Weather Fiji, Suva   Max 30°C, Min 23°C

Fiji Sun

SUNBIZ

International Merchandise Trade as at February 2017

International Merchandise Trade as at February 2017
Shoran Devi
July 22
11:00 2017

This is an informative publication, sponsored by The Fiji Sun, Fiji Bureau of Statistics and HFC Bank. All views expressed or implied are purely of the Financial Markets Analyst at the HFC Bank, Shoran Devi.

 

International merchandise trade statistics record all goods which add to or subtract from the stock of material resources of our country. Also called “net exports”, it reflects the seasonally adjusted imports and exports data and are considered as one of the most important economic statistics.

The latest provisional data put the total value of goods imported in February 2017 at $353.2 million while the value of total exports was $121.7 million. (Refer Graph).

Compared to February 2016, total imports increased by $75.6 million (27.2%) whereas total exports decreased by $46.3 million (27.6%).

The February 2017 trade deficit amounted to $231.5 million compared to $281.7 million a month earlier (January).

 

Imports

Compared to February 2016, some of the import categories recording notable increases in February 2017 were:

Mineral Products, up $20.2 million (39.3%) to $71.5 million due to increased imports of gas oil (diesel);

Vegetable Products, up $15.1 million (125.2%) to $27.2 million due to increased imports of wheat and meslin;

Works of arts, collectors, pieces and antique, up $13.8 million (1,377.1%) to $13.8 million due to increased imports of collections and collectors’ pieces of zoological, botanical, mineralogical, anatomical, historical, archaeological, paleontological, ethnographic or numismatic;

Vehicles, aircraft & associated transport equipment, up $7.9 million (29.8%) to $34.5 million due to increased imports of used or reconditioned passenger motor cars; and

Base metals & articles thereof, up $7.6 million (49.9%) to $22.9 million due to increased imports of iron or steel.

 

Compared to February 2016, there were no notable decreases for import categories.

For the month of February 2017, Fiji’s major sources of imports (Refer Graph) were:

Singapore, up $26.4 million (57.6%) to $72.3 million due to increased imports of gas oil (diesel);

New Zealand, up $12.3 million (23.0%) to $65.8 million due to increased imports of potatoes;

Australia, up $13.8 million (28.3%) to $62.4 million due to increased imports of wheat and meslin;

China – People’s Republic, up $2.4 million (5.6%) to $44.7 million due to increased imports of fresh fish; and

Japan, up $0.8 million (5.5%) to $15.7 million due to increased imports of used or reconditioned passenger motor cars.

 

Domestic Exports

Compared to February 2016, there were no notable increases for domestic export categories. However, notable decreases were noted in the following domestic export categories in February 2017.

Prepared foodstuffs, beverages, spirits & tobacco, down $15.2 million (32.3%) to $31.9 million due to decreased exports of sugar; and

Wood, cork & articles thereof & plaiting material, down $8.2 million (88.6%) to $1.1 million due to decreased exports of woodchips.

For the month of February 2017, Fiji’s major domestic export destinations (Refer Graph) were:

United States of America, down $0.2 million (0.9%) to $26.0 million due to decreased exports of perfumes;

Australia, down $1.9 million (10.8%) to $16.1 million due to decreased exports of unwrought silver plated with gold;

New Zealand, down $0.02 million (0.4%) to $4.4 million due to decreased exports of dalo (taro);

Vanuatu, down $0.4 million (8.7%) to $4.3 million due to decreased exports of flour; and

Samoa, up $1.0 million (54.6%) to $2.8 million due to increased exports of flour.

 

Re-Exports

Compared to February 2016, there were no notable increases for re-export categories, however, the re-export category recording a notable decrease was:

Mineral products, down $12.6 million (32.4%) to $26.4 million due to decreased re-exports of aviation turbine fuel.

For the month of February 2017, Fiji’s major re-export destinations were:

Tonga, up $2.8 million (162.1%) to $4.5 million due to increased re-exports of gas oil (diesel);

China – People’s Republic, up $0.1 million (2.8%) to $3.6 million due to increased re-exports of other frozen fish;

Kiribati, down $0.4 million (10.7%) to $3.6 million due to decreased re-exports of bituminous or oil shale and tar sands;

New Zealand, down $1.4 million (29.5%) to $3.2 million due to decreased re-exports of personal and household effects; and

Japan, up $1.4 million (91.6%) to $3.0 million due to increased re-exports of frozen fish.

Merchandise trade statistics are primarily used as a short-term economic indicator and as an input to the compilation of import or export components of various price indices. It is also used as an input to the compilation of balance of payments statistics and national accounts. Additionally, merchandise trade statistics are also referred to when developing trade policies, including fiscal, monetary, structural and sectoral issues.

While our merchandise trade deficit looks relatively large, Fiji has always maintained a surplus on trade in services, as an offset. Fiji’s economy is essentially a services economy with trade in services contributing about 73 percent of GDP mainly through strong tourism earnings, air transportation and personal remittances.

 

 

 

Tags
Share

Related Articles

you said it
"I support it 200 percent, I am with FRU, the country and the people of Fiji. We want to bid to get one of the HSBC stops in Fiji."
Waisale Serevi
Sevens Legend

Fijisun Online @Instagram