International Merchandise Trade Index

FBoS Release No: 14, 2017

31st March 2017


The Terms of Trade [TOT] is a ratio of two price indexes: one for exports and the other for imports. A rise in the index means that Fiji can buy more imports from the same amount of exports.

Key facts

The following movements occurred in the December quarter of 2016 when compared with the September quarter of 2016:

  • The international merchandise terms of trade price index fell by 0.1 percent.
  • Export prices for goods rose by 0.1 percent and
  • Import prices for goods rose by 0.2 percent.

Table 1: Summary

imtiDec16a

Commentary

The seasonally unadjusted international merchandise TOT index for the December quarter of 2016 stood at 102.9. No change was recorded when compared to September quarter of 2015.
The export price index increased by 0.5 percent and the import price index rose by 0.2 percent.

Export Price Index

imtiDec16b

There were significant price changes in the following export and import items when comparisons were made to the September quarter of 2016 and December of 2015 periods:


Changes over the September quarter of 2016

The overall Export Price Index [XPI] for the December quarter of 2016 stands at 104.9, an increase of 0.1 percent when compared to the September quarter of 2016 [104.8]. Contributing to this increase were higher prices recorded for the following categories and specific items:

  • Live animals; animal products increased by 1.8 percent due to high export prices of fish, milk and eggs;
  • Vegetable products increased by 1.5 percent due to high export prices of cassava, dalo, ginger, flour and rice and
  • Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes increased by 1.4 percent due to high export prices of soya bean.

Changes over the December quarter of 2015

Compared to the December quarter of 2015 [104.4], the XPI for the December quarter of 2016 increased by 0.5 percent. Contributing to this increase were higher prices recorded for the following categories and specific items:
• Live animals; animal products increased by 4.0 percent due to high export prices of fish, milk and eggs and coral;
• Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes increased by 3.4 percent due to high export prices of soya bean oil and copra; and
• Vegetable products increased by 3.0 percent due to high export prices of cassava, dalo, ginger, flour, rice and kava.


Annual 2016

There was no change in the annual XPI for 2016 when compared with the annual 2015 XPI.

Import Price Index

imtiDec16c

Changes over the September quarter of 2016

The overall Import Price Index [MPI] for the December quarter of 2016 stands at 101.9, an increase of 0.2 percent when compared to the September quarter of 2016 [101.7]. Contributing to this increase were higher prices recorded for the following categories and specific items:

  • Wood and articles of wood; wood charcoal; cork and articles of cork; manufacturers of straw, of esparto or of other plaiting materials; basketware and wickerwork increased by 0.4 percent due to high import prices of hardboard and fire resistant board;
  • Machinery and mechanical appliances, electrical equipment and parts thereof, sound recorders, reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles increased by 0.4 percent due to low import prices of printer, brush cutter and computer and
  • Footwear, headgear, umbrellas, sun-umbrellas, walking-sticks, seat-sticks, whips, riding-crops and parts thereof; prepared feathers and articles made therewith; artificial flowers; articles of human hair increased by 0.3 percent due to high import prices of sandals and slippers.

Changes over the December quarter of 2015

Compared to the December quarter of 2015 [101.7], the MPI for the December quarter of 2016 increased by 0.2 percent. Contributing to this increased were higher prices recorded for the following categories and specific items:

  • Wood and articles of wood; wood charcoal; cork and articles of cork; manufacturers of straw, of esparto or of other plaiting materials; basketware and wickerwork increased by 3.0 percent due to high import prices of hardboard and fire resistant board;
  • Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal and articles thereof; imitation jewellery increased by 1.9 percent due to high import prices of gold jewellery and imitation jewellery and
  • Vehicles, aircraft, vessels and associated transport equipment increased by 1.0 percent due to high
    import prices of motor vehicles and ships boat and floating structures.

Annual 2016

imtiDec16dThe annual MPI for 2016 stands at 101.6, an increase of 0.1 percent over the annual 2015 MPI of 101.5. Contributing to this increase were higher prices recorded for the following categories and specific item;

  • Wood and articles of wood; wood charcoal; cork and articles of cork; manufacturers of straw, of esparto or of other plaiting materials; basketware and wickerwork increased by 2.4 percent due to high import prices of hardboard and fire resistant board and
  • Mineral products increased by 1.7 percent due to high import prices of unleaded petrol, kerosene, automotive diesel oil and industrial diesel oil.
  • Vehicles, aircraft, vessels and associated transport equipment increased by 0.8 percent due to high import prices of motor vehicles and ships boat and floating structures.

 

 

 

 

 

 

 

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For further enquiries, please contact Ms. Uma Reddy on email or telephone
331 5822 (ext. 386 239) or direct line 323 0839.

The International Merchandise Trade Indexes (Prices) release for the March quarter of 2016 will be released in June, 2017.