Commodity markets rose in Q3

COMMODITY markets for PNG’s major exports were on an upward trajectory in the third quarter, most notably the price of liquefied natural gas up 214 per cent since July, according to the Kina Bank.
The bank’s PNG pandemic economic recovery Covid-19 heat map released yesterday showed that the relaxed Covid-19 measures would benefit accredited quarantine venues with an expected influx of people.
It showed that the informal sector continued unimpeded, with the re-opening of the Boroko Market in Port Moresby boosting the sale of farm produce from Central and Gulf.
“The revised national pandemic measures of Oct 3 have seen most open borders for PNG since the lockdowns started in March,” the bank stated.
“Flights have now been allowed to and from Australia (except Victoria), New Zealand, and the Pacific Islands.
“Furthermore, quarantine for arrivals from these countries was shortened to seven days.
“The virus has spread to 13 provinces so far, and the growth rate of infections over a month-to-month basis is 10 per cent.”