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Bank explains reason for rise in value of LNG exports

Staff Reporter | 10:56 PM | |
EXPORTS from Papua New Guinea rose 64 per cent in value during last year to K21.9 billion, largely due to the start of LNG production, according to the Bank of Papua New Guinea.
According to Business Advantage in its March Quarterly Update, which aggregates the four quarters of last fiscal year, the bank reports total value of exports rose from K13.3 billion the previous year to K21.9 billion. An analysis of figures revealed most of the increase had come from PNG LNG plant.
The value of LNG exports (LNG and condensate) totalled K7.7 billion in its first three quarters of production.
Gold, copper, cobalt and oil exports remained stable over the year, although Ramu nickel mine exports rose in value from K426.9 million to K739.4 million, a rise of about 40 per cent.
The value of agricultural exports rose from K2.7 billion previous year to K3.05 billion last year.
However, December quarter saw agricultural exports halve from K1.05 billion to K493.2 million.
Forestry exports rose approximately 11 per cent in value from K729.7m to K815.1m over the year. Log exports last year reached their highest levels since at least 1990, and well above sustainable harvest levels, despite government policies on sustainable development and restricting round log exports, and of halting the land/resource grabbing under SABLs, Institute of National Affairs executive director Paul Barker said.
Exports totalled 3.8 million cubic metres, having grown steadily from 2.3 million cubic metres in 2005.
Eighty-eight per cent of logging exports went to China, but it should be remembered that China re-exports a fair portion of its imports, after processing it into planks, through to finished products.
Marine products sales rose over the year from K234.4 million to K321.4 million.