The country’s frozen pork inventory as of September 19 was flat compared to the volume a year ago, based on data from the National Meat Inspection Service (NMIS).
NMIS data showed that frozen pork in accredited local cold storage facilities reached 85,600 metric tons (MT). Last year, the inventory was pegged at 85,197.21 MT.
On a weekly basis, however, the country’s pork inventory was 6.4 percent lower than the 91,522.24 MT recorded last September 12, according to data from the attached agency of the Department of Agriculture.
About 97 percent of the country’s frozen pork inventory as of September 19, or 83,062.61 MT, were imported. The remaining volume of 2,543.99 MT was locally produced.
NMIS data showed that 29.58 percent of the total frozen pork inventory, or about 25,326.08 MT, were in Region 3 cold storages.
Frozen pork inventory in Region 4A reached 23,579.05 MT while stocks in the National Capital Region were estimated at 22,937.6 MT.
NMIS data also showed that the country’s inventory of dressed chicken in cold storages as of September 19 reached 43,287.61 MT, 22.78 percent lower than the 56,059 MT recorded inventory in the same period of last year.
However, NMIS data showed that the dressed chicken inventory during the period was 3.78 percent higher than the 41,711.44 MT recorded last September 12.
NMIS showed that about 57.85 percent, or 25,403.02 MT, of the total dressed chicken inventory were imported while the remaining 17,884.59 MT were locally produced.
The Meat Importers and Traders Association (Mita) had warned that imported meat products may become more expensive in the coming months due to the weakening of peso and tightening global supply (Related story: https://businessmirror.com.ph/2022/09/22/imported-meat-prices-to-riseon-peso-global-supply-woes/).
“Simple calculations show that prices would increase by at least 10 percent because our exchange rate has weakened by that level. We are now seeing quotations of P58 [to a dollar]. Before we were just talking about P50 to P51, so that is about 10 percent already in difference in foreign exchange,” Mita President Emeritus Jesus C. Cham told reporters in an interview last week.
The country’s meat imports in January to August rose by 7 percent year-on-year to over 850,000 MT due to higher pork purchases from abroad, the latest government data showed.
Bureau of Animal Industry (BAI) data indicated that total meat imports during the 8-month period reached 851,840.294 MT, 56,253.577 MT higher than the 795,586.717 MT recorded a year ago.
BAI data showed that out of the 7 categories of imported meat products, only pork and lamb meat posted increments on an annual basis (Related story: https://businessmirror.com.ph/2022/09/19/pork-products-lamb-drive-meat-imports-growth-bai/).
The country’s pork imports, which accounted for 54.56 percent of total meat imports, rose by a fifth year-on-year to 464,838.711 MT from last year’s 385,563.34 MT.
Imports of prime cuts of pork, which currently enjoy a lower tariff rate, accounted for 55 percent of total pork imports during the period.
Image credits: Bloomberg news