$57.5m trade surplus recorded in March Quarter of 2017 - Solomon Star News

$57.5m trade surplus recorded in March Quarter of 2017

18 October 2017
Government Statistician Douglas Kimi. [Photo supplied]

THE Solomon Islands National Statistics Office (SINSO) today (Wednesday 18th 2017) released the latest figures on the International Merchandise Trade Statistics (IMTS) with a balance of $57.5m surplus recorded in the March quarter of 2017.

These data (IMTS) shows the movement of different types of goods between the Solomon Islands and a range of countries in Oceania, Asia, Europe, Africa, America and Other Regions.

Releasing the Statistical Bulletin, Government Statistician Douglas Kimi said the surplus is an increase of $109.4m (211%) over the deficit of $51.9m recorded in the preceding quarter.

He said that in terms of the corresponding quarter a year ago, this represented an increase of $21.1m (58%) over the surplus of $36.4m in 2016.

“The movement of goods into and out of the Solomon Islands is an important aspect of our nation’s economic development,” the Government Statistician, Mr Kimi said.

On Major Exports in the first quarter of 2017 compared to the corresponding quarter of 2016 Mr Kimi stated that round log and sawn timber exports declined by $7.4m (1%) to $604.7m while total of fresh/frozen and canned fish rose by $33.8m (62%) to $88.7m. “This increase is mainly attributed to $52.1m of fish loin exports to Italy which accounted for 59% of total fish exports.”

He added that the total for copra, cocoa, palm oil and other agricultural products has increased by $40.8m (56%) to $113.9m affirming this is mainly driven by a surge in palm oil and copra exports during the quarter and gold increased by $3.0m (63%) to $7.8m.

Meanwhile, on Major Imports Mr Kimi said that food imports, which is comprised mostly of rice and canned meat, increased by $705.0m (0.6%) to $111.9m.

“Mineral fuel and lubricant imports rose by $58.2m (55%) to $164.9m. Machinery and transport equipment increased by $33.6m (15%) to $260.3m,” he said.

Merchandise trade balance with major trading partners in the March quarter of 2017 compared to the previous corresponding quarter records the following:

·       The trade deficit with Singapore, the main source of fuel imports, increased by $63.0m (57%) to $174.5m.

·       The trade deficit with Australia decreased by $16.8m (11%) to $132.2m.

·       The trade deficit with Papua New Guinea was down by $14.3m (58%) to $10.4m.

·       The trade surplus with South Korea declined by $9.7m (86%) to $1.5m.

·       The trade surplus with China, the main destination of exported logs, rose by $63.1m (15%) to $491.6m.

·       The trade surplus with Italy, the main destination of fish-loin exports, increased by $13.2m (35%) to $51.0m.

Data are compiled from the Solomon Islands Customs and Excise Division, the Central Bank of the Solomon Islands, Commodity Export Market Authority and additional records provided by major importers/exporters.

For more information on this you can get it from the National Statistics Office or download the full report on the National Statistics Office website (http://www.statistics.gov.sb/ under “Recent Releases” or “SINSO Documents”.

Source: SINSO Media