Import and export of services records a decrease in 2020
FIJI'S total export and import of services declined by $2,581.2 million and $643.1m respectively in 2020 when compared with the same period a year earlier, according to the Fiji Bureau of Statistics.
The decrease in total import of services was largely because of a $376.5m decline in import of international sea freight and air transport services, $199.6m decline in export of travel services and $23.7m decline in export of insurance services.
Meanwhile the decline in export of services was mainly driven by $1,747.2m decline in export of travel services as a result of lower tourist arrivals, $734.2m decline in export of transportation services and $66.7m decline in export of government services as a result of lower receipts from international agencies.
The bureau also highlighted that a deficit of $165.5m was recorded in 2020, which was $1,938.1m or 109.3 per cent less than the surplus of $1,772.6m recorded a year earlier.
The decline in total export of services was because of a decrease of $513.3m in travel services because of lower number of tourist arrivals and a decrease of $256.8m in transportation services as a result of a decline in air transport services.
A decrease of $165.5m in transportation services because of decline in international sea freight services and air transport services was one of the contributors to the decline in total imports of services.
Total imports of services also fell because of a decrease of $67.2m in travel services because of decline in personal travel services.