FIJI exported $28.7million worth of ginger, turmeric and other spices to the United States of America (USA) last year – a modest 1 per cent increase from the previous year.
This was revealed by Westpac Fiji’s senior economist Shamal Chand in their latest ‘Westpac Wave’ economic update released this week.
Mr Chand said the country’s journey in the export market for ginger, turmeric, and other spices had been marked by significant milestones and challenges, with the US emerging as its largest market.
He said they had seen a dramatic shift in 2020, when exports to the US surged by nearly 150 per cent, jumping from $8million in 2019 to $20m.
However, he said in 2022, exports experienced a sharp decline of 30 per cent but rebounded in 2023 with a 34.9 per cent increase to $28.4m.
He noted the peak was in 2021 with exports totalling $30.1m.
“While the US remains a key market, Fiji has also made strides in other regions,” Mr Chand said.
“In 2024, ginger and turmeric exports to New Zealand and Australia were valued at approximately $1.39m and $1.37 million, respectively.
“Canada received $383,807 worth of these spices last year.
“Looking ahead, significant opportunities lie with Australia, Fiji’s closest partner.”
Mr Chand said by leveraging this partnership, Fiji could diversify its export markets, reduce dependency on the US, and tap into new opportunities in the Asia-Pacific region.
Meanwhile, Fiji’s gold exports surged by 72 per cent in 2024, reaching a total of $168.1m.
Mr Chand said that growth was driven by a 40 per cent increase in 2024 production, bolstered by the commencement of operations at the Tuvatu gold mine.
“The rally in gold exports was further supported by a favourable global pricing environment, with gold prices rising 27.4 per cent to close at $2,640 per ounce in 2024.
“The heightened global uncertainty contributed significantly to this global price surge, as investors sought refuge in the safety of gold.
“Now, there is a big question mark on whether the same growth should be expected this year given year-to-date gold production has dropped 15 per cent due to some unscheduled repair and maintenance works at the two sites.
“But the expected gold rally into this year amid heightened global recession fears from tariffs should offset the production loss.”
Note: This article was first published on the print version of the Fiji Times dated April 25, 2025
