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By Staff Reporter : PNG Today

Solomon Islands records $170m trade deficit in June quarter

Solomon Islands has recorded a trade deficiency of $170.5 million in the second quarter (June) of
2017. This is according to the Solomon Islands National Statistics Office (SINSO) latest figures on the International Merchandise Trade Statistics (IMTS) released on Friday 1st December 2017.
The data (IMTS) shows the movement of different types of goods between the Solomon Islands and a
range of countries in Oceania, Asia, Europe, Africa, America and other regions.
Releasing the statistical bulletin, Government Statistician Douglas  Kimi said the deficit is a decrease of $228.0m (396%) over the surplus of   $57.5m recorded in the preceding
quarter.
He said that in terms of the corresponding quarter a year ago, this represented a decline of $224.1m
(418%) over the surplus of $53.6m in 2016.
“The movement of goods into and out of the Solomon Islands is an important  aspect of our nation’s economic development,” the Government Statistician, Mr Kimi said.
On major exports in the second quarter of 2017 compared to the corresponding quarter of 2016 Mr
Kimi specified that round log and sawn timber exports declined by $84.7m (13%) to $588.1m while total of fresh/frozen and canned fish also declined by $15.7m (16%) to  $84m. “The declined is mainly attributed to a drop of $15.5m of loin exports to Italy which accounted for
28.2% of total fish exports.
“Total of cocoa, palm oil and other agricultural products has decreased by $26.5m (16%) to $134.5m. This is mainly driven by a low production in palm oil exports during the quarter. Gold increased by $0.2m (5%) to $5.1m,” Mr Kimi added.
Meanwhile, on major imports Mr Kimi said that food imports, which is comprised mostly of rice and
canned meat, decreased by $3.5m (1.6%) to $218.6m.  “Mineral fuel and lubricant imports
rose by $9.1m (7.3%) to $135.6m.  Machinery and transport equipment  increased by $48.5m (19.3%) to $299.9m,” he said.
The Merchandise trade balance with major trading partners in the June quarter of 2017 compared to
the previous corresponding quarter records the following:

  • The trade deficit with Singapore, the main source of fuel imports, increased by $5.1m (4%) to $129.0m.
  • The trade deficit with Australiaincreased by $42.4m (21%) to $242.6m.
  • The trade deficit with Papua New Guinea was up by $2.3m (10%) to$24.4m.
  • The trade balance with South Korearose by $6.1m (191%) from a deficit of $3.2m to a surplus of $2.9m.
  • The trade surplus with China, the main destination of exportedlogs, dropped by $61.4m (13%) to $397.3m.
  • The trade surplus with Italy, the main destination of fish-loin exports, fell by $16.3m (20%) to $64.6m.

Data are compiled from the Solomon Islands Customs and Excise  Division, the Central Bank of the
Solomon Islands, Commodity Export Market Authority and additional records provided by major
importers/exporters.

Posted by Staff Reporter : PNG Today on Thursday, January 18, 2018. Filed under , . You can follow any responses to this entry through the RSS 2.0. Share this Article

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