Philippine abaca exports drop by a third

The Philippines’ abaca exports earnings dropped by almost a third at the beginning of the year as demand from traditional markets remained low, the Fiber Industry Development Authority (FIDA) said on Thursday.

In a report, FIDA said that the value of abaca exports dropped by 32.6 percent to $6.261 million in January 2013, from $9.296 million a year ago, resulting from the slow down in shipments of raw fiber and abaca pulp.