Business and Economy
Export earnings from abaca hits USD 113.52M
Philippine export earnings from abaca surged 17.1 percent in January to October 2016 on the back of higher demand for pulp. (Photo by CC BY-SA 3.0,)
MANILA—Philippine export earnings from abaca surged 17.1 percent in January to October 2016 on the back of higher demand for pulp.
Data from Fiber Industry and Development Authority (FIDA) indicated that export sales reached USD 113.52 million in the first 10 months of 2016 from USD 96.95 million the previous year.
Abaca pulp export earnings increased 18.4 percent to USD 78.50 million from USD 66.30 million. This contributed 69.2 percent to total earnings during the period.
Abaca raw fiber exports, comprising 18.6 percent to total exports, reached USD 21.07 million from USD 16.52 million.
The FIDA said the value of fibercraft, cordage and fabrics exports was placed at USD 13.95 million in January to October, down slightly 1.26 percent from USD 14.13 million during the same period the previous year.
