China Exports Grow
According to PNG Ambassador to China, Don Sawong, the estimated value of exports of China grew from US$34.56 billion (K118.29bil) in 2018 to US$38.52 billion (K131.85bil) in 2019.
He revealed these figures during a recent Pacific Island Countries investment promotion event in Shenzhen, China, saying that the extractive industries amounted for 89 per cent of PNG’s export in 2018 and 94 per cent in 2019.
“According to the Bank of PNG, three countries in 2019 dominated our exports – China, Japan and Australia,” he said. “In contrast, PNG’s imports are mostly from Australia which provided 50 per cent of all PNG imports followed by Singapore, China and the United States. Thus, China is among the top trading and investment partner for PNG, with a strong bilateral trade growing steadily over the past few years.” Sawong said the trade volume had increased to more than US$2.3 billion (K7.87bil) making the trade balance in PNG’s favour.”
He added, “Our export liquefied natural gas to China has assisted with this positive development as China continues to have significant confidence in our economy. Today, Chinese businesses continue to invest in our economy, especially in the extractive sector, infrastructure, energy, real estate development and in many other key resources sector. PNG will continue to welcome Chinese investments and businesses to create employment opportunities, contribute to our overall economic growth and to help improve the lives and living conditions of our people. China’s foreign direct investment to PNG has also increased considerably. In 2018, China was responsible for the most foreign direct investment close to K2.5 billion followed by Australia.”