PNG’s trade balance sets good pace, report says

Business

A REPORT produced by research and consultancy firm Oxford Business Group examined Papua New Guinea’s balance of trade which is at a record high, buoyed by rising levels of exports and a reduction in imports.
The Report: Papua New Guinea 2017 highlighted the mining sector which remained a major source of export revenues – thanks to the country’s abundant and diverse range of minerals.
The report considered challenges the industry was facing such as the rising operating costs and infrastructural shortfalls, and efforts to address them.
It contained an interview with Prime Minister Peter O’Neill and a detailed sector-by-sector guide for investors.
OBG’s editor-in-chief, Oliver Cornock, said there was every reason to think that Papua New Guinea could maintain and even improve its trading levels, given the current favourable conditions and the country’s natural resource wealth.
“Aside from an upward levelling of commodity prices, Papua New Guinea’s export industries are benefiting from a lack of US dollars and a weak kina,” he said.
“With a strong extractive sector, a robust project pipeline and an expanding industrial base combining to drive growth, the government has solid foundations on which to build its long-term, post-election plans.”
OBG’s regional editor for Asia-Pacific, Patrick Cooke, said the country’s role as host of the 2018 Asia-Pacific Economic Cooperation summit was expected to provide Port Moresby with a further boost, helping to raise its profile on regional stage and also significantly increase room capacity.
“Our report highlights the progress Papua New Guinea has made when it comes to implementing reforms aimed at accelerating GDP growth and balancing the books,” he said.

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