Abaca exports in Q1 increased 12.8%
Export earnings from abaca in the first quarter this year rose more than a tenth year on year.
Data from the Philippine Statistics Authority showed that outbound shipments of raw fiber and manufactured products of abaca during the January to March period stood at $35.536 million free-on-board, 12.8% higher than the $31.51 million in the comparable period last year.
Abaca pulp contributed the biggest to the value of exports during the period with a 69.5% share. The abaca product annually surged 24% in value to $24.68 million.
Raw fiber, which accounted for 23.2% of the shipments during the first quarter, was valued at $8.25 million, up 37.5% from the $6 million last year.
Abaca fabrics also saw an increase to $303,063, more than doubling last year’s $130,293. But value of cordage and fibercrafts exports declined, respectively, by 9% and 87.4% annually to $1.87 million and $431,243.
During the quarter, Spain was the biggest importer of Philippine abaca fiber, accounting for 33.7% or 1,448.8 MT.