19 Jun 2009

Fiji's Reserve Bank reports declining export earnings

10:31 am on 19 June 2009

Fiji's Reserve Bank reports that declining export earnings is a concern for the country in first quarter figures just released.

Fiji Live online reports the Bank says one encouraging sign is that imports had fallen but there's still a worry over Fiji's export situation.

The Bank says the recent devaluation favours a rise in export earnings in the future, but that the falling global demand and supply-side constraints is still a concern.

It says domestic exports dropped by 12 percent in the first quarter, compared to growth of nearly 22 percent in the same period in 2008.

But the Bank says personal remittances remained stagnant at around 28 million US dollars, the same level recorded in the corresponding period last year.