handmade vintage pressed wood composition 'carving', squirrel on stump

We love this chubby little squirrel, though we don't really know very much about this piece at all, and are unfamiliar with this sort of handcraft. It's about 30 years old, I think?

The label is marked Handmade in Columbia S.A. (South America?). It's some type of composition material, pressed wood composite?

The entire piece stands 9 1/2" tall, looks very good overall with just a few small chips and dings to the surface and details.