February 17, 2013

Abaca Exports Expected to Grow in 2013

5 to 8 percent growth in Abaca exports is expected by the Fiber Industry development Authority (FIDA) this 2013 due to somem newly opened markets in Spain, France, Russia, and Qatar.

Initial orders are already been placed from these manufacturers said by chief of Fida's planning and statistics division Ramon Branzuela. However, there are still others that are making some tests.

One that is showing the interest in using Philippine abaca as floral wrap is Russia according to Ramon Branzuela.

United States and Europe are expected to place their orders soon because they are now recovering from economic slowdown, thus boosting the local abaca sector.

According to the report of Fida, 24 percent or a total of $100 million was lost in abaca fiber exports from January to November last year. In 2011 exports fell down to $132 million in the same period of time.