Australia is PNG’s biggest source of imports: Moraitis

AUSTRALIA is Papua New Guinea’s biggest source of imports and its number one export market, Australian High Commissioner Chris Moraitis said in a breakfast address before the PNG business community yesterday morning at Port Moresby’s Crowne Plaza.
Mr Moraitis said the country’s principal exports to Australia was crude oil and gold.
He said while Australia’s exports to PNG had grown strongly, the expansion in PNG’s export to Australia had been even more marked.
He said PNG enjoyed a substantial and growing trade surplus with Australia amounting to A$900 million.
In 2005-2006, Australia imported A$2.3 billion (K5.6 billion) worth of goods from PNG, a 34% increase on the previous year.
“It should be pointed out though that this dramatic increase essentially reflected a leap in imports of crude oil, which is one of PNG’s principal exports to Australia the other being gold.
“In fact, these two commodities accounted for around 96% of our purchases from PNG,” Mr Moraitis added.
Other items that are also important are motor vehicle parts, mining equipment, commercial vehicles, sheep meat, computer parts and rice.
Australia purchased at 29% of PNG’s merchandise exports in 2005 which puts PNG’s next largest customers – Japan at 9% and China at 5%.

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