PNG copra looks to Asia

PAPUA New Guinea will be increasingly looking to Asia to buy more of its copra in the wake of the European economic crisis, according to the Kokonas Indastri Koporesen (KIK).
KIK acting industry affairs manager Alan Aku said copra earning had fallen drastically last year because of the European economic crisis.
He said the Phillipines and Europe were the major buyers of PNG copra.
“European countries are going through an economic crisis,” Aku said.
“They are the major buyers of most commodities. This (crisis) has caused imports from these countries to slow down. That’s why the price (of copra) has dropped down because the demand was not there.”
Aku said despite Europe going down, Asia was booming.
“The Asian population is growing,” he said.
“That’s where the commodities are going; they just can’t seem to stop buying.”
Aku said copra exported from PNG was used for many things, including food and oils.
“Copra is used for many things,” he said.
“There are several things that they use copra for, including cooking oil and cosmetics.”