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Papua New Guinea
| Economy Overview |
| Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by rugged terrain and the high cost of developing infrastructure. Agriculture provides a subsistence livelihood for 85% of the population. Mineral deposits, including oil, copper, and gold, account for 72% of export earnings. The economy has improved over the past two years, following a prolonged period of instability. Former Prime Minister Mekere MORAUTA had tried to restore integrity to state institutions, to stabilize the kina, restore stability to the national budget, to privatize public enterprises where appropriate, and to ensure ongoing peace on Bougainville. Australia annually supplies $240 million in aid, which accounts for 20% of the national budget. Challenges face Prime Minister Michael SOMARE, including gaining further investor confidence, continuing efforts to privatize government assets, maintaining the support of members of Parliament, and balancing relations with Australia, the former colonial ruler. |
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| Economy Statistics |
| Exports: |
$2.437 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Export
Commodities: |
oil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns [?]
This entry provides a rank ordering of exported products starting with the most important; it sometimes includes the percent of total dollar value.
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Export
Partners: |
Australia 28%, Japan 5.8%, Germany 4.7%, China 4.6% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Imports: |
$1.353 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Import
Commodities: |
machinery and transport equipment, manufactured goods, food, fuels, chemicals [?]
This entry provides a rank ordering of imported products starting with the most important; it sometimes includes the percent of total dollar value.
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Import
Partners: |
Australia 46.4%, Singapore 21.6%, Japan 4.3%, New Zealand 4.2% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Papua New Guinea Chamber of Commerce and Industry |
| Address: |
Trukai Building, Lawes Road, Konedobu
P.O. Box 1621, Port Moresby
Papua New Guinea |
| Phone: |
(+675) 321 3057 |
| Fax: |
(+675) 321 0566 |
| Website: |
http://www.pngcci.org.pg/ |
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