Soybeans market in the Philippines

Earlier Report Observations

From 2018 to 2020, the soybean market volume in the Philippines contracted from 192.1 thousand tons to 144.6 thousand tons. In 2018, the Department of Agriculture-Bicol held a Soybean Farmers’ Field Day to promote domestic production, while the Soybean R&D Program launched to improve local supply chains. China's strong soybean demand also influenced global trade dynamics during this period.

Market volume temporarily increased to 160.5 thousand tons in 2021, then declined to 156.1 thousand tons in 2022 and 143.1 thousand tons in 2023, continuing the overall downward trajectory.

In 2024, soybean imports fell to 105.1 thousand tons. This decrease was driven by weaker demand for soybean meal in animal feed, linked to challenges in local swine production. The Department of Agriculture Region 10 simultaneously focused on enhancing soybean productivity and market linkages in Northern Mindanao.

Production soybeans in the Philippines

In kind, 2017-2020, t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

In 2020, the Philippines produced 554.5 t of soybeans, which represents a 15.8% decrease compared to the previous year. Between 2017 and 2020, production fell by 16.8%, translating to an annualized decline of 5.9%. The only year that saw an increase was 2019, with a modest 0.1% rise.

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

Exports soybeans from the Philippines

Exports in kind, K t

The data shows irregular fluctuations, pointing to a highly volatile market environment. From 2018 to 2019, export volumes varied dramatically, with a peak-to-trough amplitude of 1 282 times. In 2020, the Philippines exported 0.0 K t of soybeans, marking a sharp decline of 98.4% from the previous year. The minimum value was recorded in 2018 at 0.0 K t, while the maximum was in 2019 at 0.2 K t. The largest increase occurred in 2019, with a staggering 128 132.6% surge.

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

Throughout the period from 2017 to 2020, Malaysia dominated the partner structure of exports in kind, consistently accounting for 92.2% of total flows.

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, K $ US

Volatility was a key feature of the market during these years. From the low in 2018 to the high in 2019, export volumes varied 203 times. In 2020, the Philippines exported 1 K $ US of soybeans, showing an abrupt reduction of 98.8% from a year earlier. The minimum value was recorded in 2018 at 0.4 K $ US, while the maximum was in 2019 at 84 K $ US. The largest increase occurred in 2019, with a remarkable 20 177.8% rise.

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

Over the years 2017 to 2020, Malaysia served as the primary destination for soybeans from the Philippines, consistently absorbing 91.1% of total exports in value terms.

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 soybeans to the Philippines

Imports in kind, K t

The Philippines' soybean import volume declined for the third consecutive year. In 2020, imports amounted to 144.1 K t, reflecting a strong decline of 19.1% year-over-year. Between 2017 and 2020, imports decreased by 25.4%, equating to an annualized rate of decline of 9.3%.

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

From 2017 to 2020, imports in kind of soybeans to the Philippines were almost entirely tied to the United States, which accounted for 92.5% of total 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, K $ US

The Philippines' soybean import volume declined for the third consecutive year. In 2020, imports totalled 68 708 K $ US, down by 13.5% compared to the previous year. Over the period from 2017 to 2020, imports decreased by 24.8%, with a compound annual growth rate (CAGR) of -9.1%.

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

During 2017 to 2020, the United States effectively monopolised imports in value terms of soybeans to the Philippines, taking 90.4% 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