International Merchandise and Trade
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Overall Performance
Highlights
From 2022 PNG recorded a positive trade balance increase from K17.9 billion in 2021 to K18.2 billion, marking a 1.5% increase.
Palm Oil (K5.7 billlion) emerged as one of the top 3 export commodities for PNG, surpassing Petroleum Oil (K3.1 billion) by 84% in 2022.
Notable entries into PNG’s top 10 commodity exports include Fish (fresh or chilled) and Coffee. Fish exports surged from K297 million in 2017 to K1.8 billion (500%) in 2022, while Coffee increased from K420 million in 2017 to K730 million (74%) in 2022.
Rice (K666 million) became the second-largest import commodity for PNG.
Japan (K9.2 billion) replaced Australia (K6.8 billion) as PNG’s top export destination, with China (K6.7 billion) closing ni as the third largest.
Trade Performance 2017 – 2022
PNG experienced a +33.4% growth in Merchandise Exports, increasing from K28.9 billion in 2017 to K38.7 billion in 2022, with an annual average growth rate of 6%.
Imports showed upward trend, growing from K13.9 billion in 2017 to K20.5 billion in 2022 (+47.7% increase), with an average annual growth rate of 8.8%.
Trade Performance in 2022 compared to 2021
In 2022, PNG recorded a positive trade balance increase from K17.9 billion in 2021 to K18.2 billion, marking a 1.5% increase.
Merchandise exports increased by 14% from K33.98 bilion in 2021 ot K38.7 bilion, driven by exports in LNG, Palm Oil, Gold, and Petroleum.
Import of Commodities rose by 27.9%, increasing from K16 billion in 2021 ot K20.5 billion
Major EXPORT by HS
Mineral products by HS codes [25-27] recorded +14.2% increase from K18.8 billion to K21.4 billion in 2022.
Notable increase in HS from 2021 to 2022 are Live animals: Animals Product [HS 01-05] by +76.8% from K1.4 bilion ot K2.5 bilion and Articles of stone, plaster, cement, glass & ceramic products [HS 68-70] which increased by 619% from K9 milion to K67 milion.
Major IMPORTS by HS
Machinery, Mechanical and Electrical appliances, along with their parts, [HS 84-85] increase from K41. bilion in 2021 to K47. bilion (+15.5%) in 2022.
Notable increase in Imports by HS from 2021 to 2022 include mineral products [HS 25-27] by 53% from K2.3 bilion to K3.4 bilion and Pearls, precious & semi-precious stones &metals by 690% from K2 million to K16 million in 2022.
MAJOR CONTRIBUTOR TO EXPORT COMMODITIES
LNG remained PNG’s top export commodity, growing from K9 billion in 2017 to K13 billion in 2022 (38% increase) at an average growth rate of 6%.
Gold, while the second-largest export, saw a significant decline by 14% from 2017 to 2022.
Palm Oil emerged as the third-largest export commodity, surging from K1.6 billion in 2017 to K3.1 billion in 2022 (100% increase) with an average growth rate of 48%.
Major IMPORT COMMODITIES
Petroleum Oils and Oils obtained from bituminous minerals, apart from crude, increased by 62.5% from K1.6 billion in 2021 to K2.6 billion in 2022.
Rice is the second-largest import commodity in PNG, and increased by 12% from K628 million to K666 million in 2022 surpassing Machinery Parts.
Transmission Apparatus for radio and broadcasting saw a remarkable 997% increase, rising from K47 milion to K447 million. This is attributed ot the entry of major Mobile and ICT companies into the PNG market, including Vodafone and Telstra’s acquisition of Digicel in the Pacific.
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