Abaca exports from the Philippines expanded 57.4 percent to $79.63 million in January to August 2014 from $50.6 million in the same period in 2013 on the back of sustained demand for the crop in the country’s major markets, according to the Fiber Industry Development Authority (Fida).
Figures from Fida, an attached agency of the Department of Agriculture (DA), showed that the value of the shipments of abaca fiber more than doubled to $10.9 million in the eight months to August 2014 from $4.9 million posted in the same period in 2013.
The value of abaca pulp shipped out to other countries also rose by 64 percent to $51.1 million from $34.8 million recorded in January to August 2013. Earnings from cordage and fabrics also went up by 18 percent and 21 percent, respectively.
Abaca products exported to the country’s major markets in Asia reached 24,574 bales in January to August 2014, a whopping 428-percent improvement from 4,654 bales recorded in 2013.
Japan was the top importer of local abaca products, accounting for 15,863 bales. Shipments to Japan in terms of volume grew threefold from 3,844 bales recorded in January to August 2013.
Shipments to China recorded the biggest improvement during the period at 2,737 percent. China imported a total of 5,108 bales of abaca products in the eight months to August 2014 from 180 bales posted in the same period in 2013.
Demand from Europe has also started to pick up, according to Fida. The Philippines exported a total of 22,972 bales of abaca products to European countries in January to August 2014. In terms of volume, shipments jumped by 88 percent compared to the figure posted in January to August 2013.
The Bicol region and Eastern Visayas are the top producers of abaca in the country.
The Philippines supplies 85 percent of the total abaca requirement of the world. The country’s major markets are the United States, Japan, and Germany.