December Quarter 2012 Snap shot Summary

(i)                 Copra and Cocoa Production

Production of the two major commodity dropped in December quarter 2012, Copra went down by 50%  and Cocoa by 36 % over corresponding period in 2011, Producer’s price also dropped by 63% for Copra and 14% for Cocoa. In terms of trade Copra export decline by 22%, Coconut oil also dropped by 25% while Cocoa registered an increase over that period. Cattle production per head slaughtered by abattoirs grew by 2%, Beef export increase in both quantity and value by 11% and 16% respectively. Kava export decline by 25% in December quarter 2012 compare to the same period in 2011.

(ii)               Domestic Exports

 Domestic export figures for December quarter 2012 (excluding re-exports) earnings dropped by 20% over corresponding period in 2011. Australia remained Vanuatu’s main export destination accounting for 39% of total domestic export, followed by other countries 29%, MSG countries 18%, New Caledonia 6% Japan 3% NZ and EU 2% each and South Korea 1%. Vanuatu trade deficit (including re-export) reflect a deterioration of Vt 74 million over this period.

(iii)             Imports for Home Consumption

Import for home consumption in value terms decline by 2% due to decreases in these items, Mineral fuel, oil and fats, and goods not classified elsewhere. In terms of commodity groups share, food and live animals represented the large (CIF) value of 22% followed by Machines and transport 21%, basic manufactured goods 13%, mineral fuel and chemical products at 12% each, miscellaneous goods 11% and beverage & Tobacco 5%. In December quarter of 2012 the value of selected 10 major imported items registered a dropped by 23%.

(iv)             Tourism Migration

The total visitor arrivals to Vanuatu rose by 59% in December quarter of 2012 compare to the corresponding period in 2011. There is an increase in both visitor arrivals by air 14% and Cruise ships (day visitors) 96%. Day visitors make up the large proportion of visitors coming into the country accounting for 68% of total visitor arrivals. By nationality Australian tourist continue to be the main source for international arrivals to the country accounting for 61% of the total.   

(v)               Consumer Price Index (CPI)

The CPI for December quarter 2012 increase by 0.1% over the previous quarter, both Port Vila and Luganville indices rose by 0.1 respectively. In comparison to December quarter 2011 Vanuatu index increase by 0.8%.  At the National level increases in the following expenditure group contributed to the rise, miscellaneous 5.6%, Clothing and footwear 2.8%, Housing supplies 2.5%, Recreation 2.2%, Food 1.6% and Education 1.4%.

(vi)             Government Revenue and Expenditure

In December quarter of 2012 Government fiscal position indicates a deficit of 142 million, a slight improvement over the previous quarter. Revenue collection increase by 2%, main driver of this component Grants increase by 42% followed by 39% rise in non-tax collection and 9% rise in tax collection. Government expenditure has been steady increasing over time regardless of the challenges from the revenue side.

(vii)           Energy Consumption and New Motor Vehicle Registration

The total electricity consumption recorded in thousand kilowatts hour (Kwh) decline by 2% over 2011 December quarter, due to dropped in Port Vila consumption. New vehicle registration fell by 16%, a drop of 31% motor cars drive this indicator.