Balance of Payments

FBoS Release No: 65, 2017

1st November 2017


Fiji’s Balance of Payments (BOP) Statistics shows the value of Fiji’s transactions with the rest of the world in goods, services, primary income, secondary income and capital accounts. It also shows changes in Fiji’s financial claims on (assets) and (liabilities) to the rest of the world. The information used in this release is from the International Investment Survey and Administrative sources 1.

All values in this release are in Fiji Dollars (FJD).

Key Facts

  • The Current and Capital account balance stood at a deficit of $268.6 million; and
  • Financial account balance stood at a deficit of $304.7 million.

bopMar17a

1 Administrative source: Fiji Revenue and Custom Services, Reserve Bank of Fiji, Ministry of Economy, Fiji National Provident Fund and Investment Fiji.

CURRENT ACCOUNT

Records the value of Fiji’s transactions with the rest of the world in goods, services, primary income and secondary income. The current account balance is the sum of all current account credits less all current account debits. When the sum of debits is greater than the sum of credits we have a current account deficit.

bopMar17b

  • The balance on goods and services was a deficit of $252.5 million in the March quarter of 2017. This represents a rise by 491.3 percent ($209.8 million) when compared to the March quarter of 2016. Import of goods increased by $197.3 million mainly due to the increase in mineral fuels. Import of services increased by $53.8 million mainly due to the increase in sea transportation services provided.
  • The balance on primary income was a deficit of $153.8 million in the March quarter of 2017. This represents a rise by 467.5 percent ($126.7 million) when compared to the March quarter of 2016 as a result of an increase in investment income paid abroad.
  • The balance on secondary income was a surplus of $134.4 million in the March quarter of 2017. This represents a fall of 3.2 percent ($4.5 million) when compared to the March quarter of 2016 due to an increase in other current transfers paid abroad.

CAPITAL ACCOUNT

Has two components – capital transfers and the acquisition or disposal of non-produced, non-financial assets. Capital transfers involve the transfer of ownership of fixed assets, or the transfer of funds linked to them, without any counterpart transaction.

bopMar17c

FINANCIAL ACCOUNT

Records financial transactions involving Fiji claims on assets and liabilities to non-residents. The financial account is classified into assets and liabilities, which are broken down by type of investment (direct, portfolio, other investment and reserve assets) and instrument of investment.

bopMar17d

  • Direct investment showed a net outflow of $119.2 million in the March quarter of 2017. This represents a rise of 129.2 percent ($67.2 million) when compared to the March quarter of 2016.
  • Portfolio investment showed a net inflow of $46.0 million in the March quarter of 2017. This represents a rise of 48.9 percent ($15.1 million) when compared to the March quarter of 2016.
  • Other investment showed a net outflow of $289.5 million in the March quarter of 2017. This represents a fall of 743.3 percent ($334.5 million) when compared to the March quarter of 2016.
  • Reserve assets showed a net inflow of $58.0 million in the March quarter of 2017. This represents a fall of 8.1 percent ($5.1 million) when compared to the March quarter of 2016.

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Caution:

References can also be made to Fiji Bureau of Statistics’ Quarterly Releases on International Investment Position (IIP), International Trade in Services Statistics (ITSS) and the monthly Releases on International Merchandise Trade Statistics (IMTS). However, caution should be exercised when comparing imports reported in the IMTS Release as they are reported on a CIF (cost, insurance and freight) basis, whereas in Balance of Payments adjustments are made to the imports to have it reported on FOB (Free On Board) basis.

For further enquiries please contact Ms. Radhika Kumar on email or telephone 331 5822 (ext. 386 246) or direct line 323 0846.

Balance of Payments Statistics for the June Quarter 2017 will be released as soon as the disaggregated data becomes available.