21 Feb 2012

PNG report says palm oil leading export product to Europe

10:41 am on 21 February 2012

A new report has labelled palm oil as Papua New Guinea's leading export commodity to the European markets with record figures of 45 million US dollars a year.

The report details figures from the 2010 Economic Data that provides a record of the exports and imports for PNG with countries in Europe.

The report also states in 2010 the country recorded a worldwide trade surplus of four billion dollars, a trade surplus with Europe produced a record of more than 465 million, exports of over 650 million and imports of 193 million.

The economic report outlines the main PNG export commodities starting with the leading product palm oil with gains of 436 million US dollars, prepared food, vegetable products including coffee and tea, precious/semi precious stones and mineral products.

The European Union Ambassador, Martin Dihm, says the free trade agreement which exists with PNG is the only one in the Pacific that is called the Interim Economic Partnership Agreement and is designed to help with development.