Phl likely to hike pork imports

Local production of pork is expected to increase by 2.6 percent this year to 1.6 million metric tons, according to the United States Department of Agriculture (USDA) said.

Domestic consumption is also seen to improve by four percent to 1.88 million MT, which would prompt the Philippines to increase imports by about 18 percent, the USDA said.

“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,” it added.

The Philippines may need to increase its imports to fill the shortfall in supply.

This year, the Philippines is seen to import 285,000 MT, up 18 percent from 241,000 MT in 2017.

“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.

USDA said global production would increase by two percent to 113.5 million MT, while worldwide consumption would likely rise by nearly the same level.

Global pork exports could reach 8.34 million from 8.28 million MT the previous year, USDA said.

“While income growth will increase demand for pork in most markets, gains in domestic production will reduce demand from some buyers. China’s imports are forecast lower due to a recovery in its pork sector, while Russia is expected to reduce purchases due to its recent ban on Brazilian product,” USDA said.