RADIO NEW ZEALAND INTERNATIONAL
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 a year.
The report details figures from 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 $4 billion.
The report outlines the main PNG export commodities starting with palm oil then prepared food, vegetable products including coffee and tea, precious/semi precious stones and mineral products.
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.