MANILA —The Philippines may have received even more cargos of agricultural goods from the United States in 2023, topping the record-high shipments recorded in 2022.
“The Philippines’ economic expansion, driven by strong household spending and an improved hotel and restaurant industry, paved the way for US agricultural and related exports to reach a record $3.56 billion in 2022, with more opportunities for other agricultural products in 2023,” the Foreign Agricultural Service of the US Department of Agriculture (USDA) said in a report.
The Philippines is the eighth-largest export market for US agricultural and related products.
The USDA noted that the Philippines’ gross domestic product is projected to have grown by 6 percent in 2023 and achieve upper-middle income status by 2025.
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Also, the USDA observed that key economic indicators in the Philippines lead toward “a resilient economy amidst local and global headwinds.”
Thus, the report said, the Philippine food and beverage manufacturing sector alone is expected to grow by 7 percent to $61.3 billion in 2024, surpassing pre-COVID levels.
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On the other hand, food retail sales are anticipated to clock in a more conservative growth this year due to less home cooking as more consumers rely on food deliveries and dine-in restaurants.
Food service sales are estimated to grow by 10 percent to $14.04 billion, also above prepandemic levels, as tourism recovers and more consumers eat out and attend events. INQ