Abaca 2011 exports pegged at $140-M, spurs 25% production growth

Abaca exports in 2011 likely hit $140 million last year, according to the Fiber Industry Development Authority (FIDA) based on latest available 10-month totals. Demand growth for abaca overseas prompted local farmers to plant more abaca.   FIDA said from January to October 2011 abaca shipments to overseas markets earned $122 million for local firms. Most of the shipments—74 percent or $90.37 million—was of abaca pulp, which saw its export growth rise by 59.3 percent.   Exports of abaca cordage totaled $14.72 million or an increase of 20 percent from 2010 earnings.   With global demand high and the country’s share of the market at 85 percent, local farmers were inspired to raise their production by 24.5 percent from January to November at 56,770.88 metric tons (MT).   The Bicol and Eastern Visayas region account for a little over half of the country’s abaca exports. — ELR, GMA News