The Central Bank of Solomon Islands March 2021 Quarter Report shows Guadalcanal, Western and Isabel are the leading three provinces in the production of logs for export. These three provinces cater for 70 percent of log production in the country.
It says round logs production improved this quarter from the lowest performance in the past three quarters.
The bank reveals that log volumes surged by 31% to 657,593 cubic meters (m3) attributed to a substantial increase in natural logs by 29% to 600,118 m3 and plantation logs by 56% to 57,475 m3, respectively.
“The higher demand from PR China – the country’s main export destination and higher shipments particularly in Guadalcanal and Rennell and Bellona provinces during the quarter aided this outcome,” CBSI says.
Logs segregation by provinces indicated Guadalcanal province the leading producer with 27% of the overall production, followed by Western with 26%, and Isabel with 17%. Other provinces make up the remaining 30%. Meanwhile, the log export price per m3 reduced from US$106 to US$97. Similarly, the international log price per m3 fell by US$4 to US$281. Logging is the number one driver of the country’s economy and is the biggest foreign revenue earner.
Log production by province: