Kina price decreases by 7.8pc in second quarter

Business

THE weighted average kina price of Papua New Guinea’s exports, excluding LNG, decreased by 7.8 per cent in the second quarter of 2019 compared to the corresponding quarter of 2018.
The weighted average kina price of mineral exports was 6.7 per cent lower, reflecting lower kina prices for all mineral commodities, except for gold.
For agricultural, logs and marine product exports, the weighted average kina price decreased by 13.7 per cent, due to lower kina prices for coffee, tea, copra oil and marine products.
Excluding logs, the weighted average kina price of agricultural and marine product exports decreased by 18.5 per cent in the second quarter of 2019, compared to the corresponding quarter of 2018.
Lower international prices accounted for the decline.
The balance of payments recorded an overall deficit of K388 million for the first six months of the year, compared to a surplus of K98 million in the corresponding period last year.
A deficit in the capital and financial account more than offset a surplus in the current account.

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