Philippines: Soya Bean Market 2022

Soya Bean Market Size in the Philippines

In 2021, the Philippine soya bean market was finally on the rise to reach $X after three years of decline. Overall, consumption, however, continues to indicate a resilient increase. Soya bean consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Soya Bean Production in the Philippines

In value terms, soya bean production skyrocketed to $X in 2021 estimated in export prices. In general, production continues to indicate a slight expansion. The most prominent rate of growth was recorded in 2016 with an increase of X% year-to-year. Soya bean production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

The average yield of soya beans in the Philippines rose significantly to X tonnes per ha in 2021, with an increase of X% on the previous year. The yield figure increased at an average annual rate of +X% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid 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 2021 and is expected to retain growth in years to come. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The soya bean harvested area in the Philippines contracted slightly to X ha in 2021, falling by -X% against 2020. Overall, the harvested area recorded a mild setback. The most prominent rate of growth was recorded in 2013 with an increase of X% year-to-year. The soya bean harvested area peaked at X ha in 2014; however, from 2015 to 2021, the harvested area stood at a somewhat lower figure.

Soya Bean Exports

Exports from the Philippines

Soya bean exports from the Philippines surged to X tonnes in 2021, jumping by X% against 2020. In general, exports, however, showed a noticeable slump. Over the period under review, the exports hit record highs at X tonnes in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, soya bean exports soared to $X in 2021. Overall, exports, however, recorded a deep contraction. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X tonnes) was the main destination for soya bean exports from the Philippines, with a approx. X% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Netherlands totaled +X%.

From 2012 to 2021, the average annual rate of growth in terms of value to the Netherlands totaled +X%.

Export Prices by Country

In 2021, the average soya bean export price amounted to $X per tonne, picking up by X% against the previous year. In general, the export price, however, continues to indicate a abrupt downturn. The pace of growth was the most pronounced in 2016 an increase of X% year-to-year. Over the period under review, the average export prices reached the maximum at $X per tonne in 2019; however, from 2020 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 the Netherlands.

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

Soya Bean Imports

Imports into the Philippines

In 2021, supplies from abroad of soya beans decreased by -X% to X tonnes, falling for the fourth consecutive year after four years of growth. Overall, imports, however, posted a strong expansion. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. Imports peaked at X tonnes in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, soya bean imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a buoyant expansion. The growth pace was the most rapid in 2016 when imports increased by X% year-to-year. Imports peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tonnes) constituted the largest supplier of soya bean to the Philippines, with a X% share of total imports. Moreover, soya bean imports from the United States exceeded the figures recorded by the second-largest supplier, Argentina (X tonnes), sevenfold. Canada (X tonnes) 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 stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+X% per year) and Canada (+X% per year).

In value terms, the United States ($X) constituted the largest supplier of soya bean to the Philippines, comprising X% of total imports. The second position in the ranking was occupied by Argentina ($X), with a X% share of total imports. It was followed by Canada, with a X% share.

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

Import Prices by Country

In 2021, the average soya bean import price amounted to $X per tonne, growing by X% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per tonne in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were the United States ($X per tonne) and Argentina ($X per tonne), while the price for Canada ($X per tonne) and Brazil ($X per tonne) were 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 Platform