Overall Performance

Performance from 2015 -2020

Papua New Guinea’s (PNG) International Merchandise Trade (IMTS2020) has observed Surplus of trade balances from 2015 to 2020.

Since the start of Liquefied Natural Gas (LNG) project in mid-2014, PNC has experience strong growth in exports whilst imports remained steady.

The slight drop in export in 2018 was due to the decrease in export of gold and crude oil.

Trade Performance – 2015 to 2020

Papua New Guinea’s Exports increased from K25.4 billion in 2015 to K35.l billion in 2020. Imports also increased from K14.2 billion in 2015 to K16.1 billion in 2020.

The 38.1% increase in exports and 13.7% increase in imports led to a strong 68.7% increase in the balance of trade thus increasing the trade surplus from K11 .3 billion in 2015 to 9.0 billion in 2020.

Trade Performance – 2019 to 2020

Exports decreased from K35.3 billion in 2019 to K35.1 billion in 2020. Imports also show a small decreased from K16.8 billion in 2019 to K16.1 billion in 2020.

The 0.4% decrease in exports in 2020 coupled with a decrease of 4.1% in imports led to a 3.0% increase in the balance of trade in 2020 despite the COVID-19 pandemic.

Major contributors to IMPORTS and EXPORTS

• Machinery & mechanical & electrical appliances, down KO.6 billion (-13.4%) to K4.1 billion due to decreased in imports of Machinery Parts.
• Base metals & articles thereof, down K1.3 billion (-18.2%) to K1.4 billion due to decreased imports of aluminum casks, drums, cans, boxes and similar containers.
• Mineral products, up K0.2 billion (+9.4%) to K2.8 billion due to increased imports of Petroleum oils and oils obtained from bituminous minerals
• The Liquified Natural Gas (LNG) went up by K1.3 billion ( 11%) from K11.7 billion in 2019 to K12.9 billion in 2020.
• Gold declined by K0.7 billion (-6.5%) from K 10.8 billion in 2019 to K 10.1 billion in 2020.
• Cooper also observed a fall of K0.4 billion (-18.3%) from K2.1 billion in 2019 to K1.7 billion in 2020.

Overall exports declined 0.4% due to the growth in LNG exports being offset by declines in the Gold and Copper exports

Graphs will be uploaded shortly

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