Fiji will record a substantial rise in imports of $5.4 billion in 2022, compared with $4.1 billion in 2021, states the Economic and Fiscal Supplement to the 2022-2023 National Budget that was tabled in Parliament last week.
The Ministry of Economy states this will be a 30.1 per cent growth due to import growth in mineral fuel, machinery and transport equipment and food imports, with both price and volume effects underpinning this outcome.
“Import demand is expected to rise on the back of the resumption of tourism and domestic activity, and new and ongoing major investment projects.
“Although import volumes will not recover to pre-pandemic levels for some time, the import bill in nominal terms is expected to surpass 2019 levels mainly due to price effects.”
The Ministry of Economy states total imports are forecast to be $5.9 billion in 2023 and $6.3 billion in 2024.
“While global commodity prices and inflationary pressures in trading partners are anticipated to moderate to some extent, the continued growth in the domestic economy and the stabilisation of prices at relatively higher levels will lead to a continued expansion in imports.”
