The Government of Papua New Guinea is taking proactive measures to address the longstanding trade imbalance with New Zealand, according to statements from the Ministry of International Trade and Investment (MITI). Over the past 27 years, PNG's exports to New Zealand have experienced a steady decline, prompting a strategic reevaluation of trade relations between the two nations. MITI disclosed that from 1995 to 2022, PNG's exports to New Zealand decreased annually by 4.24 percent, plummeting from NZ$45 million (approximately K101.91 million) to NZ$14 million (about K31.71 million) in 2022. Among the main products exported were coffee (NZ$7.43 million), plywood (NZ$5.52 million), and plastic lids (NZ$374,000). Minister for International Trade and Investment, Richard Maru, emphasized the need for a more balanced trade engagement between PNG and New Zealand. Maru highlighted that historically, the trade position has heavily favored New Zealand, with a disproportionate ratio of 1:10. He stressed the importance of equal partnership obligations and expressed the desire for PNG to benefit from New Zealand's expertise, particularly in agriculture. Conversely, in 2022, New Zealand's exports to Papua New Guinea amounted to NZ$132 million (approximately K510.16 million). Key exports from New Zealand to PNG included broadcasting equipment (NZ$25.4 million), aluminum cans (NZ$17.4 million), and poultry meat (NZ$7.18 million). Over the same 27-year period, New Zealand's exports to PNG witnessed an annualized growth rate of 3.64 percent, rising from NZ$50.3 million in 1995 to NZ$132 million in 2022. Maru highlighted that PNG is currently the second-largest goods export market for New Zealand and emphasized the government's commitment to exploring opportunities for exporting agricultural goods to New Zealand. He noted that PNG has already initiated exports of taro to New Zealand markets, signaling a step towards diversifying and expanding the export portfolio. As Papua New Guinea endeavors to rebalance its trade dynamics with New Zealand, collaborative efforts and strategic initiatives are expected to pave the way for mutually beneficial trade relations between the two nations. Also read
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