The Reserve Bank expects growth for the fisheries sector to decline in 2017/18 following a vibrant performance in 2016/17. This is due to lower foreign vessels registered to fish the Tongan waters, and adverse weather effects. Read more in the Marine Exports Volume for January 2018.

Remittances decreased over the month by $8.5 million (25.4%) to $25.1 million yet much higher than what was recorded in the same period of previous years. The monthly trend was driven by a decline in all categories of remittances with the exception of private capital transfers. Read more in the Remittances Report for January 2018.

Developments among Tonga’s major trading partners remained largely positive. Both Australia and New Zealand reported their GDP growth of 2.7% and 2.9% respectively for the year ended to December 2017. For Australia, public investment and trade supported economic growth whilst for New Zealand, the services industries drove economic growth.

An overall surplus of $1.6 million was recorded over the month of January 2018 compared to a $2.3 million deficit in December 2017. As a result, the official foreign reserves rose to $424.1 million, equivalent to 7.7 months of import cover. Find out more in the Overseas Exchange Transactions report for January 2018.

Total volume of agricultural exports continued to fall over the month of January 2018 by 97.1 tonnes (14.7%) to a total of 565.2 tonnes. This is a similar trend to previous years where agricultural exports starts slow in the year and could also be attributed to seasonality. Read more in the Agricultural Exports Volumes report for January.

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