton in 2021, shrinking by -X% against the previous year. Overall, the export price recorded a deep setback. The pace of growth was the most pronounced in 2020 an increase of X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Indonesia.

From 2012 to 2021, the rate of growth in terms of prices for Indonesia amounted to X% per year.

Buckwheat Imports

Imports into the Philippines

In 2021, the amount of buckwheat imported into the Philippines skyrocketed to X tons, with an increase of X% against the previous year. Over the period under review, imports enjoyed a significant increase. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, buckwheat imports surged to $X in 2021. Overall, imports saw a remarkable increase. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of buckwheat to the Philippines, with a X% share of total imports. Moreover, buckwheat imports from the United States exceeded the figures recorded by the second-largest supplier, India (X kg), fivefold. Belgium (X kg) ranked third in terms of total imports with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+X% per year) and Belgium (+X% per year).

In value terms, the United States ($X) constituted the largest supplier of buckwheat to the Philippines, comprising X% of total imports. The second position in the ranking was held by India ($X), with less than X% share of total imports. It was followed by Belgium, with less than X% share.

From 2012 to 2021, the average annual growth rate of value from the United States totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-X% per year) and Belgium (+X% per year).

Import Prices by Country

The average buckwheat import price stood at $X per ton in 2021, dropping by -X% against the previous year. In general, the import price saw a drastic downturn. The pace of growth appeared the most rapid in 2020 an increase of X%. As a result, import price attained the peak level of $X per ton, and then fell rapidly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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