PNG-China trade volume reached K11billion last year


THE trade volume between PNG and China reached US$3.21 billion (about K11 billion) last year, according to figures provided to The National by the Chinese Embassy.
PNG exports to China was US$2.29 billion (about K7.85 billion) while imports from China was US$920 million (about K3.1 billion) showing a surplus enjoyed by PNG.
The two countries are also in the process of negotiating a free trade agreement to enhance bilateral trade.
China’s ambassador to PNG Fanhua Zeng previously said the free trade agreement process should be fast-tracked.
He said this would ensure that after the Coronavirus (Covid-19) pandemic, the two countries should have an even better trade relations.
China is a big importer of PNG LNG, estimated to be about 300 million tonnes annually, plus other products such as timber.
“It is important that even in this time, we give some impetuous to our trade relations,” Zeng said.
“For example, we want to have this free trade agreement with PNG so it’s a process we have to negotiate.
“But we want to accelerate this process so that when the pandemic is over, we can have better trade relations.
“PNG is rich in resources like gas, oil, timber and fisheries, and China has a big market.
“So we can cooperate closely. We import a lot of LNG gas from PNG and a lot of timber.”