FIJI’S trade surplus with the United States declined from $293 million to $63m from 2022 to 2024, said Minister for Finance Professor Biman Prasad.
Speaking at the 2025 Nadi Business Forum at the Tanoa International Hotel last Friday, Prof Prasad said this was the result of increased imports from the US.
“Beyond trade, the US is also a vital source market for Fiji’s tourism sector, contributing around 10 per cent of arrivals, a major origin of remittance inflows – approximately 30 per cent, and a longstanding development partner for many decades,” said Prof Prasad.
“Fiji has traditionally maintained a trade surplus with the US.
“Over the past three years, our exports to the US have remained at just under $500m annually.
“However, imports from the US have increased significantly from $190m in 2022 to $425m in 2024.
“As a result, our trade surplus with the US declined from $293m in 2022 to $63m in 2024.”
He said Fiji’s key exports to the US include mineral water, kava, fish products, sugar confectionery, and wooden artefacts.
“On the other hand, major imports from the US comprise medical equipment, aircraft parts, machinery, and electrical equipment.
“Fiji currently applies four rates of import duty – 0 per cent, 5 per cent, 15 per cent, and 32 per cent.
“In 2024, 72 per cent of total imports from the US entered Fiji duty-free, while 25 per cent were subject to a 5 per cent duty. Less than 4 per cent of imports were taxed at the higher rates of 15 percent and 32 per cent.”
Prof Prasad added while 96 per cent of US exports to Fiji face either zero or 5 per cent import duties, the blanket imposition of a 32 per cent tariff on Fijian exports to the US is disproportionate and inequitable.
“This tariff is currently paused for 90 days, until 9 July 2025.
“I am aware that Deputy Prime Minister Manoa (Kamikamica) and his team are actively engaging with their US trade counterparts to seek a fair and lasting resolution to this issue.”
Note: This article was first published on the print version of the Fiji Times dated May 27, 2025
