Abaca earnings up despite drop in demand for products

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    Most of the orders came from the UK followedby Japan, Spain and China.

    Abaca exports rose 4.8 percent in the first seven months of the year to $97.708 million from $93.194 million in the same period in 2019 driven by stronger demand for abaca pulp, the Philippine Fiber Industry Development Authority (PhilFIDA) said.

    Despite higher exports income, earnings from all subsectors of abaca decreased except for abaca pulp.

    Abaca pulp exports rose 11.2 percent to $78.324 million from $70.451 million.

    Abaca cordage registered the biggest decrease for the period with $2.472 million, 48 percent down from the previous year’s $4.758 million. It is followed by the 43.7 percent decline in revenues brought by abaca fiber crafts with $531,862 compared to 2019’s $944,415.

    The slide in abaca fabrics and yarns earnings followed with a 15.5 percent downward change to $456,861 from the previous $540,475 as abaca raw fiber’s slid by 3.5 percent to $15.922 million from $16.499 million.

    From the total exports of 64,102 raw abaca fiber bales of 125 kilograms during the period, most of the orders came from the United Kingdom with 35,433 bales equivalent to 55.3 percent.

    Other countries which imported most of the Philippine’s raw abaca fiber are Japan with 15,823 bales (24.7 percent), Spain with 9,698 bales (15.1 percent) and China with 2,090 (3.3 percent).

    Data provided by the agency also showed that from the 17,767.769 metric tons (MT) of abaca pulp exported, United Kingdom led with 7,745.491 MT (43.6 percent). Germany followed with 4,394.313 MT (24.7 percent) trailed by the United States with 2,343.044 MT (13.2 percent) and Japan with 1,608.001 MT (9.1 percent).

    Likewise, from the 913.2 MT of abaca cordage exports, 405.2 MT or 44.4 percent of it was purchased by the US. Other nations which bought most of the said abaca product also include Singapore with 98.5 MT (10.8 percent), Japan with 45 MT (4.9 percent) as well as Canada with 49.4 MT (5.4 percent).