Agricultural exports doubled in April, according to the latest report from the Reserve Bank of Tonga.
The bank said 642.3 tonnes of produce was exported, driven by an increase in the sale of root crops such a yam, taro and cassava.
The Governor of the Reserve Bank, Sione Ngongo Kioa, said exports of fish had almost tripled compared with the same period last year.
New data for the fisheries sector showed that exports of fish since the beginning of 2019 averaged 188 metric tons per month compared with an average of 67.2 metric tons per month in 2018.
Nearly all the exported fish were tuna, which accounted for 96.6% of the total 164.0 metric tons exported in April.
The export of aquarium products also rose by 94.7% over the month. Receipts from exports of fish and other marine products also grew by 3.6% over the same month.
Kioa said a drop in loan to the industry may indicate that activity in the secondary sector had slowed.
Loans to the construction and manufacturing sectors declined by 5.7% and 15.3% respectively.
However, container registrations rose by 7.7%, largely due to an increased volume of business containers reflecting active commercial trading.
International air arrivals also rose by 23.7% and the arrival of two cruise ships during the month may have supported the tourism sector.
Travel receipts also recorded a 1.9% increase, whereas receipts for other trades in services also increased by 19.2%, mostly transport and construction services.
Tonga’s economic growth prospects remained positive in the medium term, but weather uncertainty posed a risk.
Official foreign reserves slightly declined by $0.8 million to $464.2 million during April. The monthly movement was attributed mainly to repatriation of unspent project funds and net outflow from interbank foreign exchange deals.
The annual headline inflation slowed further to 0.2% in April
Foreign reserves were projected to remain at a comfortable level and inflation was likely to remain below the reference rate of 5% per annum. The banking system was anticipated to continue to remain sound.
The main points
- Agricultural exports doubled in April, according to the latest report from the Reserve Bank of Tonga.
- The bank said 642.3 tonnes of produce was exported, consisting of an driven by an increase in the sale of root crops such a yam, taro and cassava.
