Price for Food Preparations Not Elsewhere Specified or Included in the Philippines - 2023
Contents:
- Price for Food Preparations Not Elsewhere Specified or Included in the Philippines (CIF) - 2023
- Price for Food Preparations Not Elsewhere Specified or Included in the Philippines (FOB) - 2023
- Imports of Food Preparations Not Elsewhere Specified or Included in the Philippines
- Exports of Food Preparations Not Elsewhere Specified or Included in the Philippines
Price for Food Preparations Not Elsewhere Specified or Included in the Philippines (CIF) - 2023
In November 2023, the average import price for food preparations not elsewhere specified or included amounted to $4,296 per ton, with an increase of 13% against the previous month. Over the period from November 2022 to November 2023, it increased at an average monthly rate of +3.0%. The most prominent rate of growth was recorded in July 2023 when the average import price increased by 25% month-to-month. The import price peaked at $4,303 per ton in February 2023; afterwards, it flattened through to November 2023.
Prices varied noticeably by the country of origin: the country with the highest price was Singapore ($22,594 per ton), while the price for Argentina ($679 per ton) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was attained by Singapore (+5.8%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Food Preparations Not Elsewhere Specified or Included in the Philippines (FOB) - 2023
The average export price for food preparations not elsewhere specified or included stood at $2,526 per ton in November 2023, with an increase of 22% against the previous month. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The export price peaked at $2,825 per ton in December 2022; however, from January 2023 to November 2023, the export prices failed to regain momentum.
Prices varied noticeably by the country of destination: the country with the highest price was Australia ($4,389 per ton), while the average price for exports to Japan ($1,327 per ton) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+3.2%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Food Preparations Not Elsewhere Specified or Included in the Philippines
In 2022, the amount of food preparations not elsewhere specified or included imported into the Philippines soared to 256K tons, picking up by 19% compared with 2021. The total import volume increased at an average annual rate of +7.4% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 19% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.
In value terms, imports of food preparations not elsewhere specified or included reached $1B in 2022. The total import value increased at an average annual rate of +8.6% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 15% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.
| Import of Food Preparations Not Elsewhere Specified or Included in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Singapore | 258 | 279 | 348 | 337 | 9.3% |
| Vietnam | 40.8 | 30.9 | 55.1 | 103 | 36.2% |
| China | 68.6 | 76.3 | 87.7 | 99.8 | 13.3% |
| Malaysia | 75.3 | 76.2 | 79.3 | 99.7 | 9.8% |
| United States | 119 | 121 | 94.7 | 86.0 | -10.3% |
| Indonesia | 38.9 | 38.0 | 63.6 | 82.0 | 28.2% |
| Thailand | 52.3 | 60.6 | 57.0 | 68.3 | 9.3% |
| Argentina | 6.5 | 5.3 | 7.4 | 10.1 | 15.8% |
| Others | 157 | 131 | 148 | 161 | 0.8% |
| Total | 817 | 818 | 940 | 1,047 | 8.6% |
Top Suppliers of Food Preparations Not Elsewhere Specified or Included to the Philippines in 2022:
- China (54.2K tons)
- Vietnam (53.9K tons)
- Malaysia (31.6K tons)
- Thailand (21.5K tons)
- Indonesia (20.2K tons)
- Singapore (19.3K tons)
- Argentina (13.3K tons)
- United States (13.2K tons)
Exports of Food Preparations Not Elsewhere Specified or Included in the Philippines
In 2022, exports of food preparations not elsewhere specified or included from the Philippines skyrocketed to 39K tons, jumping by 31% on the previous year's figure. Overall, total exports indicated strong growth from 2019 to 2022: its volume increased at an average annual rate of +7.5% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +77.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 35% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.
In value terms, exports of food preparations not elsewhere specified or included surged to $98M in 2022. Over the period under review, exports enjoyed a buoyant expansion. The growth pace was the most rapid in 2021 with an increase of 53%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.
| Export of Food Preparations Not Elsewhere Specified or Included in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Malaysia | 3.5 | 1.1 | 8.7 | 16.3 | 67.0% |
| United States | 6.2 | 8.1 | 11.0 | 16.0 | 37.2% |
| Netherlands | 1.7 | 2.5 | 6.7 | 11.9 | 91.3% |
| Vietnam | 11.8 | 5.5 | 8.2 | 10.8 | -2.9% |
| Japan | 3.2 | 2.9 | 3.7 | 6.1 | 24.0% |
| Indonesia | 5.2 | 2.1 | 3.2 | 5.8 | 3.7% |
| United Kingdom | 0.5 | 0.9 | 2.9 | 4.7 | 111.0% |
| Australia | 1.0 | 1.2 | 1.8 | 3.7 | 54.7% |
| China | 2.4 | 0.9 | 0.9 | 2.1 | -4.4% |
| Canada | 2.8 | 2.0 | 1.7 | 1.9 | -12.1% |
| Taiwan (Chinese) | 1.6 | 1.7 | 2.9 | 1.8 | 4.0% |
| Spain | N/A | N/A | 0.8 | 1.4 | 75.0% |
| Others | 21.4 | 16.7 | 17.1 | 14.9 | -11.4% |
| Total | 61.1 | 45.6 | 69.7 | 97.5 | 16.9% |
Top Export Markets for Food Preparations Not Elsewhere Specified or Included from the Philippines in 2022:
- Malaysia (9.2K tons)
- United States (4.8K tons)
- Netherlands (4.6K tons)
- Vietnam (4.3K tons)
- Japan (2.8K tons)
- Indonesia (2.3K tons)
- United Kingdom (2.3K tons)
- Canada (0.9K tons)
- China (0.9K tons)
- Australia (0.8K tons)
- Taiwan (Chinese) (0.7K tons)
- Spain (0.7K tons)
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