Trade with China up

Business, Normal

The National, Tuesday December 15th, 2015


THE country’s trade volume with China has reached more than US$2.1 billion (K6.17 billion) this year, according to Chinese Ambassador to Papua New Guinea Ruiyou Li.

He told The National that the total volume was for the first three quarters of the year.

Li said this was an increase by 54.98 per cent over the same period the previous year.  China imported goods from PNG worth $US1.3 billion (K3.8 billion), a growth of 46.55 per cent, and exported to PNG US$793m (K2332m), an increase by 71 per cent.

Li said more commodities were sold to China than imported, which was good for Papua New Guinea.

He said during that period, China’s direct investment to the country in the non-financial sector amounted to more than US$26m (K76.4m). Li said China’s main import was in PNG’s commodities, including as a major buyer of the PNG  LNG (liquefied natural gas).

He said this would continue with the Chinese firm Sinopec, which was expected to buy LNG from PNG for the next 20 years with two million tonnes per year. 

China Petroleum and Chemical Corporation (Sinopec) is one of the four firms with long-term purchase contracts from the project. The ship Papua, custom-built by China Shipping Group, Sinopec and Mitsui OSK Lines specifically for PNG LNG, arrived in Port Moresby in early 2015 to load the first LNG supply. 

He said PNG remained the largest trading partner and most important investment destination for China in the Pacific region.