Domestic export earnings in February 2014 decreased against 2013 figure

Vanuatu’s trade deficit

(the excess of imports over exports) in February 2014 stood at Vt2,286 million, showing a deterioration of Vt76 million over February 2013 from Vt2,210 million, according to figures released by the Vanuatu National Statistics Office (VNSO).

The VNSO’s Statistics Update on Overseas Trade for February shows that total imports increased by 1% or Vt24 million from Vt2,461 million in February 2013 to Vt2,485 million in February 2014. The decrease in the trade balance was mainly due to increased imports for home consumption, by 1% or Vt23 million from Vt2,457 million to Vt2,480 million over February 2013.

Domestic exports earnings (excluding re-exports) for February 2014 decreased by 21% or Vt52 million over February 2013 from Vt251 million to Vt199 million. The decrease was because there were no copra exports, and decreases in sawn timber, coconut meal and fish exports in February 2014

VNSO’s February Highlight records that in February 2014, for the main export commodities, kava constituted the largest share in value at 29% followed by coconut oil 17%, beef 15%, shell 9%, live fish 5%, and other products 20%, while the rest of the export group made up less than 5% each. Other products comprised of pharmaceuticals, Azure Pure Water, citrus fruits (tahitian limes), tamanu oil and scrap metals.

Coconut products exports in value over February 2013 showed decreases for coconut oil and coconut meal by 32% and 76% in February 2014. Meanwhile there were no copra exports over the same period of the previous year.

Earnings from Kava exports increased from Vt47 million in February 2013 to Vt57 million in February 2014, indicating an increase of 21% or Vt10 million. Beef export earnings also increased by 15% or Vt4 million in February 2014 compared to Vt26 million in February 2013. The bulk of kava exports this month were mainly to Fiji, Kiribati, New Caledonia, USA and Guam, while most of the beef were destined for Solomon Islands, Japan and New Zealand.

The VNSO February Highlight on Overseas Trade shows too that in terms of imports by commodity groups, mineral fuels registered the largest value (C.I.F) at Vt750 million or 30% of the total imports for home consumption, followed by machines and transport 24% or Vt587 million, food and live animals 13%, basic manufactured goods 12%, chemical products 8%, miscellaneous goods 7%, and other products such as, beverages and tobacco, crude materials, goods not classified elsewhere and oils and fats made up less than 5% each of the total imports for home consumption over the month of February 2014.

The reports shows that in February 2014, imports of machines and transport equipment increased by 79% or Vt259 million in value over February 2013, followed by beverages and tobacco 31%, chemical products 11%, miscellaneous manufactured goods and oils and fats 4% respectively.

Meanwhile the rest of the commodity group that decreased according to VNSO’s figures were: Goods not classified elsewhere (-72%), crude materials (-33%), food and live animals (-31%), basic manufactured goods (-14%) and mineral fuels (-4%) respectively.

The distribution of goods by country grouping was stable over the same period in February 2013. Singapore, Australia, New Zealand and Fiji were the main countries of imports in February 2014; however exhibited a few changes in position for Fiji within February 2014. Imports from Australia and Singapore remained stable while Fiji decreased by (-22%) in imports for home consumption over February 2013, the VNSO February Highlight on Overseas Trade states.