Fiji’s International Trade Service Statistics highlights the value of import and export of services between Fiji and the rest of the world.

Fiji’s export of services in the June quarter of 2016 was valued at $622.2 million whilst imports was valued at $260.3 million.

When compared to the same period a year earlier, exports decreased by $6.6 million or 1.0% and imports decreased by $24.6 million or 8.6%.

The trade in services for June quarter 2016 was a surplus of $361.9 million, widened further by $18.0 million when compared to the same period in 2015.

Services that recorded a surplus and the difference noted between June quarter 2015 and 2016;

• Travel services recorded surplus of $324.3 million, a decrease of $8.9 million reflecting lower earnings from tourism;
• Government services recorded a surplus of $42.0 million, an increase of $12.3 million and this was a result of higher receipts of funds received by International Agencies based in Fiji;
• Transportation services recorded surplus of $25.0 million, an increase of $9.8 million mainly driven by higher receipts of international air passenger services;
• Manufacturing services recorded a surplus of $4.1 million, a decrease of $0.6 million reflecting lower earnings from goods processed in Fiji;
• Construction services recorded a surplus of $5 million, an increase of $4.3 million due to higher earnings for construction works carried out abroad;
• Financial services recorded a surplus of $1.8 million, a decrease of $0.2 million reflecting lower receipts for services provided by financial institutions.

Services that recorded a deficit and the difference noted between year 2015 and 2016;

• Insurance services recorded a deficit of $16.4, a decrease of $2.3 million due to insurance paid on imported goods to cover for damage or complete loss of freight;
• Telecommunication, computer and information services recorded a deficit of $10.5 million, a decrease of $2.3 million reflecting payments for telecommunication, computer and information services;
• Other business services recorded a deficit $10.6 million, an increase of $4.9 million reflecting payments for professional and management consultation services;
• Charges for the use of intellectual property services recorded a deficit of $1.8 million, a decrease of $0.7 million due to royalty and license fee payments and
• Maintenance and repair services recorded a deficit of $0.1 million, an decrease of $0.1 million due to payment for the repair of goods
• Personal, cultural and recreational services recorded a deficit of $0.9 million, a decrease of $0.8 million reflecting payments of fees for audio visual and other personal, cultural and recreational services.

International trade in services is beneficial to Fiji because it gives us the opportunity to explore new services and build new trade relationships with other nations that would benefit the Fiji economy as well as the welfare of the Fijian population in the form of better quality and cheaper price for services.

Travel services is the highest earner for international trade in services for Fiji so far since our tourism sector is booming via new routes introduced by Fiji Airways.

This includes, China, Singapore and San Francisco and SPTO planning on new marketing strategies to attract more visitors into Fiji (goal to reach one million visitors by 2020).

Moreover, Fiji Airways has introduced four new Airbus A330s to include into their fleet of planes bringing in more travel services and income for our homeland.

nThis 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.