PHL abaca exports slip on weak demand 

The Fiber Industry Development Authority (FIDA) on Tuesday said weak global demand for abaca products has significantly affected export earnings in the first two months of the year, which was down by 8.7 percent to only $19.95 million. 

 

One of the main reasons for the lower export revenues was that shipments to the Philippines’ two largest buyers plunged in January and February. Exports to Japan fell by 77.1 percent to 180 metric tons (MT) and shipments to the UK dropped by 4.8 percent to 472.5 MT.

 

Products mostly affected were abaca fibers, cordage and pulp, according to FIDA.

 

Abaca fiber shipments amounted to only $1.1 million, down 48.3 percent.

 

Exports of cordage declined by 20 percent to $1.94 million, and shipments of pulp dropped by 4 percent to $15.4 million. —AGM/VS, GMA