Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in the Philippines - 2023
Contents:
- Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in the Philippines (CIF) - 2023
- Imports of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in the Philippines
Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in the Philippines (CIF) - 2023
The average import price for frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat stood at $2,926 per ton in November 2023, flattening at the previous month. Overall, the import price, however, showed a perceptible shrinkage. The most prominent rate of growth was recorded in February 2023 when the average import price increased by 26% month-to-month. The import price peaked at $3,770 per ton in November 2022; however, from December 2022 to November 2023, import prices failed to regain momentum.
There were significant differences in the average prices amongst the major supplying countries. In November 2023, the country with the highest price was the United States ($7,176 per ton), while the price for Germany ($1,137 per ton) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was attained by Belgium (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.
Imports of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in the Philippines
In 2022, approx. 8K tons of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat were imported into the Philippines; picking up by 26% on the year before. The total import volume increased at an average annual rate of +10.5% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, imports of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat soared to $27M in 2022. Over the period under review, total imports indicated buoyant growth from 2019 to 2022: its value increased at an average annual rate of +13.5% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +46.3% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.
| Import of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Ireland | 5.2 | 4.6 | 3.7 | 10.5 | 26.4% |
| United States | 1.8 | 2.1 | 0.5 | 5.5 | 45.1% |
| Spain | 0.1 | 0.1 | 0.6 | 3.8 | 236.2% |
| Netherlands | 0.9 | 1.0 | 0.9 | 2.2 | 34.7% |
| Australia | 1.4 | 0.7 | 0.3 | 1.7 | 6.7% |
| Denmark | 0.1 | 0.2 | 0.5 | 1.2 | 128.9% |
| Belgium | N/A | 0.2 | 0.2 | 0.5 | 58.1% |
| Austria | 0.3 | 0.3 | 0.2 | 0.4 | 10.1% |
| New Zealand | 0.9 | 0.6 | 0.4 | 0.2 | -39.4% |
| India | 0.4 | 0.5 | 0.4 | N/A | 0.0% |
| Others | 7.3 | 8.8 | 12.1 | 0.8 | -52.1% |
| Total | 18.4 | 19.0 | 19.7 | 26.9 | 13.5% |
Top Suppliers of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat to the Philippines in 2022:
- Ireland (3429.3 tons)
- Spain (1300.7 tons)
- United States (881.7 tons)
- Netherlands (842.7 tons)
- Denmark (465.2 tons)
- Australia (344.9 tons)
- Belgium (218.2 tons)
- Austria (141.3 tons)
- New Zealand (67.9 tons)
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