In Papua New Guinea, the currency is called the Kina, which is divided into 100 toea. First introduced to consumers in the spring of 1975, the Kina replaced the Australian dollar. The name of this currency is a derivative of Kuanua, which is connected to the Tolai region of the country, which is a callable pearl shell that is used widely as a means of Papua New Guinea trade along the Coastal areas, as well as in the highlands.
One of the benefits associated with Papua New Guinea Trade, Papua New Guinea Exports, Papua New Guinea Imports is that this country is rich in natural resources. The challenge is that the high cost for developing the infrastructure and rugged terrain has been exploited. Even so, some of the specifics for Papua New Guinea exports include agriculture, along with oil, gold, and copper. In fact, mineral deposits along with agriculture currently account for more than 70% of earnings for Papua New Guinea exports. This coupled with budget support being provided by the World Bank of Australia has sustained the economy of this country.
Unfortunately, one area of Papua New Guinea trade was devastated in 1997 when El Nino blasted through this region, destroying much of the crops for cocoa, coconut, and coffee, which are the primary products that support this economy and another huge part of earnings specific to Papua New Guinea exports. When El Nino went through, experts estimate that as much as 50% of the crops for that year were lost. The good news is that just one year later, this country began to experience slight growth and by 2000, improvement was measured at a 4.3% increase.
As far as Papua New Guinea imports, the country’s economy depends in great lengths on manufactured goods. Since the industrial sector for this country is small, accounting for less than 10% of the GDP, it offers little benefit to the overall economy. Even so, Papua New Guinea trade does include some export of industrial products such as beer, concrete, soap, paper products, ice cream, fruit juices, paint, furniture, canned meat, clothing, and plywood, it is considered just a small domestic market.
Regarding Papua New Guinea trade in the form of receiving exports, the primary contributors are Japan, Australia, and Singapore. Products include aircraft, petroleum, and mining machinery. The United States is another country that exports to New Guinea but the volume has dropped off. The products coming in from the United States include copper ore, gold, cocoa, and coffee. Of all countries involved with Papua New Guinea exports, without doubt Australia is the most critical.