Imbalance worries govt

PAPUA New Guinea is currently looking at narrowing the trade imbalance with New Zealand says the Government.
Ministry of International Trade and Investment (MITI) has revealed that in the last 27 years (from 1995-2022) PNG’s exports to New Zealand has decreased at an annual rate of 4.24 per cent from NZ$45 million (about K101.91 million) to NZ$14 million (about K31.71 million) in 2022.
The main products exported were coffee NZ$7.43 million (about K16.83 million), plywood NZ$5.52 million (about K12.5 million) and plastic lids NZ$374,000 (about K847,007).
Minister for International Trade and Investment Minister Richard Maru said the trade position between PNG and NZ had always been in the favour of NZ at a ratio of 1:10.
“We want equal engagement with NZ as obligations must be shared equally between the countries in relation to partnerships,” Maru said.
He said in a statement that NZ is No.1 in the world in terms of agriculture and other fields, and PNG can benefit from this expertise.
In 2022, New Zealand exported NZ$132 million (about K510,160,992.00) to Papua New Guinea.
The main products exported from New Zealand to PNG were broadcasting equipment NZ$25.4 million (about K57.52 million), aluminum cans NZ$17.4 million (about K39.41 million), and poultry meat NZ$7.18 million (about K16.26 million). Over the last 27 years, the exports of New Zealand to PNG have increased at an annualised rate of 3.64 per cent from NZ$50.3 million (about K113.92 million) in 1995 to NZ$132 million (about K298.94 million) in 2022.
Maru said PNG is the second largest goods export market for New Zealand, and the aim is to look at exporting agricultural goods in return.
He said PNG has already started exporting taro to New Zealand markets.