Thanks to the rising preference of people for green products, both in the local as well as international markets, the abaca industry of Philippines is expecting an eight percent rise in exports this year, after experiencing a decline last year.
In a statement, Administrator of the Fibre Industry Development Authority, Cecilia Gloria Soriano, said abaca being a natural fibre and also because of its ability to curb adverse effects of climate change has bright prospects, particularly from producers of renewable goods and composites for construction and transport sectors.
Around 90 percent of the abaca traded in world markets is produced in Philippines.
Abaca exports from Philippines for initial 10 months of 2012 totalled US$ 91.35 million, making it apparent that the industry would not be able to achieve the US$ 151.84 million target set for the year.
Attributing the fall in exports to waning demand in key markets like the US and the EU, Ms. Soriano said exports almost sky-rocketed during 2011, but then as people started holding back their expenses in the wake of global economic slump, there was a dip in demand and exports dropped in 2012.
However, she said the demand has once again started recuperating, with rising preferences for green and natural fibre products like abaca.