Kirisitiana Uluwai 
Reserve Bank of Fiji. [File Photo]
The Reserve Bank of Fiji’s Economic April Review reveals that Fiji’s trade balance is in a deficit of $669.7 million.
The review revealed that in the year to February, the trade balance widened by 4.1% owing to a higher increase in imports, $109.2 million relative to exports, $82.8 million.
RBF states that imports grew by 12.1% to $1,011.7 million, driven mainly by mineral fuels while the 32.0% expansion in $342.0 million exports was primarily led by the re-exports of mineral fuels and sugar exports.
Inward remittances grew by 31.4% to $271.8 million cumulative to March, predominantly driven by higher personal transfers.
In terms of transfer channels, inflows through mobile money was the major contributor to the significant growth.
Trade balance is an important factor used in the calculation of Fiji’s Gross Domestic Product and considering the economic developments in both the domestic and the global arena, and given the comfortable outlook for the twin monetary policy objectives of stable inflation and adequate levels of foreign reserves, the RBF kept the Overnight Policy Rate unchanged at 0.25% in April.
