July 2016: Merchandise Trade News
Merchandise trade provisional figures for July 2016 recorded a deficit balance of VT4,050 million, a deterioration of VT2,162 million or (115%) compared to July 2015. This trade deficit balance was due to the value of total imports (VT4,470) exceeded that of total exports at VT421 million.
Domestic export earnings (excluding re-exports) for July 2016 stood at VT421 million, showing a decrease of 50% or VT 25 million compared to July 2015
In July 2016, for the main export commodities, Copra constituted the largest share in value at VT146 million or 35%, followed by kava at 24%, coconut oil at 13%, cocoa at 11%, beef at 4%, shell at 3%, sawn timber and coconut meal at 2%, each, while both coffee and live fish registered 1% each and other products at 6% over July 2015. Other products comprised mainly of other plywood species (Pterocarpus indicus), scrap metals, skin cream and personal effects.
In July 2016, coconut product exports in value recorded declines for coconut meal at 52%, copra at 37%, and coconut oil at 2% compared to the same period of last year.
Kava exports in value amounted to VT 100 million in July 2016, an increase of VT 82 million compared to VT 18 million in July 2015. However, beef exports slowed down by 8% or VT 1 million from VT 17 million in July 2015 to VT 16 million in July 2016. Most of the beef was mainly exported to Papua New Guinea, Japan and the Solomon Islands .