Abaca exports down 17.3% in Jan-Aug

MANILA, Philippines – The country’s abaca exports  slumped 17.3% in the January to August period, according to the Fiber Industry Development Authority (FIDA).

Data released on Tuesday, November 13, showed that exports of Abaca amounted to $81.66 million in the January to August period this 2012. This was lower than the $98.71 million recorded in the same period in 2011.

The main reason for the decline, FIDA data showed, was the 19.1% decline in exports of abaca pulp. Shipments of abaca pulp reached only $58.82 million in the January to August 2012 period.

FIDA data showed that the fastest growth came from shipments of fibercrafts which posted an 18.5% growth to $4.89 million in the January to August period. This accounted for 6% of total abaca export revenues.

Where do they go?

Data showed that majority of abaca pulp in the January-to-August period were exported to Europe which accounted for 58.9% or $9.9 million of total revenues and Asia, 33.5% or $5.67 million of the total.

In Europe, some 27.5% or $4.67 million of total abaca pulp went to Germany followed by United Kingdom which accounted for 24.9% or $4.23 million.

FIDA said abaca pulp exports sent to Asia mostly went to Japan which accounted for 14.9% or $2.53 million of the total followed by Singapore with 10.1% or $1.72 million. – Rappler.com