Abaca export earnings up 23% in 7 months

MANILA, Philippines – Export earnings from abaca products went up 23 percent in the first seven months of the year on the back of increased demand from major markets, the Philippine Fiber Industry Development Authority (PhilFIDA) reported.

According to PhilFIDA, abaca export sales reached $77.5 million from $63 million in the same period last year.

Abaca pulp accounted for $52.4 million of total exports, 29 percent higher than the year ago.

Shipments to the US grew seven-fold to 1,446.8 metric tons (MT) while shipment volume to Asia rose 25 percent to 2,299.4 MT.

Europe purchased 9,110.5 MT, down by three percent year on year.

The total volume of abaca pulp exports expanded by 12 percent in the January to July period to 12,856.7 MT.

Meanwhile, the value of outbound shipments of fabric and cordage declined by 18 percent and 40 percent, respectively.

Fabrics exports contracted to $512,155 from $622,424 while cordage exports shrank to $4.4 million from $7.4 million last year.

Exports of fiber crafts, on the other hand, reached $6.7 million, more than double the $2.9 million recorded a year earlier.

Meanwhile, the value of raw fiber exports increased 18 percent to $13.5 million with total volume of exports slightly down to 59,024 bales.