An Empirical Analysis of Demand for U.S. Soybeans in the Philippines

To determine if the downward trend in U.S. market share of Philippine soybean imports is due either to inherent quality differences between soybeans from three competing exporting countries or to relative price changes, we analyze import quantity shares and relative prices of soybeans from Canada, China, and the U.S. to the Philippines. Results show that the Philippine soybeans import market exhibit low elasticity of import substitution, which implies greater rigidity in preferences. This reflects a market that is relatively more quality conscious. Market share trends, preference parameters, and price elasticities indicate strong preference by the Philippine market for U.S. soybeans relative to those from Canada and China. The downward trend in US market share can be explained by quality preferences rather than price factors.

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JEL Codes:
F10; F14; Q13; Q17

 Record created 2017-04-01, last modified 2019-08-29

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