Abaca exports jump 14%

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    The total value of abaca exports increased by 13.6 percent in the first five months of the year to $53.942 million from $47.487 million in the same period in 2019 driven by stronger demand for abaca pulp, data from the Philippine Fiber Industry Development Authority (PhilFIDA) showed.

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

    Abaca pulp registered a 33.5 percent income jump with $45.132 million for the period from $33.818 million.

    PhilFIDA said abaca cordage registered the biggest decrease for the period with $1.287 million, 59 percent down from the previous year’s $3.144 million. It is followed by the 32.8 percent decline in revenues brought by abaca fibercrafts with $342,456 compared to 2019’s $509,884.

    Abaca raw fiber’s earnings fell 29.1 percent to $6.898 million from the previous $9.724 million as abaca fabrics and yarns slid by 3.2 percent to $280,939 from $290,133.

    From the total exports of 27,967 raw abaca fiber bales of 125 kilograms during the period, most of the orders came from the United Kingdom with 14,499 bales equivalent to 51.8 percent.

    Other countries which imported most of the Philippine’s raw abaca fiber are Japan with 7,201 bales (25.7 percent), Spain with 5,234 bales (18.7 percent) and China with 605 (2.2 percent).