Stats show decline in total exports

Fiji's total exports declined by 18 percent in the first seven months of the year.

According to the Reserve Bank of Fiji (RBF), domestic exports fell by 13 percent due to lower earnings from sugar, mineral water, timber, garments, uncooked pasta, flour, and fruits and vegetables.

The decline in total exports was larger at around 18 percent due to lower receipts from re-exports of mineral fuel.

The RBF said imports also fell during the same period by -16.4 percent, led mainly by lower mineral fuel payments.

The lower fuel prices significantly contributed to the lower import bill.

According to the Reserve Bank's Economic Review, there are signs of a strong pick-up in visitor arrivals since July, particularly from our larger source markets, Australia and New Zealand.

The bank says new and increased airline services, some of which are starting towards the end of the year, should also augur well for the tourism industry in 2010 and beyond.

Meanwhile export earnings from fish and gold showed an annual growth. Gold earnings are being supported by high international gold prices. On the downside, cane and sugar production declined over the year to August and copra output was lower in July, when compared with the same period in 2008.  

However Fiji's foreign reserves still look strong at the moment. As at November 4th, foreign reserves stood at a record 1.05 billion.