Philippines: Soya Bean Market Overview 2021

Soya Bean Market Size in the Philippines

In 2020, the Philippine soya bean market decreased by -X% to $X, falling for the third consecutive year after four years of growth. In general, consumption showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the market value increased by X% year-to-year. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2020, consumption stood at a somewhat lower figure.

Soya Bean Production in the Philippines

In value terms, soya bean production rose markedly to $X in 2020 estimated in export prices. Overall, production showed a prominent expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% y-o-y. Over the period under review, production hit record highs in 2020 and is expected to retain growth in the immediate term.

In 2020, the average yield of soya beans in the Philippines stood at X tonnes per ha, approximately mirroring the previous year. Over the period under review, the yield recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the yield increased by X% y-o-y. Over the period under review, the average soya bean yield hit record highs in 2020 and is expected to retain growth in the immediate term. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2020, approx. X ha of soya beans were harvested in the Philippines; flattening at the year before. Overall, the harvested area saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the harvested area increased by X% y-o-y. The soya bean harvested area peaked at X ha in 2009; however, from 2010 to 2020, the harvested area stood at a somewhat lower figure.

Soya Bean Exports

Exports from the Philippines

In 2020, overseas shipments of soya beans decreased by -X% to X kg, falling for the second consecutive year after two years of growth. Overall, exports showed a abrupt curtailment. The growth pace was the most rapid in 2008 when exports increased by X% year-to-year. As a result, exports attained the peak of X tonnes. From 2009 to 2020, the growth exports remained at a somewhat lower figure.

In value terms, soya bean exports reduced dramatically to $X in 2020. In general, exports showed a abrupt descent. The most prominent rate of growth was recorded in 2008 when exports increased by X% year-to-year. As a result, exports attained the peak of $X. From 2009 to 2020, the growth exports remained at a lower figure.

Exports by Country

Malaysia (X kg) was the main destination for soya bean exports from the Philippines, accounting for a X% share of total exports. Moreover, soya bean exports to Malaysia exceeded the volume sent to the second major destination, Thailand (X kg), more than tenfold.

From 2007 to 2020, the average annual growth rate of volume to Malaysia amounted to -X%.

In value terms, Malaysia ($X) remains the key foreign market for soya bean exports from the Philippines, comprising X% of total exports. The second position in the ranking was occupied by Thailand ($X), with a X% share of total exports.

From 2007 to 2020, the average annual rate of growth in terms of value to Malaysia totaled -X%.

Export Prices by Country

The average soya bean export price stood at $X per tonne in 2020, with an increase of X% against the previous year. In general, the export price, however, showed a perceptible contraction. The most prominent rate of growth was recorded in 2014 when the average export price increased by X% year-to-year. Over the period under review, average export prices hit record highs at $X per tonne in 2007; however, from 2008 to 2020, export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Malaysia ($X per tonne), while the average price for exports to Thailand totaled $X per tonne.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia.

Soya Bean Imports

Imports into the Philippines

In 2020, purchases abroad of soya beans decreased by -X% to X tonnes, falling for the third consecutive year after four years of growth. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by X% year-to-year. Imports peaked at X tonnes in 2017; however, from 2018 to 2020, imports remained at a lower figure.

In value terms, soya bean imports declined notably to $X in 2020. Overall, imports recorded a modest expansion. The growth pace was the most rapid in 2016 when imports increased by X% year-to-year. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2020, imports remained at a lower figure.

Imports by Country

In 2020, the U.S. (X tonnes) constituted the largest soya bean supplier to the Philippines, accounting for a X% share of total imports. Moreover, soya bean imports from the U.S. exceeded the figures recorded by the second-largest supplier, Brazil (X tonnes), more than tenfold.

From 2007 to 2020, the average annual rate of growth in terms of volume from the U.S. amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+X% per year) and Canada (-X% per year).

In value terms, the U.S. ($X) constituted the largest supplier of soya bean to the Philippines, comprising X% of total imports. The second position in the ranking was occupied by Brazil ($X), with a X% share of total imports.

From 2007 to 2020, the average annual growth rate of value from the U.S. stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+X% per year) and Canada (-X% per year).

Import Prices by Country

In 2020, the average soya bean import price amounted to $X per tonne, falling by -X% against the previous year. In general, import price indicated a slight expansion from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, soya bean import price decreased by -X% against 2013 indices. The pace of growth appeared the most rapid in 2008 an increase of X% against the previous year. The import price peaked at $X per tonne in 2013; however, from 2014 to 2020, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2020, the country with the highest price was Canada ($X per tonne), while the price for the U.S. ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Canada, while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox AI Platform