PH seen ramping up meat imports to 1.09M MT
MANILA — The Philippines may source more meat products from abroad this year as the government moved to reduce the tariff rate on imported meat, in line with the global forecast, the United Nations’ Food and Agriculture Organization (FAO) said.
In its latest food outlook, the FAO said the country’s meat imports may reach 1.09 million metric tons (MT) (carcass weight equivalent) in 2024, up by about 4 percent from 1.045 million MT a year ago.
Bovine meat shipment is estimated to increase by 205,000 MT from 192,000 MT previously.
The FAO attributed the upward forecast on the country’s imports to the extension of reduced tariffs on pig meat until the end of 2024 and increased demand for poultry and bovine meats.
READ: Meat imports rise as traders build up stock
The latest readings coincide with the FAO’s expectation that the global trade in meat and meat products will rebound in 2024 after two straight years of contraction.
Global meat exports are expected to rise by 1.8 percent to 41.2 million MT this year, as all regions are seen to bring in more imported meat, especially in Northern America, which the agency said highlighted the tight local supply of bovine meat.
“However, this positive outlook assumes that there will not be a further escalation of some critical influences, such as the spread of animal diseases, trade restrictions, geopolitical tensions, and currency fluctuations,” the FAO added.
Constrained purchasing power
“While constrained consumer purchasing power could lower demand for more expensive meat types, it could also induce poultry meat production and trade expansion, given its affordability,” it said.
Meanwhile, the global trade of poultry meat is projected to inch up by 1.5 percent to 16.3 million MT, with the majority of the demand coming from the United States, Malaysia, Iraq, the Philippines, the European Union, and South Africa.
The National Economic and Development Authority board earlier announced that the tariff rate for rice, pork, and other vital goods will remain lowered until 2028.
President Marcos has yet to issue an order on the new tariff structure, which also covers other agricultural commodities.
To date, the country imported 396.38 million kilograms of meat as of the end of April, 11.3 percent higher than 356.01 million kg in the same period a year ago.
Most of these are pork and chicken, accounting for more than half of the total.
The inflow of meat imports has been on an uptrend since February this year with the highest volume of 122.74 million kg recorded in April. —JORDEENE B. LAGARE INQ
