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The East South East Asia Service calls at Suva directly from Asia on a weekly basis. Our 15 day transit time
from Singapore is the fastest in the trade, and
the extensive Asian port coverage is the most comprehensive
direct port-to-port service in the market. Lautoka is also serviced by a direct call every 15 days, otherwise cargoes are
promptly delivered by road from Suva.
Economic Indicator
| Population |
838,900 (2001) |
| GDP |
FJ$4.4 billion (2003) |
| GDP Growth Rate
|
5% (2003) |
| GDP Per Capita
|
FJ$4552.40 (2003) |
| Inflation |
4.2% (2003) |
| Total Imports |
FJ$2215million (2003) |
| Total Exports |
FJ$1273 million (2003) |
| Currency |
1 Fijian dollar (F$) = 100 cents |
| Exchange Rate |
NZ $1 =1.132 FJD (approx) |
Source: Reserve Bank of Fiji
Overview
The economy is as strong as it has ever been. The strength is based on the growth of the tourism and construction sectors. This is then spilling into the retail sector as wages rise and unemployment falls.
Fiji is one of the larger and more developed Pacific Island countries with its economy based on a good supply of natural resources and relatively skilled human resources. The main sectors of the Fiji economy and sources of foreign exchange are sugar, tourism, garments, gold and water.
Fiji's sugar industry has relied heavily on the high prices and preferential access to European markets guaranteed under the Fourth Lome Convention. A successor agreement has been negotiated securing sugar preferences to 2008. However the sugar industry still faces an uphill struggle to ensure its survival after 2008 when the convention expires. The Government has started to tackle the issue of long term sustainability of the sugar industry. This will be a very bumpy road to an efficient industry which may see the need to divert 10,000 people into others areas for income generation.
Tourism is Fiji's largest source of foreign exchange. The tourism sector, together with distribution, transport and communications, contributes approximately 20% of GDP. Visitor numbers pre-coup were approaching 400,000 annually with the majority of visitors coming from Australia and New Zealand. From a low of just under 300,000 in 2000, visitor arrivals have again picked up reaching a record 430,000 in 2003 with over 450,000 likely for 2004. Some people believe that the tourism sector will need to add at least one 300-room hotel each year to cope with the numbers of visitors. At present there are more than 1000 hotel rooms under construction, this number will really only catch up to the present levels and will not cater for the future based on current and potential growth based on airline seats.
The manufacturing sector, agriculture, fishing, timber, garments and gold mining are all expanding. Fiji is industrialising and now has a diverse and in some areas internationally competitive manufacturing sector.
Fiji has a well-developed banking system controlled by the Fiji Government through the Reserve Bank of Fiji (RBF). The RBF regulates the Fijian monetary and banking system, manages the note issue, administers exchange control, and provides banking and other services to government. In addition, it provides lender-of-last-resort facilities and regulates trading bank liquidity as a mechanism in the government's monetary policy.
Opportunities for New Zealand companies exist across the board in Fiji. This diversity signifies the importance of the Fijian market to New Zealand manufacturers. New Zealand also enjoys a number of advantages in the Fijian market: geographical proximity, reliable sea and air transport services, established links between New Zealand and Fiji and the fact that smaller businesses can provide a personalised service to the market and are generally well regarded in the Pacific markets. Fiji is also a hub and distribution point. Many other Pacific Island products exported to Fiji are re-exported to other adjacent countries particularly if they are sub-components of a "final product".
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Fiji
Top Ten Exports, 2003
(FJ$ million)
| Food products, including beverages & sugar |
464.20 |
| Textiles & textile articles |
263.62 |
| Mineral products |
197.06 |
| Transport equipment |
112.64 |
| Pearls, precious, semi precious stones/metals |
79.25 |
| Wood |
32.14 |
| Footwear |
21.80 |
| Base metals & metal products |
17.50 |
| Machinery & mechanical equipment |
17.33 |
| Chemicals |
17.10 |
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Fiji
Top Ten Imports, 2003 (FJ$ million)
| Food products, including beverages
|
374.92 |
| Transport equipment |
356.54 |
| Mineral fuels |
332.56 |
| Machinery & mechanical equipment |
305.79 |
| Textiles & textile articles |
237.54 |
| Chemicals |
133.02 |
| Base metals & metal products |
127.97 |
| Plastic and rubber
|
107.29 |
| Paper & paperboard
|
69.15 |
| Photographic & optical, medical & surgical goods |
37.36 |
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New
Zealand's Top Ten Exports to Fiji
(NZ $ millions)
| Industrial and electrical machinery |
42.73 |
| Meat |
25.96 |
| Iron & steel |
17.67 |
| Vegetables |
16.26 |
| Dairy products |
15.62 |
| Iron & steel products |
13.58 |
| Plastic |
12.49 |
| Pharmaceutical products |
9.29 |
| Medical instruments |
6.11 |
| Vehicles |
4.30 |
The above information is an excerpt from the New Zealand Trade & Enterprise Country Briefs. For a more comprehensive
account visit:
http://www.nzte.govt.nz
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