Balance of Payments

FBoS Release No: 57, 2017

13th September 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).

ANNUAL 2016

Key Facts

  • The Current and Capital account balance stood at a deficit of $480.8 million; and
  • Financial account balance stood at a deficit of $443.0 million.

bopDec16a

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.

bopDec16b

  • The balance on goods and services was a deficit of $615.2 million in 2016. This represents a rise by 36.0 percent ($163.0 million) when compared to 2015. Import of goods increased by $79.3 million mainly due to increase in machinery and transportation equipment and crude materials.
  • The balance on primary income was a deficit of $437.3 million in 2016. This represents a rise by 1.5 percent ($6.6 million) when compared to 2015 as a result of an increase in the outflow of reinvested earnings.
  • The balance on secondary income was a surplus of $562.7 million in 2016. This represents a rise by 0.9 percent ($4.8 million) when compared to 2015 due to an increase in the inflows of personal transfers.

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.

bopDec16c

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.

bopDec16d

  • Direct investment showed a net outflow of $621.0 million in 2016. This represents a fall by 13.0 percent ($92.6 million) when compared to 2015.
  • Portfolio investment showed a net inflow of $61.6 million in 2016. This represents a fall by 67.2 percent ($126.2 million) when compared to 2015.
  • Other investment showed a net inflow of $130.8 million in 2016. This represents a rise by 201.4 percent ($259.8 million) when compared to 2015.
  • Reserve assets showed a net outflow of $14.4 million in 2016. This represents a fall by 110.5 percent ($151.1 million) when compared to 2015.

DECEMBER QUARTER 2016

Key Facts

  • The Current and Capital account balance stood at a deficit of $117.0 million; and
  • Financial account balance stood at a deficit of $13.7 million.

bopDec16e

CURRENT ACCOUNT

bopDec16ef

  • The balance on goods and services was a deficit of $146.3 million in the December quarter of 2016. This represents a decline by 2.3 percent ($3.4 million) when compared to the December quarter of 2015. Import of goods decreased by $24.4 million mainly due to the decrease in mineral fuel. Services increased by $64.1 million mainly due to the increase in the import charged for the use of intellectual property and other business services provided.
  • The balance on primary income was a deficit of $106.3 million in the December quarter of 2016. This represents a decline of 13.8 percent ($17.0 million) when compared to the December quarter of 2015 as a result of an increase investment income received.
  • The balance on secondary income was a surplus of $132.0 million in the December quarter of 2016. This represents fall of 25.4 percent ($44.9 million) when compared to the December quarter of 2015 due to a decrease in personal and other current transfers received.

CAPITAL ACCOUNT

bopDec16g

FINANCIAL ACCOUNT

bopDec16h

  • Direct investment showed a net outflow of $161.8 million in the December quarter of 2016. This represents a rise of 34.6 percent ($41.6 million) when compared to the December quarter of 2015.
  • Portfolio investment showed a net outflow of $8.7 million in the December quarter of 2016. This represents a fall of 106.7 percent ($138.4 million) when compared to the December quarter of 2015.
  • Other investment showed a net inflow of $133.2 million in the December quarter of 2016. This represents a rise of 593.3 percent ($160.2 million) when compared to the December quarter of 2015.
  • Reserve assets showed a net inflow of $23.6 million in the December quarter of 2016. This represents a rise of 134.1 percent ($92.8 million) when compared to the December quarter of 2015.

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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. Torika Ketenilagi on email or telephone 331 5822 (ext. 386 246) or direct line 323 0846.

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