Gold, Water Top Exports
Sugar and wood chips have fallen behind gold and bottled water exports, ANZ has said. Biscuits, garments and fresh fish also lagged behind in 2022 exports, the leading bank said.
And Australia played the biggest role in Fiji’s exports and imports for the same period, followed by Australia, USA and Singapore, according to ANZ.
China ranked fourth and India eighth, as the 2022 countries Fiji imported from. Singapore was among the top three countries Fiji imported from, pushing the US to sixth place in terms of country of import. Fiji exports to developed countries that included the United Kingdom, Japan and the US was way ahead of comparative figures for the same period for Vanuatu and Tonga. “We conclude that partial indicators of spending supported Fiji’s strong economic rebound last year and easing of economic conditions next year,” ANZ said. “Household consumption expenditure buoyed by a strong rebound in employment driven by overseas visitor numbers - and record remittances will remain the mainstay of the economy.
“Private investment will be strong, boosted by non-dwelling buildings.”
Fiscal concerns
However, fiscal consolidation would impact government spending, ANZ said “Rising imports in line with domestic demand means net exports will once again start detracting from GDP growth from this year,” ANZ said.
A shock
Job advertisements lifted 140.1 per cent last year, while PAYE (pay as you earn) contributions were up 17.4 per cent in 2022, ANZ said.
“New registrations with Fiji National Provident Fund were up significantly,” ANZ said.
“It is possible a shock - or unpredictable event - may cause economic outcomes to differ significantly from a given set of forecasts, either in a positive and a negative way.
“The global financial crisis of 2008 - 09 is an example of a negative shock as is the recent pandemic.
“Natural disasters are another.” Conversely, high prices of key commodity exports, a major resource discovery, or a large increase in development assistance, is a positive shock, ANZ said.
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