Deficit in P.N.G. trade

Press, Volume CXV, Issue 34037, 29 December 1975, Page 13

Deficit in P.N.G. trade

PORI' MORESBY Da 28 The continuing poor world price for copper and a significant drop in exports from the Bougainville copper mine were the main reasons behind dismal trade figures recorded by Papua New Guinea in the first quarter of 1875-76. According to provisional figures released by the P.N.G B ireau of Statistics, Papua New Guinea suffered a $13.4m deficit in the JulySeptember quarter compared with a ss3m surplus in the same period last year. Copper and the giant Panguna mine on Bougainville normally Papua New 1 Guinea’s biggest money , spinner, earned just over a i third of what it did last yeat — $26.4m against $70.8m In July coffee actuallv earned more than copper as ( growers took full advantage of ihe higher prices resulting; from the Brazilian crop failures. According to the first quarter figures, coffee almost rivalled copper as Papua New Guinea’s main oversearevenue earner, bringing in ’ $21.5m against $18.2m last ; year. With copt a prices down to I nearly a third of what they ’ W'ere last year, the crop 1 earned only $2.7m m the i first quarter of this year. ! compared with $11.4m last : year. A 50 per cent drop in th<* price of cocoa meant that first quarter exports earned •lonly $7.3m against sl3m last . year