International Merchandise Trade
International Merchandise Trade 2023
Overview
Year 2023 was a year of exceptional growth for PNG’s trade, demonstrating economic resilience. Exports reached a record high of K47.5 billion, representing a remarkable 23.21% increase from the previous year. Imports also reached their highest point at K22.3 billion, an 8.57% increase. The balance of trade soared by 43.43% to K26.1 billion, reflecting a significant expansion of PNG’s trade surplus. This growth can be attributed to continued high commodity prices, increased LNG and Gold production.
Download data: 2023_PNG_IMTS.xlsx
Trade performance 2023
PNG Trade experiences a strong and positive trade performance for PNG in 2023. Both exports and imports reached their highest levels in the observed period, resulting in the most favourable balance of trade.
- PNG experienced substantial export growth of 20.51% in 2023, reaching K47.48 billion compared to 2022. This is the highest export figure in the entire period from 2019 to 2023.
- Imports saw a notable 17.26% increase from the previous year totalling K22.3 billion in 2023. This is the highest import figure in the entire period.
- The Balance of Trade reached K26.1 billion marking a 21.47% improvement from 2022. This is the highest balance of trade in the entire period.
Trade performance 2019 – 2023
PNG experienced a positive trend of trade over the 5-year period. Exports have grown strongly, leading to a larger trade surplus.
Exports have seen the most significant absolute growth (K13 billion) and the highest percentage increase (37.68%).
- The balance of trade has also experienced substantial growth, both in absolute terms (K7.6 billion) and percentage terms (41.08%).
- Imports have grown as well, but at a slightly slower rate compared to exports.
2023: Exceptional Growth and Economic Resilience
- Exports reached a record high of K47.5 billion, representing a 23.21% increase from the previous year.
- Imports reached their highest point at K22.3 billion, an 8.57% increase.
- The balance of trade soared by 43.43% to K26.1 billion.
Major Export Commodity Highlights (2023)
Key Exports Highlights
- LNG remains the dominant export commodity for PNG. LNG exports increased from K12.68 billion to K19.42 billion, a 53.16% increase.
- Gold the second largest export commodity have recovered this year. Gold exports increased from K5.80 billion in 2022 to K6.53 billion, a 12.59% increase.
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Palm Oil: Palm oil exports decreased from K3.11 billion in 2022 to K2.90 billion in 2023, a -6.75% decrease.
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Gold Ores and Concentrates: Exports decreased from K2.42 billion to K1.80 billion, a -25.62% decrease.
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Petroleum Oils: Exports decreased from K2.97 billion in 2022 to K1.78 billion, a 40.07% decrease.
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Copper Ores and Concentrates: Exports decreased from K2.59 billion to K1.65 billion, a -36.29% decrease.
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Nickel Oxide Sinters & Other Intermediate Products of Nickel Metallurgy: Exports increased from K0.87 billion to K1.12 billion, a 28.74% increase.
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Fish, Frozen:Exports increased from K0.63 billion to K0.99 billion, a 57.14% increase.
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Coffee Beans: exports increased from K0.73 billion to K0.82 billion, a 12.33% increase.
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Timber Logs and Poles inc Special Wood: Exports decreased from K1.01 billion to K0.70 billion, a 30.69% decrease.
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Prepared or Preserved Fish: exports increased from K0.49 billion to K0.66 billion, a 34.69% increase.
Major Import Commodity Highlights 2023
PNG’s imports demonstrated a general upward trend, reflecting the nation’s growing demand for various goods. Notably, imports experienced significant growth of 27.90% between 2021 and 2022, and 8.57% between 2022 and 2023, indicating a consistent rise in import activity.
Key Import Trends:
- Petroleum Oils: A major import, petroleum oils saw substantial growth, reaching K3.53 billion, a 36.2% increase. This reflects PNG’s reliance on imported fuel for its energy needs.
- Rice: remains the second highest import commodity increasing to K863.09 million, a 29.6% growth, highlighting the nation’s dependence on imported staple foods.
- Motor Vehicles for Goods Transport: This category experienced a significant surge, reaching K521.83 million, a 60.2% increase, suggesting growth in transportation and logistics sectors.
- Parts for Machinery: Imports of machinery parts increased to K716.69 million, a 45% growth, indicating investment in industrial and infrastructure development.
- Telephone Sets and Equipment: A dramatic surge was observed in this category, reaching K440.96 million, a 666.8% increase, reflecting the entry of Vodafone into PNG market.
- Wheat and Meslin: Conversely, wheat and meslin imports declined to K322.86 million, a 17.2% decrease, due to Rusia-Ukraine conflict that affects supply.
Trade by Countries
PNG exhibits a predominantly positive trade balance with the majority of its listed partners, indicating a net export position.
However, trade deficits are observed with China, Singapore, Malaysia, Indonesia, and New Zealand, suggesting a higher volume of imports from these countries compared to exports.
- Australia is PNG’s largest trading partner, demonstrating a significant trade surplus for
PNG. - Japan represents a major market for PNG’s LNG exports, resulting in the largest trade surplus among all partners.
- Taiwan maintains a strong trade relationship with PNG, importing PNGS LNG with a
significant trade surplus in favour of PNG - China – PNG imports more from China than it exports, resulting in a trade deficit.
- Singapore – PNG experiences a trade deficit with Singapore, indicating a higher volume of imports.
Trade by Countries
PNG exhibits a predominantly positive trade balance with the majority of its listed partners, indicating a net export position.
However, trade deficits are observed with China, Singapore, Malaysia, Indonesia, and New Zealand, suggesting a higher volume of imports from these countries compared to exports.
- Australia is PNG’s largest trading partner, demonstrating a significant trade surplus for
PNG. - Japan represents a major market for PNG’s LNG exports, resulting in the largest trade surplus among all partners.
- Taiwan maintains a strong trade relationship with PNG, importing PNGS LNG with a
significant trade surplus in favour of PNG - China – PNG imports more from China than it exports, resulting in a trade deficit.
- Singapore – PNG experiences a trade deficit with Singapore, indicating a higher volume of imports.