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Thursday, 28 January 2016

PNG Pushes To Close Trade Imbalance Gap With Fiji

Papua New Guinea is pushing hard to get rid of the trade imbalance currently and is in favour of Fiji. PNG Minister for Trade, Commerce and Industry, Richard Maru, who was in the country two weeks ago, has raised this alarm bell upon his return to PNG. PNG media reports have highlighted concerns where Fiji exports goods worth more than K58 million (FJ$41 million) to PNG while PNG exports only K4 million (FJ$2.8 million) to Fiji. But figures from the Fiji Bureau of Statistics reveals that Fiji’s exports into PNG dropped drastically in 2014 in comparison to 2012 and 2013. Fiji’s exports into PNG in 2012 was around $73 million, 2013 it went down to $63 million and in 2014, it was $17 million which was a big drop. In terms of imports from PNG, in 2012 it was around $4.4 million, 2013 it went up to $7.2 million and 2014 finished with $7 million worth of imports. Fiji-PNG Business Council President, Nouzab Fareed, said Fiji not importing as much from PNG was not because of quality but because of the pricing and the strength of their currency – the PNG Kina. “Most of the items from PNG are fairly good in quality but expensive because of Kina and we have not done enough imports from there which is price competitive enough for Fijian market,” he said. Nonetheless, Mr Fareed said the council continues to support Fijian companies who are planning to import from PNG. “We are also trying to hook up with PNG companies who got the right price of their products for Fijian market to export to Fiji,” he said.But he explained the common ground is very little. Mr Fareed said there are some PNG companies who are getting information on the market in Fiji for certain products as they want to export from PNG to Fiji. “The product is good but it is the pricing. There are a few products which are competitive and we will continue to see where we can push those areas,” he said.

Source: Fiji Sun