• PNG Business News

K2.9 billion from log exports the past 10 years

Log exports continue to be PNG’s largest export earner in the forestry sector fetching K2.9 billion in the past 10 years.

The PNG Forest Authority Managing Director Tunoi Sabuin revealed this at the recent 2019 Forest Summit held from Wednesday the 9th to Friday the 11th of October at APEC Haus in downtown Port Moresby.

Mr Sabuin said since 2008 the total FOB values has reached K9.2 billion by September 2018.

“PNG’s tropical hardwood logs are PNG’s major export revenue source with log export earnings reaching over K9.2 billion in September 2018,” Mr Sabuin said.

He stressed the time is right to build the forestry sector through industrial plantation and maximizing onshore processing of forest products.

“There is no better time than now as we dialogue on the action of the forum. Our goal is to have a vibrant plantation sector and an increased processing sector that is viable and highly competitive at the same time ensuring that the natural forest is sustainable.

“The domestic wood processing industry has accounted for only 2.1 percent of the total volume in 2018. Major revenues of the government in the sector are from the log export tax and log export development levy.

“Between 2008 and 2018 total export volume of PNG logs reached 34 million cubic meters. The total FOB value for that volume over the same period reached 9.2 billion kina. That is what the industry has earned during the period,” Mr Sabuin said.

The theme of the recent 2019 Forest Summit is “Harnessing Inclusive opportunities and greater economic potential of the forestry sector.”

And the four main focus areas are;

● National Forest Round Log Export Ban

● Increased Onshore Processing

● Forest Plantation Development and Expansion

● Landowner PNG National participation

Mr Sabuin called for greater consultation and concerted efforts by all stakeholders in recognizing that all play important roles and functions in the growth of the sector and economy.

PNG Business News

2nd Floor, Suite 6,

Corinthian Plaza Building,

Paseo De Roxas, Legaspi Village,

Makati, Philippines

Phone: +632 251 5599

Subscribe to Our Newsletter

  • White Facebook Icon

© PNG Business News