Soybean oilcake market in the Philippines

Earlier Report Observations

The market for soybean oilcake in the Philippines experienced notable volatility between 2018 and 2023. After growing to 3.1 million tons in 2019, volume contracted to 2.7 million tons in 2020 before recovering partially the following year. A sharp expansion then occurred in 2022, driving the market to a peak of 3.4 million tons. This upward trajectory reversed in 2023, with the market declining to 3 million tons. This contraction coincided with a reported 55% drop in the value of the domestic soybean oil market, a related sector from which oilcake is derived.

The market's fluctuations were primarily driven by changes in import volumes, which constitute the bulk of supply. The significant downturn in 2023 aligns with broader stress in the soybean complex, affecting the availability and trade of its by-products. Looking at the full period through 2024, a key regulatory change was implemented: Executive Order No. 62 established a 0% tariff rate on imports of soybean oilcake until 2028, a measure designed to facilitate market access.

Concurrent industry developments included substantial capacity investments, such as Universal Robina Corp. breaking ground on a new state-of-the-art production facility. Furthermore, broader consumer trends towards health-conscious and sustainable consumption patterns continued to influence the related edible oils sector, providing context for the market environment.

Production soybean oilcake in the Philippines

In kind, 2017-2020, K t

Top producers of soybean oilcake, 2017-2020

World map of production of soybean oilcake, 2017-2020

Soybean oilcake production in the Philippines increased in 2020, following a two-year decline. That year, production reached 125.6 K t, marking a 7.2% increase from 2019. However, over the broader period from 2017 to 2020, production fell by 17.1%, with an average annual decline of 6.1%. The lowest production level was recorded in 2019 at 117.1 K t, which also saw the largest annual drop of 17.8%.

Annual dynamics of production in the Philippines in kind, 2017-2020, K t

In value, 2017-2020, M $ US

In 2020, the value of soybean oilcake output in the Philippines was 332.2 M $ US, showing a sharp increase of 35.3% compared to 2019. The lowest value in recent years was 245.5 M $ US in 2019, while the highest was 360.1 M $ US in 2018. The most significant decline occurred in 2019, with a drop of 31.8%.

Annual dynamics of production in the Philippines in value, 2017-2020, M $ US

Exports soybean oilcake from the Philippines

Exports in kind, K t

In 2020, soybean oilcake exports from the Philippines totaled 0.1 K t, a decrease of 35.1% from the previous year. From 2017 to 2020, exports declined by 19.7%, with an average annual reduction of 7.1%. The lowest export volume was 0.1 K t in 2018, and the highest was also 0.1 K t in 2019, which saw the largest increase of 69.2%.

Annual dynamics of product's exports from the Philippines in kind, 2017-2020, K t

Between 2017 and 2020, the United Kingdom and Guam were the primary destinations for soybean oilcake exports from the Philippines, together accounting for 82.6% of total export volumes, with other markets making up the remainder.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from the Philippines in kind, 2017-2020

Exports in value, M $ US

In 2020, the value of soybean oilcake exports from the Philippines was 0.2 M $ US, representing a significant decline of 18.1% year-on-year. Over the period from 2017 to 2020, exports decreased by 3.9%, with an average annual rate of decline of 1.3%. The lowest value was 0.2 M $ US in 2018, while the highest was 0.3 M $ US in 2019, which experienced the largest increase of 40.4%.

Annual dynamics of product's exports from the Philippines in value, 2017-2020, M $ US

From 2017 to 2020, the United Kingdom and Guam dominated the export partner structure in value terms, with other countries collectively forming the remaining share.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from the Philippines in value, 2017-2020

Imports soybean oilcake to the Philippines

Imports in kind, K t

Soybean oilcake imports into the Philippines declined in 2020, after a two-year period of growth. In 2020, imports amounted to 2 578 K t, which is 14.6% lower than in 2019. However, over the full period from 2017 to 2020, imports increased by 5.1%, with an average annual growth rate of 1.7%. The highest import volume was recorded in 2019 at 3 019 K t, which also saw the largest increase of 15.2%.

Annual dynamics of product's imports to the Philippines in kind, 2017-2020, K t

During 2017–2020, the partner structure for soybean oilcake imports in kind was heavily reliant on the United States and Argentina, which together accounted for 99.3% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to the Philippines in kind, 2017-2020

Imports in value, M $ US

Soybean oilcake imports into the Philippines declined in 2020, following two years of gains. In 2020, imports were valued at approximately 1 010 M $ US, a decrease of 14.1% from 2019. Over the period from 2017 to 2020, imports increased by 2.7%, with an average annual growth rate of 0.9%. The highest value was recorded in 2019 at 1 176 M $ US, while the largest increase occurred in 2018 at 14.3%.

Annual dynamics of product's imports to the Philippines in value, 2017-2020, M $ US

From 2017 to 2020, the United States and Argentina clearly dominated soybean oilcake imports in value terms, with a combined share of 99.2% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to the Philippines in value, 2017-2020