Mineral, agro exports jump 40% in Q1

PAPUA New Guinea’s mineral and agricultural commodities exports jumped 40% during the March quarter of this year from the same period last year,  Bank of PNG Quarterly Economic Bulletin March quarter    reported.
BPNG Governor Loi Bakani said in this week’s bulletin the increase in mineral and agricultural commodities export was attributed to higher commodity prices for both items.
“For the agricultural, forestry and marine product exports, the weighted average kina price increased by 12.3% and was attributed to higher kina prices of cocoa, coffee, copra oil, palm oil and rubber, which more than offset the decline in export prices of copra, marine products and logs,” he said.
The bank governor said there was an overall deficit of K243 million in the balance of payments in the first quarter of this year, compared to a surplus of K323 million in the same period last year. 
The total value of merchandise exports in the first quarter was K3,003 million, up  6.5% from the same period last year.
Bakani stressed that the trade account recorded a surplus of K1,723 million during the first quarter, 79.9 % better than the surplus in the same period last year. 
Bankani said the higher surplus was due to an increase in the value of merchandise exports, combined with a decline in merchandise imports, mainly general imports.
 The surplus in the trade account was more than offset by deficits in the income and services accounts and resulted in the current account.