Meat imports rise as traders build up stock
MANILA, Philippines — The country’s meat imports rose by 11.3 percent in the four months to April 30 this year as traders are building up stocks ahead of the projected increase in global prices.
Data from the Bureau of Animal Industry (BAI) showed the volume of imported meat totaled 396.38 million kilograms as of the end of April, rising from 356.01 million kg in the same period a year ago.
“Importers are likely positioning in anticipation of higher prices abroad, a weaker peso, as well as lower hog production due to El Niño,” Meat Importers and Traders Association (MITA) president emeritus Jesus Cham said in a message to reporters.
The influx of meat imports has been on an uptrend since February this year, with the highest monthly volume of 122.74 million kg recorded in April.
READ: Group warns of scarce meat supply from abroad
Of which, imported pork reached 193.14 million kg, climbing by almost 18 percent. These are mostly made up of offals and pork cuts.
Article continues after this advertisementUptrend since February
Cham noted that offal volume decreased which could indicate a “greater attractiveness” of pork meat at the current import duty rate.
Article continues after this advertisement“As these arrivals were contracted more than three months ago, the impact of the suspension of the pork quota most likely has not been felt. We will see in the next few months how it will affect imports,” he said.
READ: Gov’t urged to put moratorium on chicken importation
Chicken imports came second with 134.46 million kg, an increase of 2.4 percent, mostly of mechanically deboned meat or mechanically separated chicken.
Imported beef accounted for 51.52 million kg in meat imports, an increment of 21.89 percent, the majority of which are beef cuts.
“Perhaps the high retail price of pork is pushing consumers toward mid-range beef,” Cham said.
Meanwhile, meat imports also included 16.54 million kg of buffalo and 167,749 kg of lamb as well as 51,378 kg of duck.
