LOGGING performs stronger than expected in the third quarter despite global restrictions as a result of the COVID-19 pandemic.
This was revealed in parliament by the Minister for Finance and Treasury Harry Kuma.
Logging is one of the country’s key exportation commodities.
He said logging shipments have been strong, recording 1.7 million cubic metres of log exports at the end of September which is on par with 2019 export volumes.
He added that the reopening of economies and borders especially China has boosted the exportation of logs, especially to China.
Kuma also told parliament that currently, log output is forecasted to hit the 2.2 million cubic meter mark which is higher than the Mid-Year Budget Review of 1.95 million cubic metres of logs exported in 2020, which is a drop to around 2 million cubic metres in 2021.
“While logging has continued to be strong this year, it is expected to be lower than the volume and revenues achieved last year in 2019 representing a constriction in value,” he added.
By ANDREW FANASIA
Newsroom Honiara
