Price for Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in the Philippines - 2022

Contents:

1. Price for Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in the Philippines (CIF) - 2022
2. Price for Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in the Philippines (FOB) - 2022
3. Imports of Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in the Philippines
4. Exports of Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in the Philippines

Price for Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in the Philippines (CIF) - 2022

The average import price for cereal grains; worked (eg hulled, pearled, sliced or kibbled) of maize (corn) stood at $471 per ton in 2022, increasing by 29% against the previous year. Over the period under review, the import price saw measured growth. The most prominent rate of growth was recorded in 2014 an increase of 96% against the previous year. As a result, import price reached the peak level of $656 per ton. From 2015 to 2022, the average import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to +12.3% per year.

Price for Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in the Philippines (FOB) - 2022

The average export price for cereal grains; worked (eg hulled, pearled, sliced or kibbled) of maize (corn) stood at $1,752 per ton in 2022, rising by 40% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by 60% against the previous year. The export price peaked at $2,159 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kuwait ($2,271 per ton), while the average price for exports to Malaysia ($208 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kuwait (+12.1%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in the Philippines

In 2022, overseas purchases of cereal grains; worked (eg hulled, pearled, sliced or kibbled) of maize (corn) decreased by -91.2% to 231 tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports continue to indicate a significant curtailment. The pace of growth was the most pronounced in 2020 when imports increased by 169% against the previous year.

In value terms, imports of cereal grains; worked (eg hulled, pearled, sliced or kibbled) of maize (corn) contracted significantly to $109K in 2022. Over the period under review, imports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2020 with an increase of 220% against the previous year.

Top Suppliers of Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) to the Philippines in 2022:

1. United States (231.0 tons)

Exports of Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in the Philippines

In 2022, the amount of cereal grains; worked (eg hulled, pearled, sliced or kibbled) of maize (corn) exported from the Philippines surged to 1.5 tons, rising by 70% compared with 2021 figures. In general, exports saw a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 170% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, exports of cereal grains; worked (eg hulled, pearled, sliced or kibbled) of maize (corn) surged to $2.6K in 2022. Overall, exports enjoyed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Top Export Markets for Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) from the Philippines in 2022:

1. Kuwait (946.0 kg)
2. Canada (271.0 kg)
3. Saudi Arabia (211.0 kg)
4. Malaysia (48.0 kg)

Source: IndexBox Market Intelligence Platform