Price hikes lift exports to K34bil mark

The National Business

Exports from the country this year were around US$10 billion (K34 billion) or 40 per cent of gross domestic product, according to Asian Development Bank.
The bank’s PNG country economist Edward Faber yesterday said the main exports were LNG US$3.3 billion (K11bil), gold US$2.3 billion (K7.8bil), copper US$613 million (K2bil), crude oil US$392 million (K1.3bil) and agriculture $872 million (K2.9bil).
“So basically, what we can say is even though we saw the shock from the earthquake, look at some of these trends in export values,” he said.
“We still see an increasing trend and that is because of the improvement in prices.
“PNG economy is about US$23 billion (K77bil) at the end of 2017.
“The largest segment is mining that accounts for 25 per cent and that’s oil, gas and minerals.
“Non-mining sector is 75 per cent, agriculture 18 per cent, construction and real estate 14 per cent, trade 10 per cent.
“Looking at the growth, growth averaged over 5 per cent over the last decade each year.
“Non-mining sector growth was estimated at around 3 per cent in 2018 supported by Apec.
“Employment trended downwards in the past three years.
“However, (for) 2018, there has been some pick-up in employment in the first half.
“According to the 2019 Budget report, revenues from PNG LNG were around K900 million, which includes K700 million in the Government’s shareholder position and K200 million in taxes.”
The ADB said:

  • High commodity prices in 2017 helped stimulate the economy and first half of 2018;
  • There was improved affordability of foreign exchange;
  • There was broad improvement in fiscal consolidation; and
  • The economy would remain vulnerable to shocks, commodity price shocks, and disaster and weather shocks.