The association said that “the quantity of cork extracted was higher than expected", and that "there was an increase in cork prices for the production of around 25%, compared to last year".
The Portuguese Interprofessional Cork Sector Association (FILCORK) on Thursday estimated that the material’s production would expand 30% in 2019, following improvements made to the quantity and prices of this year’s campaign.
“According to the available data, we expect about a 30% increase in cork production in 2019” FILCORK said.
In a note presenting the results of this year’s cork extraction campaign, the association said that “the quantity of cork was higher than expected, estimating a production of about 3.4 million ‘arrobas’ in Portugal and 2.1 million ‘arrobas’ in Spain, totalling 5.5 million ‘arrobas’, which is around 82,500 tons.”
An ‘arroba’ is an old imperial measurement of volume, similar to a bushel or around 15 kg.
At the same time, “there was an increase in cork prices for the production of around 25%, compared to last year,” it said, as well as the extraction prices.
Still, “the amount of cork in the 2018 campaign ensures the needs of the industry, in light of market demand and existing stocks,” FILCORK said.
FILCORK was created in 2008 and consists of seven entities representing companies in the production and transformation of cork.