Agriculture, Fisheries and Forestry sectors show improved mid-year performance - Finance Ministry

Agriculture, Fisheries and Forestry sectors show improved mid-year performance – Finance Ministry

Aug 10, 2018 News

According to the 2018 mid-year report of the Finance Ministry, the agriculture, fishing and forestry sectors grew by an estimated 3.4 percent. This is in spite of the sugar and rice industries contracting, by 30.6 percent and 3.8 percent, respectively.
The Ministry noted that ‘other crops’, livestock and forestry industries all experienced growth over the same period, with the latter two growing by a commendable 29.1 percent and 18.1 percent, respectively.
It was noted that the expansion in the forestry industry was driven by the production of logs and roundwood, which increased by 24.8 percent and 46.6 percent, respectively. This favourable outturn was largely due to increased demand from China, India and the US, which saw exports in the first quarter of 2018 increasing by 17.1 percent. By the end of the first half, the increase was 7.9 percent, the Ministry stated.
In addition to this, the Finance Ministry said that producers also expanded their output in response to local demand from both the private and public sectors. This was partly attributed to Government’s successful effort in lobbying for a hike in the CARICOM Common External Tariff on imported pine lumber, which has allowed additional market share for local lumber yards.
Further to this, it was noted that growth in the forestry industry was also buoyed by higher plywood production, which grew by a significant 73.4 percent, with the main producer signaling the intention to maintain production above 1,000 cubic metres per month.
The forestry industry is expected to continue its expansion into the second half and remains on track to at least meet its growth expectation of 8.0 percent, for 2018. However, the Finance Ministry issued a cautionary note, stating that the prolonged rainy season has resulted in a significant deterioration of hinterland roads, which poses a risk to production. Recognizing this, the Government has intervened to implement emergency maintenance works.

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

Latest News