The United States has seen a lot of benefits from the Philippines’ growing demand for imported agricultural products. The USDA’s Foreign Ag Service says agricultural exports to the Philippines will reach a record of $3 billion by the end of this year as shipments continue to arrive.
The U.S. currently commands 28 percent of market share in the nation, making it the largest supplier of agricultural products. Last year, the Philippines was the 11th-largest market for U.S. ag exports. The top five products included soybean meal, wheat, dairy products, pork and pork products, as well as poultry. Last year, ag exports to the Southeast Asian nation reached a record of $2.9 billion. U.S. soybean meal was the highest-value export, worth $884 million in 2018.
USDA data shows that “While sales were down four percent from January to October year-on-year, Manilla officials still expect a record $3 billion as shipments picked up ahead of the holiday season.” U.S. food and beverage products alone will reach a record $1.2 billion by the end of 2019, which amounts to more than 29,000 container trucks.