PH may import more pork despite higher production
United States Department of Agriculture (USDA) said the Philippines may import more pork this year despite higher production. This, as the production may not meet the foreseen demand.
Based on a latest USDA report, domestic consumption of pork will increase by four percent to 1.88 million metric tons (MT), a requirement that may not be filled by local production.
To be exact, the country’s pork production would only increase by 2.6 percent this year to 1.6 million MT.
“Pork consumption is growing in Asia and Oceania. Income growth and an expanding middle class are boosting demand in the Philippines where pork is the preferred meat,” USDA said.
Because of this, the Philippines is also seen to import 285,000 MT of pork, up 18 percent from 241,000 MT in 2017.
Meanwhile, USDA said global production would increase by two percent to 113.5 million MT.
“Global exports are forecast one percent higher in 2018 driven by higher demand and lower pork prices. Mexico, HongKong, Philippines, and Taiwan are expected to lead growth, while demand is also up in South and Central America,” USDA said.