Bakani: Average price of exports drop by 17.9%

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The National, Tuesday 10th July, 2012

THE weighted average price of Papua New Guinea’s exports declined by 17.9% in the March quarter of this year, compared to the corresponding quarter of last year, according to Bank of PNG Governor Loi Bakani.
“There was a 15.3% decline in the weighted average price of mineral exports, reflecting lower kina prices of all mineral exports,” he said in the bank’s March Quarterly Economic Bulletin.
“For the agricultural, logs and marine product exports, the weighted average kina price declined by 25.3% and was attributed to lower kina prices of cocoa, coffee, palm oil, copra, copra oil, tea, rubber, logs and marine products.
“The lower kina export prices reflected a decline in international prices combined with the effect of kina appreciation against the US dollar during the March quarter of 2012, compared to the corresponding quarter of 2011.
“Excluding logs, the weighted average price of agricultural and marine product exports declined by 26.3% in the March quarter of 2012, compared to the corresponding quarter in 2011.”