Honiara, Solomon Islands: Log production for January this year recorded a sharp fall, the Central Bank of Solomon Islands revealed.

According to the bank's monthly economic bulletin, log exports data declined sharply by 62% to 88,979 cubic metres in January 2010.

“This reverse the significant 90% growth seen in the previous month.

“This level is however, twice the levels in January 2009 mainly because of the pickup in global demand which started towards the end of last year,” the report said.

The bank said the drop against the December record was due to delays in shipping and cutbacks in logging activities due to torrential rains in major logging provinces during that month.

International log prices sourced from the World Bank continued the downward trend that began towards the end of 2009 and fell 3% at the end of January.

Meanwhile, copra production fell by 4 per cent for January, it was revealed.

The Central Bank, in its monthly economic bulletin, reported that estimated copra production during the month reached 2,299 tonnes, down 4% from the previous month.

However, that record is 61% above production levels 12 months ago.

“The fall is due mainly to incomplete data compiled by Commodities Export Marketing Authority (CEMA),” the report said.

In terms of prices, both domestic and contracted prices for copra remained unchanged at $2 per kilo and US$300 (SBD$2500) per tonne respectively from the previous month.

Averaged international price for copra increased 3% to US$524 (SBD$4350) per tonne, compared to US$509 (SBD$4220) per tonne in the preceding month.