DECMBER 2016: Merchandise Trade News
Merchandise trade provisional figures for December 2016 recorded a deficit balance of VT 3,342 million, a deterioration of VT 608 million or (22%) compared to December 2015. This trade deficit balance was due to the value of total imports VT3,628 million, exceeded that of total exports at VT286 million.
Domestic export earnings (excluding re-exports) for December 2016 stood at VT286 million, a significant fall of 51% or VT 304 million over December 2015..
In December 2016, for the main export commodities; Kava constituted the largest share in value at VT84 million or 29% , followed by beef at 18%, copra at 14%, coconut oil at 12%, sawn timber at 6%, live fish and coconut meal at 2% each, However, the rest of the commodities recorded less than 1% and other products at 18%. Other products comprised mainly of tamanu oil, fresh lemons, and survey equipments.
According to coconut product exports in value, copra amounted to VT 39 million in December 2016, meanwhile, coconut oil increased by 60% or VT 12 million compared to December 2015.
Compared to December 2015, kava exports in value stood at VT 84 million, representing a significant increase of VT 77 million in December 2016. However, Beef exports increased by 17% or VT 8 million respectively. Most of the beef was mainly exported to Japan, Papua New Guinea and the Solomon Islands.
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