The value of the country’s abaca exports in the first half grew by almost 5 percent to $97.708 million from last year’s $93.194 million, latest data from the Philippine Fiber Industry Development Authority (PhilFida) showed.
PhilFida data indicated that abaca pulp accounted for 80.2 percent or about $78.324 million of the total export receipt from abaca. The value was 11.2 percent higher than the $70.451 million recorded in the first half of 2019.
It was followed by raw abaca fiber, which accounted for 16.3 percent of total earnings, or $15.922 million, 3.5 percent lower than last year’s $16.499 million, based on PhilFida data.
PhilFida data also showed that the volume of raw abaca fiber exports in the first half fell by 3.4 percent to 8,012.75 metric tons (MT) from last year’s 8,293.875 MT.
The United Kingdom was the top market for the country’s raw abaca fiber during the six-month period, according to the attached agency of the Department of Agriculture. The UK accounted for 55.3 percent of the total volume exported or about 4,429.125 MT, which was 8.1 percent higher than last year’s 4,095.625 MT, PhilFida said.
Japan was the second-largest market for the country’s raw abaca fiber as it accounted for a fifth of the total volume shipped in the January-to-June period. Raw abaca fiber exports to Japan, however, declined by 31.7 percent to 1,602.875 MT from last year’s 2,897.625 MT.
PhilFida Executive Director Kennedy T. Costales earlier expressed concerns that revenue from abaca exports this year may fall by 30 percent due to the damage caused by Supertyphoon Rolly (international name Goni) to Catanduanes as well as Covid-induced market problems.
Costales told the BusinessMirror he expects total abaca output this year to decline by 30 percent to a 20-year low of 50,000 MT.
He noted that abaca output has declined by at least 20 percent even before Rolly hit Catanduanes, the country’s top producer of the prized crop for export.
The decline, Costales added, was due to Covid-induced movement restrictions imposed by different local government units, which hindered the transport of abaca (See “Rolly’ hits abaca hard, 20-year decline seen,” in the BusinessMirror, November 3, 2020).