Revenues from the country’s abaca shipments in January to May 2017 grew by 16.4 percent to $59.832 million, from $51.384 million recorded in the same period last year, according to the Philippine Fiber Industry Development Authority (PhilFida).
The latest data released by the PhilFida showed the bulk of export receipts came from outbound shipments of abaca pulp, which accounted for nearly 70 percent of total revenues. On an annual basis, abaca pulp exports during the five-month period rose by 22.1 percent to $41.772 million.
Total volume of abaca pulp exported by the Philippines during the January-to-May period reached 9,654.033 metric tons (MT), 12.5 percent higher than the 8,577.935 MT recorded in 2016.
The United Kingdom was the top importer of the country’s abaca pulp, accounting for 40.1 percent of total shipments during the five-month period. Abaca pulp exports to the UK expanded by 15.6 percent to 3,867.271 MT, from the previous year’s 3,265.885 MT.
Germany was the second top buyer of Philippine abaca pulp, accounting for 23.8 percent of shipments.
However, abaca pulp exports to Germany declined by 10.9 percent to 2,300.254 MT, from 2,551.087 MT.
PhilFida data showed the country’s total abaca fiber export during the five-month period rose by a third to 7,077.75 MT, from 2016’s record of 5,311.25 MT.
Spain was the country’s top abaca fiber export destination, accounting for 32.5 percent of shipments. Shipments to Spain jumped to 2,301.75 MT, from the previous year’s 432.25 MT.
Japan was the second top buyer of abaca fiber. It imported 2,103 MT, accounting for 29.7 percent of the total shipments. The volume was 13.6 percent higher than the 1,851.25 MT recorded in the same period a year ago.
PhilFida data showed total earnings from shipments of abaca fiber expanded by 41 percent to $13.581 million, from the previous year’s record of $9.635 million.