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Lower demand pulls down Philippine abaca exports
19
Feb '13
A decrease in demand from its major markets has resulted in a sharp decline in abaca exports from the Southeast Asian nation of Philippines during the first eleven months of 2012.
 
According to figures released by the Fiber Industry Development Authority (FIDA), Philippine abaca exports from January to November 2012 decreased by 24.24 percent year-on-year to US$ 100.04 million.
 
FIDA attributed the fall in abaca exports to lower demand from its major markets. Philippine abaca exports to all its major importing counties – Japan, the UK and China – dropped during the period under review.
 
In 2011, Japan was the top importer of Philippine abaca, but its imports were down 67.9 percent year-on-year to only 9,740 bales during the initial 11 months of 2012.
 
Likewise, the UK imported only 18,730 bales during the period under review, registering a fall of 32 percent year-on-year. Chinese imports of Philippine abaca too fell by 78.8 percent to 3,250 bales.
 
Abaca pulp exports, which accounted for 69.3 percent of all abaca exports from Philippines during the 11-month period, dipped by 29.47 percent year-on-year to US$ 69.35 million from exports worth US$ 98.32 million made during the corresponding period of 2011.
 
Exports of raw abaca fibre decreased by over 50 percent from US$ 12.84 million in January-November 2011 to US$ 5.18 million in the same period of 2012. Volume-wise, abaca fibre exports nosedived 54.8 percent to 33,900 bales of 125 kg each, as against exports of 75,000 bales in 2011.
 
However, abaca fabric exports from Philippines rose by 20 percent year-on-year to US$ 1.02 million during the review period. 
 
FIDA expects a 5-8 percent growth in Philippine abaca exports in 2013, as the industry has started getting orders from new markets like France, Russia, Spain and Qatar.
 

Fibre2fashion News Desk - India

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