International Merchandise Trade Index

[Base: September Quarter 2008 = 100.0]

FBoS Release No: 36, 2015

30th June 2015

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 for the same amount of exports.

Key facts

The following movements occurred in the March quarter of 2015 when compared with the December quarter of 2014:

  • The international merchandise terms of trade index rose by 0.1 per cent;
  • Export prices for goods fell by 0.1 per cent and
  • Import prices for goods fell by 2.0 per cent.

Table 1: Summary

imtiMar15a

imtiMar15b

Commentary

The seasonally unadjusted international merchandise TOT index for the March quarter of 2015 stood at 100.5. This is an increase of 0.9 per cent over the March quarter of 2014.

The export price index increased by 0.4 per cent whereas the import price index fell by 0.4 per cent respectively.

There were significant price changes in the following export and import items when comparisons were made to the December quarter of 2014 and March quarter of 2014 periods:

Export Price Index

imtiMar15cimtiMar15d

Changes over the December quarter of 2014

The overall Export Price Index [XPI] for the March quarter of 2015 stands at 139.5, a decrease of 0.1 per cent when compared to the December quarter of 2014 [139.7]. Contributing to this decrease were lower prices recorded for the following categories and specific items:

  • Prepared foodstuffs; beverages, spirits and vinegar; tobacco and manufactured tobacco substitutes decreased by 1.4 per cent due to low export prices of sugar and sugar confectionery;
  • Products of the chemical or allied industries decreased by 1.1 per cent due to low export prices of pharmaceutical products, and essential oils and
  • Live animals; animal products decreased by 1.0 per cent due to low export prices of fish, lamb, milk, fresh eggs and coral.

Changes over the March quarter of 2014

Compared to the March quarter of 2014 [138.9], the XPI for the March quarter of 2015 increased by 0.4 per cent. Contributing to this increase were higher prices recorded for the following categories and specific items:

  • Pulp of wood or of other fibrous cellulosic material; waste and scrap of paper or paperboard; paper and paperboard and articles thereof increased by 4.2 per cent due to high export prices of cartons;
  • Vegetable products increased by 2.6 per cent due to high export prices of cassava, dalo, pawpaws, ginger, turmeric and tea;
  • 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 2.2 per cent due to high export prices of sandals and slippers and
  • Base metals and articles of base metal increased by 2.2 per cent due to high export prices of iron and steel articles of iron and steel.

Import Price Index

imtiMar15eimtiMar15f

Changes over the December quarter of 2014

The overall Import Price Index [MPI] for the March quarter of 2015 stands at 138.8 a decreased of 0.2 per cent when compared to the December quarter of 2014 [139.1]. Contributing to this decreased were lower prices recorded for the following categories and specific items:

  • Prepared foodstuffs; beverages, spirits and vinegar; tobacco and manufactured tobacco substitutes decreased by 1.8 per cent due to low import prices of sugar and sugar confectionery milo, peanut butter, orange juice, tomato sauce, chicken feed and tallow;
  • Products of the chemical or allied industries decreased by 1.7 per cent due to low import prices of pharmaceutical product, spray paint, tile glue and essential oils and
  • Wood and articles of wood or of other fibrous cellulosic material, waste and scrap of paper or paperboard, paper and paperboard and articles thereof decreased by 1.7 per cent due to low import prices of timber.

Changes over the March quarter of 2014

Compared to the March quarter of 2014 [139.4], the MPI for the March quarter of 2015 decreased by 0.5 per cent. Contributing to this decrease were lower prices recorded for the following categories and specific items:

  • Products of the chemical or allied industries decreased by 5.3 per cent due to low import prices of, pharmaceutical product, spray paint, tile glue, essential oils and soap;
  • Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal and articles thereof; imitation jewellery decreased by 1.6 per cent due to low import prices of gold jewellery and imitation jewellery and
  • 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 decreased by 1.6 per cent due to low import prices of printer, brush cutter and computer.

Click here for related tables

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 release for the June quarter of 2015 will be available by 30th September 2015.