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News: South Sudan to export teak tree

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Published on Jan 25, 2013

South sudan is expected to take up large scale export of teak tree to the global market to boost its foreign currency reserves.the exports are expected to help the worlds newest nation diversify from its depency on oil revenue that is now in jeopardy.teak is one of the most valuable hardwoods and planted teak forests have attracted investment in africa, asia and latin america, according to a march 2012 report by the food and agriculture organization. South sudans teak forests are the oldest in africa, having been planted by british colonialists before sudan gained independence. According to bloomberg news agency, equatoria teak a south sudan- based forestry group, plans to start shipping the wood within two months. South sudans only export is oil, which the government relies on to generate 98 of its revenue. Last year, the state shut down crude production in a dispute with neighboring sudan over transit fees. That led to a foreign-exchange shortage and resulted in the south sudanese pound weakening 6.3 percent since the start of 2012

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