13 Oct 2006

Forestry industry big money earner in PNG

8:32 am on 13 October 2006

The foreign exchange earnings from Papua New Guinea's forest industry reached US$173 million last year, accounting for 5-percent of the total merchandise exports.

The industry has been ranked the second major export earner to the mining and petroleum industry.

Forestry also generated an average of US$52 million in log export taxes last year.

The acting managing director of the PNG Forest Authority Dike Kari told a seminar the industry contributed about 7% to 9% of the gross domestic product.

He said it contributed greatly to the national economy in the terms of foreign exchange earnings, generation of taxes and income and employment.

Forest product exports generated an average of US$156 million worth of foreign exchange per annum over the last six years.