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Fiji’s timber industry is projected to grow by 10.0 per cent this year, according to the Reserve Bank of Fiji’s March quarterly review out last week.
The projection is despite timber export receipts cumulative to February being around $7.3 million, 21.3 per cent lower than the same period in 2007.
“Despite the weak February result, the forestry industry is projected to grow by 10.0 per cent this year,” the RBF said.
The RBF estimated that the timber industry grew by 5 per cent in 2007, largely driven by a rise in mahogany log production of 72,000 cubic meters in contrast to 46,000 cubic meters recorded in 2006.
Export receipts for the timber industry for 2007 totalled $47.7m, a growth of 27.0 per cent over 2006.
