Philippine soybean meal imports from US rising
The Philippines is expected to import even more soybean meal over the next year imports are projected to surge next year due to increased demand for animal feed, at a time when US President Donald Trump’s tariff hikes are setting in.
The United States has been the leading source of soybean meal in the last two years, holding a market share of 83 percent in 2024.
Argentina and Brazil followed with 15 percent and 1 percent, respectively.
The US Department of Agriculture’s Foreign Agricultural Service (USDA-FAS) expects America to retain its market share in the marketing year 2025-2026 “due to favorable prices in the Philippines.”
The American agency released its report around the time US President Donald Trump slapped a 17 percent tariff on Philippine goods bound for America, which is lower than the import duties imposed on neighboring countries.
On Thursday, Trump announced a 90-day pause, which meant that tariffs on Philippine goods would instead be charged a 10-percent tariff.
The USDA-FAS pegged overseas soybean meal purchases at 3.35 million metric tons (MT) in the marketing year 2025-2026.
This represents a 3.1 percent increase from the 3.25 million MT estimated by the foreign agency in the current 2024-2025 marketing year.
The report said the marketing year for soybean meal in the Philippines begins in January every year.
The USDA-FAS attributed the upward projection to the anticipated surge in feed demand from broiler, layer, and aquaculture (specifically milkfish, tilapia and shrimp) industries.
