How much does Papua New Guinea export?

In macroeconomic terms, Papua New Guinea’s total exported goods represent 32.8% of its overall Gross Domestic Product for 2023 ($41.4 billion valued in Purchasing Power Parity US dollars). That 32.8% for exports to overall GDP in PPP for 2023 compares to 40.5% for 2022.

What goods are exported from Papua New Guinea?

The top 5 most valuable goods exported from Papua New Guinea are petroleum gases, unwrought gold, copper ores and concentrates, palm oil and crude petroleum oil. Revealing a concentrated portfolio, those five leading product groups represent over three-quarters (78.1%) of value of Papua New Guinea’s exports during 2023.

Does Papua New Guinea have a trade surplus?

Overall Papua New Guinea achieved an estimated US$8 billion trade surplus for 2023, falling by -29.6% from the $11.3 billion in black ink one year earlier in 2022. The following types of Papua New Guinean product shipments represent positive net exports or a trade balance surplus.

How does Papua New Guinea's economic performance compare to 2022?

That 32.8% for exports to overall GDP in PPP for 2023 compares to 40.5% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Papua New Guinea’s total economic performance, albeit based on a short timeframe.

Why is Papua New Guinea a good country?

Papua New Guinea has positive net exports in the international trade of petroleum gases and, to a lesser extent, crude oil. In turn, these cashflows indicate Papua New Guinea’s strong competitive advantages under the category named mineral fuels including oil.

What does a Papua New Guinea licensee do?

Licensee are required to provide employment, training and localization for Papua New Guineans, and priority is to be given to local people affected by the project licensed and approved under the Act (Section 84).