Phl milk imports to hit 2.65 M MT

The country's imports of milk and milk products are seen increasing by 14 percent to over 2.6 million metric tons (in milk equivalent) this year, driven by higher demand from food processors coupled by softer world market prices.

- By JASPER EMMANUEL ARCALAS

In its Dairy Market Review, the United Nations' Food and Agriculture Organization (FAO) projected that the Philippines' dairy imports would hit 2.648 million MT this year, about 325,000 MT higher than last year's 2.323 million MT.

The full-year import forecast is close to the country's 2020-2022 import average of 2.653 million MT, based on FAO data.

The FAO attributed the increase to improved consumer demand and increased food service sales in the country.

The international agency noted that there has been "increasing spending on food consumed out of home and the overall increased demand from the hotel, restaurant and institutional sector" in the Philippines.

The Philippines was cited as one of the countries that would contribute to the marginal increase in global dairy trade, which is estimated to grow by 0.4 percent year-on-year to 85 million MT this year.