• PNG Business News

Trade reaches K12.8bil

BILATERAL trade between China and PNG reached US$3.834 billion (K12.8bil) last year, according to a Chinese official.

Sun Jia, the director of political affairs at the Embassy of the People’s Republic of China in PNG gave The National an update on the trade level between the two countries.

He said the trade level was up 6.2 per cent year on year with a surplus on the PNG side.

According to the general administration of Customs in the People’s Republic of China, the volume last year of PNG’s exports to China reached US$3.033 billion (K10.13bil).

It was increase by 7.3 per cent compared to the previous year.

It grew by nearly US$203.181 million (K678.7mil).

“The main products that PNG exports to China are LNG (liquefied natural gas), wood and nickel smelting products,” he said.

“Last year, the volume of PNG’s imports from China reached US$800.368 million (K2,673.8mil), an increase of 1.9 per cent compared to the previous year. “It grew by nearly US$14.824 million (K49.52m).

The main products that PNG imports from China are telephones, electric wires and cables and chemicals used in mining.”

Sun said they had noticed that the PNG Government was implementing measures to tackle economic issues, such as selling treasury bonds and reviewing project contracts. “We hope the result will be good for improving the investment and business environment in PNG,” he said.

“We are looking forward to a more solid basis for further development of the win-win cooperation between China and PNG.”

Sun noted that PNG was a major trading partner of China in the Pacific with more than 40 Chinese companies operating in the country and creating over 6000 jobs for the local people.

“The two countries are complementary and have great potential for cooperation,” he said.

Sun said China was ready to expand bilateral exchanges and cooperation in the areas of trade, investment, production capacity and education within the Belt and Road Initiative framework which would help PNG achieve sustainable development and realise common development.

Source: https://www.thenational.com.pg/trade-reaches-k12-8bil/

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