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International Trade In Services Statistics

Fiji’s export of services in the December quarter of 2015 was valued at $689.4 million whilst import was valued at $280.9 million. When compared to the same period a year
01 Oct 2016 07:07
International Trade In Services Statistics

Fiji’s export of services in the December quarter of 2015 was valued at $689.4 million whilst import was valued at $280.9 million.

When compared to the same period a year earlier, exports increased by $46.5 million or 7.2% and imports decreased by $17.0 million or 5.7%.

The trade in services for December quarter 2015 was a surplus of $408.5 million, widened further by $63.5 million when compared to the same period in 2014.

Annually, Fiji’s export of services was valued at $2,635.9 million for 2015 and imports were valued at $1,144.7 million.

When compared to 2014, exports increased by $225.9 million or 9.4% and imports increased by $5.4 million or 0.5%.

 

Trade in services

The trade in services was a surplus in 2015 and amounted to $1,491.2 million, widened further by $220.5 million or 17.4% when compared to 2014.

Services that recorded a surplus and the difference noted between year 2014 and 2015:

  • Travel services recorded $1,379.8 million, an increase of $129.1 million reflecting higher earnings from tourism;
  • Government services recorded $123.0 million, a decrease of $70.1 million and this was a result of lower receipts of funds received by International Agencies in Fiji;
  • Transportation services recorded $108.5 million, an increase of $127.1 million mainly driven by higher receipts of international air passenger services;
  • Manufacturing services recorded $23.9 million, an increase of $0.6 million reflecting higher earnings from goods processed in Fiji;
  • Construction services recorded $12.5 million, an increase of $15.4 million due to higher earnings for construction works carried out abroad;
  • Maintenance and repair services recorded $7.5 million, an increase of $1.1 million reflecting higher earnings for the repair of goods and
  • Financial services recorded $7.3 million, a decrease of $0.9 million reflecting lower receipts for services provided by financial institutions.

Services that recorded a deficit and the difference noted between year 2014 and 2015:

  • Insurance services recorded $77.2, a decrease of $1.4 million due to insurance paid on imported goods to cover for damage or complete loss of freight;
  • Telecommunication, computer and information services recorded $53.9 million, a decrease of $9.7 million reflecting payments for telecommunication, computer and information services;
  • Other business services recorded $29.2 million, a decrease of $5.8 million reflecting payments for professional and management consultation services;
  • Charges for the use of intellectual property services recorded $7.2 million, an increase of $2.1 million due to royalty and license fee payments and
  • Personal, cultural and recreational services recorded $3.8 million, a decrease of $3.4 million reflecting higher payments of fees for audio visual and other personal, cultural and recreational services.

 

What this all means

International trade in services is beneficial to Fiji because it gives us the opportunity to venture out and discover new services available globally but not in Fiji which we can access, major source of foreign exchange.

Travel services is the highest earner for international trade in services so far since our tourism sector is booming via new routes introduced by Fiji Airways which includes, San Francisco and Singapore.

While Fiji has a large merchandise trade deficit as we are a small open economy and need to import food, medicine, equipment’s, fuel , this is offset by the notable surplus in the

trade in services.
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 Treasurer at the HFC Bank, Peter Fuata.

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