Fiji second largest importer from China
Fiji second largest importer from China
By
fijivillage.com
22/02/2011
Fiji is the second ranked country in the Pacific that imports a lot from China.
According to the latest ANZ quarterly report, PNG topped the list with 57% while Fiji came in second with 21% of imports for the world’s leading producer.
The report said while imports on average contracted by 16% last year, imports from China into the Pacific totaled $611 million.
According to the quarterly report, this can be attributed to an underdeveloped manufacturing sector which has seen manufactured goods being a large component of imports from China.
The report revealed that while export for Fiji fell by 10.7%, imports rose by 6.7% and that Fiji’s foreign reserves in the first month of the year stood at $1.3 billion which is equivalent to close to 4 months of imports.
However 2011 looks to be a year of growth for Fiji.
However the report goes on to say that while not much has been seen on the export side in 2010, things will improve this year as many Pacific countries are now discovering their mineral reserves.
This has been highlighted in trade with PNG where it was revealed that the trade deficit in the country has seen the export of oil and minerals surpass imports from China.
Meanwhile, a bauxite mine in Bua is expected to start operations next month while there are plans to open other mineral mines in Fiji.
Story by: Paradise Tabucala
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