Papua New Guinea’s Treasury Department anticipates that PNG’s export volume will double in 2015 as the country’s current negative account balance declines.
The basis for the country’s Treasury assertion is founded on a strong export performance in recent years.
“The country’s current negative account balance is anticipated to decline this year,” the Treasury states, and therefore anticipates an increase in the volume of exports.
Treasury states that “Papua New Guinea’s strong export performance in recent years means that the negative balance of K4.8 billion at the height of the liquefied natural gas (LNG) construction is anticipated to decline to K2.8 billion in 2014 before rising to a positive K6.8 million in 2015 when LNG exports reach its full capacity.”
The current account deficit of about 14 percent of the gross domestic product in 2012 according to the Treasury is expected to narrow to 8.4 percent in 2014.
Treasury noted that gross exports during this period would leap from K8.6 billion in 2012 to an all-time record of K25. 5 billion in 2015.