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Every 15 days a Tasman Orient vessel calls directly
at Noumea delivering container and breakbulk cargoes
from across Asia. Departing from the last loadport
Singapore the vessels arrive in Noumea after a direct
and non-stop voyage in only 11 days.
Economic Indicator
| Population |
220,467 (estimated 01.2003) |
| GDP |
NZ$7,8MM (2000 est.) |
| GDP Growth Rate
|
4 % (2000 est.) |
| GDP Per Capita
|
For 1999 Xpf 1 963 000 = NZ$ 31 311 |
| Inflation |
0.9% average for 2004 |
| Total Imports |
NZ$2,375,257,000 in 2004 (- 4.53% from 2003) |
| Total Exports |
NZ$1,417,057,000 in 2004 (+ 8,77% from 2003) |
| Currency |
1 Comptoirs Français du Pacifique
Franc(XFP) = 100 centimes |
| Exchange Rate |
NZD 1.00 = XPF 64.114 (average 2004) |
| |
USD 1.00 = XPF 102.12 (average 2004) |
Source: ISEE N.C
Overview
New Caledonia is the third largest island state in the South Pacific after Papua New Guinea and New Zealand. The capital city is Noumea. Half of New Caledonia's population lives in metropolitan and greater Noumea. Nickel is New Caledonia's major source of wealth, representing nearly 90% of exports. The country holds a third of the world's nickel resources, and is likely to get the prime world producer's position in the next five years, due to new smelting projects. Being isolated from the populations and markets of Asia, the US and the EU restricts New Caledonia's economy. The GDP growth rate has fluctuated but has shown modest growth in recent years.
New Caledonia was an overseas territory of France until 1998. Since the end of that relationship, a number of political differences and rivalry between south and north provinces have been settled through various governmental agreements including the restoration of the economic differences via one major mining project in the North Province (Koniambo). Industrial disputes affect key sectors of the economy when they happen. The increased demand for nickel by the Asian market and its high price in 2004 (Ref: LME) has been beneficial to New Caledonia, the trend seems likely to continue.
In conjunction with their production capacity increase from 60,000 T/year to 75,000T/year SLN has completed the fitting of the new larger smelting oven in their Doniambo facilities and except for the washing/scrubbing station all the new equipment at their Tiébaghi extraction site is installed. SLN is forecasting that maximum production capacity of 75,000T/Year will be reached in 2007 immediately after the construction of the washing/scrubbing station in Thiébaghi.
Two other large nickel-mining projects involving the construction of two smelting plants are in their final study stage. Falconbridge (Koniambo project) has to announce prior the end of the year its capacity and willingness to go ahead with the project. Failure by Falconbridge to go ahead will result in the nickel ore-mining plateau of Koniambo being given back to SLN. Inco (Goro Nickel project) has announced that work will resume the first semester of 2005. Invitations to tender have been published and some contracts have been signed.
To reduce the country's sensitivity to global downturns, increased diversification is necessary. Although limited at present, recent activities in sectors such as fishing, aquaculture and tourism are a valuable addition to the economy. The North province is engaged in a large-scale evaluation of its waters (lagoon fauna & flora) with view to organise its management and protection. The ambitious project will make together, with the local populations' input, suggestions with regard to tourism development as a means to develop a sustainable economy for the local population.
New Caledonia's foreign trade policy is now the responsibility of the local government. As an associate member of the EU since 1991, the country is not bound by EU internal legislation, but is subject to the dispositions relevant to its associate member status. The government has the power to enforce quantitative restrictions to protect local industry. Half the country's taxation revenue comes from import duties and taxes. Since 1992, liberalisation policies have increased the amounts and types of goods and services that can be imported without specific restrictions from non-EU countries. Currently 90% of goods and services can be freely imported. Free trade will continue to be implemented in accordance with World Trade Organisation requirements.
There is a strong focus on road development and increasing air and sea services in an effort to open up the more isolated regions of the country. In the northern province, the Kone Tiwaka Road is now completed and links the east and west coasts. New ferry services and port upgrades have improved maritime links to the Loyalty Islands. A number of projects for the construction of small marinas with port facilities are being launched in the northern province to cater for industrial mining, fishing and poultry projects as well as for international and local tourism development.
One of the advantages of New Caledonia's EU associate member status remains untapped by New Zealand exporters. When a product receives sufficient added value in New Caledonia, it gains free trade access to the EU. There are a number of sectors where New Zealand businesses could potentially invest in New Caledonia and gain easier access to the EU. Joint ventures with local partners are also welcome and should assist New Zealand companies in improving their trade access to New Caledonia.
There is also a new taxation regime that provides tax incentives and rebates to both local and foreign investment in the sectors of tourism, fishing, agriculture and mining.
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New Caledonia's
Top Exports, 2004
(Million NZ$)
| Nickel ore, ferro nickel and nickel ingots |
1182,07 |
| Sea products including tuna, prawns & fish |
43,90 |
| Other |
97,85 |
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New
Caledonia's Top Ten Imports, 2004
(Million NZ$)
| Electrical apparatus |
497,39 |
| Transport equipment (cars & buses) |
419,83 |
| Food Products |
330,36 |
| Oil, minerals & bitumen |
297,32 |
| Chemical Products |
185,76 |
| Iron & cast iron work |
167,80 |
| Rubber & Plastics |
89,85 |
| Textiles |
69,77 |
| Paper and paper products |
56,84 |
| Wood & wood products |
26,40 |
| Other |
235,89 |
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New Zealand's
Top Ten Exports to New Caledonia, 2004
(Million NZ$)
| Liquid butane gas |
6.266 |
| Paint, varnishes & other coating products |
5.499 |
| Iron or steel wire |
4.190 |
| Sawed wood |
3.634 |
| Raw sugar |
2.881 |
| Newspaper and paper products |
2.744 |
| Milk powder |
2.688 |
| Non fat milk |
2.542 |
| Apples |
2.231 |
| Meet (bovine) |
2.105 |
TOTAL export for 2004
( grand total ) |
120.762 |
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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