Copra, cocoa, and visitor arrivals drive positive June quarter results
Vanuatu’s economy recorded strong growth between April and June this year, driven by agriculture and tourism, according to the latest report from the Statistics Office.
Agriculture growth
Copra production increased by 40% compared to the previous quarter, with an additional 945 tonnes produced. Production value rose by VT 104 million, while copra prices surged by 50%.
Cocoa also showed significant gains, with 415 tonnesmore produced and a 227% rise in export value.
Trade and exports
The national trade deficit improved slightly to VT 7.89 billion in the June quarter a 5% improvement from the previous quarter and a 19% improvement from the same period last year.
Exports rose, led by kava (62% of total value), alongside cocoa and copra, which both increased in volume and value.
Prices and inflation
The Consumer Price Index (CPI) went up by 1.2% in the June quarter.
- Port Vila: +1.1%
- Luganville: +1.6%
- Lenakel: +2.0%
Healthcare costs rose the most, with an 8.2% increase.
Tourism rebound
Visitor arrivals increased by 44%, reaching 23,477 visitors in the quarter.
Australia accounted for 61% of arrivals, while numbers from New Zealand and China also rose. The majority of visitors came for holidays and leisure.
Imports
Imports for home consumption rose by 5%, reaching VT 10.46 billion. Major drivers were food and mineral fuels, alongside higher demand for distillate fuels and cement, reflecting domestic consumption and infrastructure development.
The next Statistics Office report is expected towards the end of the year.
