Price for Cereals; Grain Sorghum, Other than Seed in the Philippines - 2023

Contents:

  1. Price for Cereals; Grain Sorghum, Other than Seed in the Philippines (CIF) - 2022
  2. Imports of Cereals; Grain Sorghum, Other than Seed in the Philippines

Price for Cereals; Grain Sorghum, Other than Seed in the Philippines (CIF) - 2022

The average import price for cereals; grain sorghum, other than seeds stood at $330 per ton in 2022, growing by 14% against the previous year. Over the period from 2017 to 2022, it increased at an average annual rate of +4.8%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 20% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were India ($330 per ton) and Ukraine ($330 per ton), while the price for Australia ($330 per ton) and Thailand ($330 per ton) were amongst the lowest.

From 2017 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Imports of Cereals; Grain Sorghum, Other than Seed in the Philippines

In 2022, approx. 37K tons of cereals; grain sorghum, other than seeds were imported into the Philippines; rising by 30% against the previous year's figure. In general, total imports indicated a significant increase from 2019 to 2022: its volume increased at an average annual rate of +22.9% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -5.3% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 96% against the previous year. As a result, imports reached the peak of 39K tons. From 2021 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of cereals; grain sorghum, other than seeds soared to $12M in 2022. Over the period under review, total imports indicated significant growth from 2019 to 2022: its value increased at an average annual rate of +23.8% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +89.7% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Import of Cereals; Grain Sorghum, Other than Seed in the Philippines (Million USD)
COUNTRY2019202020212022CAGR,
2019-2022
Australia3.06.07.510.250.4%
India2.20.90.21.0-23.1%
Thailand0.30.80.40.626.0%
Ukraine0.20.40.10.20.0%
Paraguay0.30.2N/AN/A-33.3%
Others0.41.1N/AN/A175.0%
Total6.49.48.212.123.7%

Top Suppliers of Cereals; Grain Sorghum, Other than Seed to the Philippines in 2022:

  1. Australia (31.1K tons)
  2. India (3.1K tons)
  3. Thailand (1.8K tons)
  4. Ukraine (0.6K tons)

Source: IndexBox Market Intelligence Platform

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