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Papua New Guinea Exports
Papua New Guinea has large natural resources, including mineral and renewable resources, such as forests, marine (including a large portion of the world's major tuna stocks), and in some parts agriculture. The rugged terrain (including high mountain ranges and valleys, swamps and islands) and high cost of developing infrastructure, combined with other factors (including serious law and order problems in some centers and the system of customary land title) makes it difficult for outside developers. Local developers are handicapped by years of deficient investment in education, health, ICT and access to finance.
Agriculture, for subsistence and cash crops, provides a livelihood for 85% of the population and continues to provide some 30% of GDP. Mineral deposits, including gold, oil, and copper, account for 72% of export earnings. Oil palm production has grown steadily over recent years (largely from estates and with extensive out grower output), with palm oil now the main agricultural export. In households participating, coffee remains the major export crop (produced largely in the Highlands provinces), followed by cocoa and coconut oil/copra from the coastal areas, each largely produced by smallholders and tea, produced on estates and rubber.
Strong growth in Papua New Guinea's mining and resource sector led to the country becoming the sixth fastest-growing economy in the world in 2011, although growth is expected to slow once major resource projects come on line in 2015. Mining remains a major economic factor, however, with talks of resuming mining operations in the previously closed-off Panguna mine ongoing with the local and national governments.
One of the benefits associated with Papua New Guinea is that this country is rich in natural resources. The challenge is that the high cost for developing the infrastructure and rugged terrain has been exploited. Even so, some of the specifics for Papua New Guinea exports include agriculture, along with oil, gold, and copper. In fact, mineral deposits along with agriculture currently account for more than 70% of earnings for Papua New Guinea exports.
Papua New Guinea major exports include gold, oil, copper, coffee, cocoa, vegetable oils, fish and wood. Papua New Guinea's major exports partners are Australia, Japan, the Netherlands, China, Germany, Philippines, South Korea.
Papua New Guinea's main exports are:
- Copper Ore
- Crude Petroleum
- Palm Oil
- Refined Petroleum
- Precious Metal Ore
Papua New Guinea Imports
The Papua New Guinea government's long-term Vision 2050 and shorter-term policy documents, including the 2013 Budget and the 2014 Responsible Sustainable Development Strategy, emphasize the need for a more diverse economy, based upon sustainable industries and avoiding the effects of Dutch Disease from major resource extraction projects undermining other industries, as has occurred in many countries experiencing oil or other mineral booms, undermining much of their agriculture sector, manufacturing and tourism, and with them broad-based employment prospects. Measures have been taken to mitigate these effects, including through the establishment of a sovereign wealth fund, partly to stabilize revenue and expenditure flows, but much will depend upon the readiness to make real reforms to effective use of revenue, tackling rampant corruption and empowering households and businesses to access markets, services and develop a more buoyant economy, with lower costs, especially for small- to medium-size enterprises.
As far as Papua New Guinea imports, the country's economy depends in great lengths on manufactured goods imports. Since the industrial sector for this country is small, accounting for less than 10% of the GDP, it offers little benefit to the overall economy. Imported commodities include transportation machinery and equipment, food, fuels, chemicals, and other manufactured goods.
Papua New Guinea's top import partners are Australia, the United States, Singapore, China, Japan, Italy, Thailand, New Zealand, Indonesia.
Papua New Guinea's main imports are:
- Crude Petroleum
- Refined Petroleum
- Iron Structures
- Air Pumps
- Large Construction Vehicles
- Excavation Machinery
- Large Iron Pipes