Philippines: Maize Market 2024

Maize Market Size in the Philippines

In 2022, the Philippine maize market increased by 1.1% to $X, rising for the second year in a row after two years of decline. Overall, the total consumption indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +5.2% against 2020 indices. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Maize Production in the Philippines

In value terms, maize production fell to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 154%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

The average yield of maize in the Philippines dropped slightly to X tons per ha in 2022, approximately equating 2021. The yield figure increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 6.7%. Over the period under review, the average maize yield reached the peak level at X tons per ha in 2021, and then dropped slightly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of maize production in the Philippines fell slightly to X ha, approximately reflecting the previous year's figure. Over the period under review, the harvested area saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 2.7% against the previous year. Over the period under review, the harvested area dedicated to maize production reached the maximum at X ha in 2014; afterwards, it flattened through to 2022.

Maize Exports

Exports from the Philippines

In 2022, maize exports from the Philippines skyrocketed to X tons, growing by 189% against the previous year. Over the period under review, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 893%. The exports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, maize exports surged to $X in 2022. Overall, exports posted a significant increase. The pace of growth was the most pronounced in 2013 when exports increased by 1,231%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Vietnam (X tons) was the main destination for maize exports from the Philippines, with a approx. 99% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Vietnam totaled +92.5%.

In value terms, Vietnam ($X) also remains the key foreign market for maize exports from the Philippines.

From 2012 to 2022, the average annual growth rate of value to Vietnam stood at +91.9%.

Export Prices by Country

The average maize export price stood at $X per ton in 2022, approximately equating the previous year. In general, the export price, however, recorded a pronounced slump. The most prominent rate of growth was recorded in 2013 an increase of 34%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Vietnam.

From 2012 to 2022, the rate of growth in terms of prices for Pakistan amounted to +9.2% per year.

Maize Imports

Imports into the Philippines

In 2022, imports of maize into the Philippines soared to X tons, with an increase of 73% against the year before. Overall, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 141%. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, maize imports surged to $X in 2022. In general, imports saw a prominent increase. The pace of growth was the most pronounced in 2018 when imports increased by 108% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Myanmar (X tons), Brazil (X tons) and Indonesia (X tons) were the main suppliers of maize imports to the Philippines, together comprising 78% of total imports. Argentina, Vietnam, the United States, Thailand and India lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +137.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest maize suppliers to the Philippines were Myanmar ($X), Brazil ($X) and Indonesia ($X), with a combined 77% share of total imports. Argentina, Vietnam, the United States, Thailand and India lagged somewhat behind, together accounting for a further 22%.

Vietnam, with a CAGR of +107.5%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average maize import price stood at $X per ton in 2022, jumping by 15% against the previous year. In general, the import price, however, continues to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2021 when the average import price increased by 23%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+29.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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