Balance of Payments

FBoS Release No: 52, 2018

1st August 2018


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 2017

Key Facts

  • The Current and Capital account balance stood at a deficit of $240.0 million; and
  • Financial account balance stood at a deficit of $303.5 million.

 bopMar18 a

 

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.

bopMar18 b

  • The balance on goods and services was a deficit of $294.6 million in the March quarter of 2018. This represents a rise by 1.8 percent ($5.2 million) when compared to the March quarter of 2017. Import of goods increased by $150.7 million mainly due to the increase in machinery and transport equipment (road vehicles). Import of services increased by $24.5 million mainly due to the increase in air transport services.
  • The balance on primary income was a deficit of $113.8 million in the March quarter of 2018. This represents a fall by 29.2 percent ($47.0 million) when compared to the March quarter of 2017 as a result of the decrease in investment income paid abroad.
  • The balance on secondary income was a surplus of $165.8 million in the March quarter of 2018. This represents a rise by 23.3 percent ($31.3 million) when compared to the March quarter of 2017 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.

bopMar18 c

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.

bopMar18 d

  • Direct investment showed a net outflow of $186.6 million in the March quarter of 2018. This represents a rise by 9.3 percent ($15.8 million) when compared to the March quarter of 2017.
  • Portfolio investment showed a net inflow of $59.6 million in the March quarter of 2018. This represents a rise by 29.6 percent ($13.6 million) when compared to the March quarter of 2017.
  • Other investment showed a net outflow of $62.1 million in the March quarter of 2018. This represents a fall by 78.7 percent ($229.2 million) when compared to the March quarter of 2017.
  • Reserve assets showed a net outflow of $114.4 million in the March quarter of 2018. This represents a fall by 297.2 percent ($172.4 million) when compared to the March quarter of 2017.

 

CLICK HERE FOR RELATED TABLES

Please find attached the following:

  • Table 1:       Balance of Payments;
  • Table 2:       Current Account – Goods and Services;
  • Table 3:       Current Account – Primary and Secondary Income;
  • Table 4:       Capital Account;
  • Table 5:       Financial Account;
  • Table 6:       Reconciliation of Trade Statistics and BOP – Goods Account;
  • Appendix 1: Technical Notes; and
  • Appendix 2: Fiji’s Balance of Payment Flow Chart – March Quarter 2018.

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. 386 241) or direct line 323 0841.

Balance of Payments Statistics for the June Quarter of 2018 will be released as soon as the disaggregated data becomes available.