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Our International Trade In Services: What’s Up, What’s Down

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
08 Apr 2017 11:31
Our International Trade In Services: What’s Up, What’s Down

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.

 

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 September quarter of 2016 was valued at $720.6 million whilst imports was valued at $278.23 million.  When compared to the same period a year earlier, exports decreased by $44.4 million or 5.8% and imports decreased by $15.5 million or 5.3%.

The trade in services for September quarter 2016 was a surplus of $442.4million which was an increase from previous quarter of $79.7million (or 21.97%). When compared to the same period last year there was an increase of $67.7million (or 18.07%). The cumulative surplus for as at September 2016 quarter stands as 1,179.8m, an increase of 94.2m (or 8.68%) when compared to the same period last year.

Services that recorded a surplus for the September quarter of 2016 were;

 Travel services recorded surplus of $359.0 million, a decrease of $70.4  million reflecting lower earnings from tourism;

 Government services recorded a surplus of $47.3 million, an increase of $24.2 million and this was a result of higher receipts of funds received by International Agencies based in Fiji;

 Transportation services recorded surplus of $62.6 million, an increase of $27.0 million mainly driven by higher receipts of international air passenger services;

 Manufacturing services recorded a surplus of $6.2 million, an increase of $0.2 million reflecting higher earnings from goods processed in Fiji;

 Construction services recorded a surplus of $8.7 million, an increase of $4.9 million due to higher earnings for construction works carried out abroad;

 Financial services recorded a surplus of $2.4 million, an increase of $0.1 million reflecting higher receipts for services provided by financial institutions.

  Maintenance and repair services recorded a surplus of $0.1 million, a decrease of $2.8 million due to lower receipts for the repair of goods.

Services that recorded a deficit for September quarter of 2016 were:

 Insurance services recorded a deficit of $18.9, a decrease of $1.9 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 $2.5 million, a decrease of $6.1 million reflecting payments for telecommunication, computer and information services;

  Charges for the use of intellectual property services recorded a deficit of $1.9 million, a decrease of $0.3 million due to royalty and license fee payments

 Personal, cultural and recreational services recorded a deficit of $1.5 million, an increase of $1.1 million reflecting payments of fees for health and education related services.

  Other business services recorded a deficit $19.1 million, an increase in deficit of $18.7 million reflecting payments for business services such as other professional and management consultation fees

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 through tourism.

The tourism industry has contributed significantly to Fiji’s economy and is the country’s largest foreign exchange earner. In the month of February there was an estimated 43,876 visitors to our shores according to Fiji Bureau of Statistics.

Although trade on goods which Fiji has a deficit, trade in services is a surplus and offsets the deficits.  Highlighting our very competitive tourism industry where we export our services with a smile and BULA.



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