Philippine Daily Inquirer
2:52 am | Monday, February 18th, 2013
The fiber Industry Development Authority (Fida) expects abaca exports to grow by 5 to 8 percent in 2013 as new markets open up in France, Spain, Qatar and Russia.
Ramon Branzuela, chief of Fida’s planning and statistics division, said a number of manufacturers in these countries had placed their initial orders.
“Others are still doing market tests,” Branzuela said.
He said manufacturers in Russia, for example, had expressed interest to use Philippine abaca fiber as floral wrap.
Fida expects even more orders to soon come in as the United States and Europe recover from the economic slowdown, thus boosting the local abaca sector.
According to data from Fida, the total value of abaca fiber exported from January to November in 2012 fell by 24.2 percent to $100 million from $132 million in the same period in 2011.
Industry officials attributed this contraction in exports to the weaker demand in the international markets for abaca products, which are used to make tea bags, surgical masks and casing of meat sausages.
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Tags: abaca , Agriculture , Business , Exports , forecasts
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