US agricultural exports to the Philippines are expected to reach $3.1 billion by end of 2020 despite disruptions caused by the coronavirus pandemic, the United States Department of Agriculture said. The USDA Foreign Agricultural Service said this is up 7% from the 2019-level amid the health crisis that forced many countries to close their borders, and many businesses to shutdown. "Despite COVID-19 disruptions to trade flows, business operations, and consumer welfare, FAS Manila forecasts year-end sales will reach a record $3.1 billion, topping 2019 by seven percent," it said. Top imports were soybean meal, wheat, dairy products, prepared food, and processed vegetables, the USDA said.
The Philippines also remains to be its largest market for consumer-oriented products in Southeast Asia, and the ninth largest market for US agricultural products. Despite the expected softer demand for the coming holiday season due to the pandemic, the USDA said traders are still seeing "brisk sales and strong preference for US products." The agency added that high-value, consumer-oriented export products that have best prospects for growth include baking ingredients, fresh and processed fruits and vegetables, prepared food, beverages, flavors and syrups, poultry, and red meat.