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Domestic Exports
In June quarter 2020, provisional figures in domestic export (excluding re-exports) earnings decreased by 17% or VT 216 million. The decrease was attributed to the drop in exports of sawn timber by 100%, coconut oil by 88%, coconut meal by 84%, coffee by 58%, cocoa by 44%, beef by 11% and kava by 8% over June quarter 2019.
The share of commodities to main countries of export destination include the following; Other MSG Countries at 23%, New Zealand at 14%, New Caledonia at 12%, Australia at 6% ,European Community at 1% and South Korea at less than 1%. Other countries accounted for 44% share of the main exports destination. The top five countries which made up Other Countries comprised of the United States of America, China, Philippines, Kiribati and Bangladesh .
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Imports for Home Consumption
Imports for home consumption decreased in value by 19% or VT 1638 million from VT 8,430 million in June quarter 2019 to VT 6,791 million in June quarter of 2020. The imported commodity groups that contributed to this decrease were: Goods not classified elsewhere at 89%, machines and transport equipment at 40%, beverages and tobacco at 32%, mineral fuels at 28%, chemical products at 18%, crude materials except fuels at 12%, oils, fats and waxes at 11% and food and live animals at 5%.
In contrast the rest of the imported items that increased include; Miscellaneous manufactured goods at 5% and basic manufactured products at 2%. In terms of share of commodity groups to total imports receipts, food and live animal made up the largest value (C.I.F) of VT 1,704 million or 25% of the total imports for home consumption, followed by machines and transport equipment at 20%, basic manufactured products at 18%, mineral fuels at 14%, miscellaneous manufactured goods at 10%, chemical products at 7%, beverages and tobacco at 3% , crude materials except fuel at 2% and oils, fats and waxes and goods not classified elsewhere at less than 1% of the total imports for home consumption.
The total value of the selected ten major imported items increased by 23% or VT 239 million from VT 1,848 million in corresponding quarter of 2019 to VT 2,267 million in June quarter 2020.
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Copra Export
In June quarter 2020, the quantity of copra exports declined by 14% or 332 tonnes over June quarter of 2019 and also declined by 31% or 883 tonnes from 2,875 tonnes to 1,992 tonnes in the previous quarter.
In value terms, copra exports increased by 5%or VT 4 million over June quarter of 2019 and decreased by 28% or VT 34 million over the previous quarter.
Copra export receipts constituted a 8% share of the total domestic exports in value for June quarter 2020.
The average export price of copra on year to year quarter increased by 23% and also increased by 3% over the previous quarter.
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Kava Export
Kava exports in quantity decreased by 9% or 19 tonnes in June quarter of 2020 over June quarter 2019 but it increased by 50% or 67 tonnes over the previous quarter.
In Value terms, kava exports stood at VT 700 million in June quarter 2020, a decline of 8% or VT 58 million over the June quarter of 2019.
Kava exports constituted a 61% share of the total domestic export receipts in June quarter 2020.
The implied average kava export price increased by 1% over June quarter of 2019.
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Beef Export
Beef exports increased by 10% or 1 tonne from 14 tonnes in June quarter 2019 to 15 tonnes in June quarter 2020. However, it declined by 78% or 55 tonnes over the previous quarter.
In value terms, beef exports decreased by 11% or VT 1 million over June quarter of 2019.
The average beef export price decreased by 19% over the June quarter 2019.
Beef export value constituted a 1% share of the total domestic export receipts in June quarter 2020.
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Total Government Operations
The total government revenue for June quarter 2020 stood at VT 11,443 million of which 63% is recurrent revenue while 37% were grants received from abroad. Total revenue increased by 17% over corresponding period in 2019 and also increased by 10% over the previous quarter.
The total government expenditure for June quarter increased by 6% over corresponding period in 2019 but it fell by 5% over March quarter 2020.
The total government revenue excluding donors in June quarter 2020 stood at VT 7,260 million. This is a decreased of 2% over corresponding period in 2019 and also a decrease by 22% over previous quarter. The total tax revenue collected for March quarter totalled VT 3,522 million, it is a decreased by 10% over June quarter 2019 and -5- also a decreased by 31% over the previous quarter.
The total government expenditure in June quarter 2020 stood at VT 7,218 million. Compensation of employees made up 53% or VT 3,855 million of total government expenditure in June quarter 2020. This is an increase of 8% compared to June quarter in 2019 and by 9% over the previous quarter.
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