While Fiji's total exports are recording a healthy growth, our total imports, however, continue to exceed export earnings, hovering at $1.9 billion from January to May this year, Fiji Times reports.
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This was highlighted by Minister for Industry, Trade and Tourism Faiyaz Koya while speaking at an investment and export seminar organised by Investment Fiji in Suva.
Koya said Fiji's total exports from January to May this year were valued at more than $751 million.
This means that Fiji's trade deficit, total exports minus total imports for the period stood at $1.149b.
"While there has been an increase in the total exports, our imports have also been increasing," Koya said.
"Trade is crucial for the growth of a country and imports are equally as important as exports.
"With growth experienced in the building and construction sector and manufacturing sector growing, Fiji needs to import raw materials.
"Furthermore, as disposal income increases, so does consumer demand," he said.
Fiji's major import commodities, Koya said, were mineral products, followed by machinery, mechanical and electrical appliances, vehicles, parts and accessories, base metals and chemical products.
Our export commodities during the period were mineral water, fish, gold, garments and fruits and vegetables.
U.S. remained as Fiji's largest export market with a value of more than $28m followed by UK, Australia, China and New Zealand.
Koya also highlighted Fiji's tourism industry which had been performing beyond expectations, with more than 5.1 percent growth recorded from January to July.
"For the first time ever, in July this year, visitor arrivals into Fiji have exceeded the 90 thousand mark for a given month — this is unprecedented," he said.
"This has set us on the path and paved the way for yet another record breaking year in terms of visitor arrivals.
"Our economy is on track to achieve 3.8 percent growth this year, which will make it eight consecutive years of positive growth," he said. ■