WASHINGTON: Exports are expected to grow by 1.7 per cent next year with major credit being given to increase in all categories except re-exports and molasses. In the supplement to the 2016 Budget address, the Ministry of Finance highlighted that as a per cent of GDP, total exports are expected to be 24.3 per cent in 2016.
Total exports are also expected to grow by 6.2 per cent and 5.4 per cent in 2017 and 2018 respectively, owing to increases in major export categories and as a per cent of GDP total exports are expected to be 24.4 per cent in 2017 and 24.3 per cent in 2018. Last week Ministry of Industry, Trade and Tourism permanent secretary Shaheen Ali said exports had grown over the years.
Mr Ali said Fiji’s overall export trends showed that over the period 2010-2014, Fijian export had grown by more than 30 per cent — from $1.6billion in 2010 to $2.3b last year. He attributed the increase to programs such as National Export Strategy.
Meanwhile, according to the Ministry of Finance this year total exports are forecast to grow by 1 per cent stemming from a combination of expected decline in re-exports and increase in domestic exports.
The ministry highlighted that the decrease in re-exports was mainly led by mineral fuels and other re-export commodities while higher domestic exports were mainly led by fish, timber, gold, mineral water and garments, which more than offset the decline in sugar and fruits and vegetables.
Total exports are expected to decline to 25.4 per cent of GDP this year from 26.8 per cent in 2014. In terms of imports, statistics presented by the Finance Ministry show that total imports for 2015 are forecast to decline by 1.7 per cent, led by lower imports of mineral fuels and machinery and transport equipment and as a per cent of GDP, total imports are expected to decline to 52.4 per cent this year from 55.9 per cent in 2014.
However, the Government predicts an increase of 4.5 per cent in total import next year as a result of higher payments for machinery and transport equipment, food, manufactured goods and miscellaneous manufactured goods.
Total imports next year are expected to grow 51.6 per cent of the GDP. It is expected that in 2017 and 2018 total imports will grow by 6.8 per cent and 6.1 per cent, respectively as a result of expected increases across all categories. As a per cent of GDP, total imports are expected to be at 52 per cent and 52.2 per cent.
