SUNBIZ

US Is Now Our Number 1 Export destination

The United States of America is our number one export destination by country at present, confirms Permanent Secretary for Industry, Trade and Tourism, Shaheen Ali. Furthermore, Mr Ali said trade
20 Aug 2015 09:54
US Is Now Our Number 1 Export destination
Permanent Secretary for Industry, Trade and Tourism, Shaheen Ali

The United States of America is our number one export destination by country at present, confirms Permanent Secretary for Industry, Trade and Tourism, Shaheen Ali.

Furthermore, Mr Ali said trade statistics from 2014 shows North America is gaining importance as our trade destination.

“Exports to US increased from 12 per cent of our total trade, in 2012, to 16 per cent in 2014,” he said.

“Our total trade with US grew, by 56 per cent from $350 million in 2012 to $546 million in 2014.”

Mr Ali made these comments as he opened the Pacific Island Countries-USA Regional Workshop on Trade, Investment and Private Sector Development yesterday at Shangri-La’s Fijian Resort.

Indeed the figures show a great milestone that despite being distant geographically, Fiji has been able to penetrate the US market albeit, with limited products.

This includes mineral water, crystallised ginger, mahogany and fish.

Mr Ali said it is worth noting these products and sectors have been spurred on by the initial investment and partnership by US firms.

“For example, Bumblebee, Natural Waters of Viti, Sustainable Mahogany Industries, to mention a few,” he said.

 

Other partners

Whilst trade with our traditional partners has been on the rise, trade with partners, such as China, has also been increasing.

Mr Ali said Fiji’s bilateral trade with China has increased by 133 per cent, from $424.1 million in 2012 to $989.6 million in 2014.

“This is an indication of Fiji’s evolving trade dynamics, as we are further expanding and diversifying our markets,” he said.

“We believe that Governments in the region should make every effort to facilitate various market options for the private sector to grow.

“Therefore, exploring options to further pursue the growth of the region’s trade with the US is critical.

 

Regional opportunities

Mr Ali stressed as the world’s largest economy, the United States constitutes as one of the largest potential export markets not only Fiji but the Pacific Island countries as well.

Hence, he said we need to work together to develop and pursue an agreed strategic framework that promotes Pacific exports into US, especially, our premium and niche products.

“At the same time, the region can benefit from importing technologically-advanced production techniques, methods and machineries and also attract quality foreign direct investments into the region,” he said.

“This partnership can be a win-win for both the US and Pacific Island Countries.”

Mr Ali said it becomes more urgent to establish this partnership, given the region’s combined total trade with the US reduced by 34 per cent from $1.168 billion in 2012 to $775.7 million in 2014.

Feedback: rachnal@fijisun.com.fj

Subscribe to E-Edition
pacific island top up
Rewa Fiji Dairy Ltd
Subscribe-to-Newspaper
Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper
error: