| ECONOMIC INDICATORS |
Economy Overview
|
PNG is a resource rich country. It has estimated recoverable reserves of about 23 million ounces of gold, 500 million barrels of oil and 35 trillion cubic feet of natural gas. It is rich in forest and marine resources. Its two-third export earnings come from gold, silver copper, nickel and crude oil. The rest is from timber, coffee, palm oil, cocoa, copra, rubber and marine exports. PNG’s major imports are machinery and equipment, manufactured goods, food and chemicals. While its mining and oil sectors are dominated by Australia, USA and UK, its other major trading partners are Japan, Germany, Singapore, China, New Zealand, Korea and Indonesia. Trade with Australia constitutes around 45% of the total trade. China has become a major player with a large investment in nickel and cobalt mines. PNG receives over US$ 600 million annual grants-in-aid from Australia. Other donors are Japan, EU, China and New Zealand.
An important development in the recent past was the taking off of the US$ 19 billion LNG project with a consortium led by Exxon Mobil. The project is expected to sustain PNG economy for the next 40-50 years. LNG exports begun in 2014. |
| GDP |
US$ 17 billion (2014) |
| GDP per capita |
US$ 1784 (2014) |
| GDP per capita PPP |
US $ 2723 (2014) |
| GDP annual growth rate |
2.6% (2016) |
| Total Trade Imports Exports |
US$ 9.1 billion US$ 4.0 billion US$ 5.1 billion |
| Bilateral Trade Imports from India Exports to India |
US$ 144.41 (2016-17) US$ 36.35 million US$ 108.06 million |
| INDIA SPECIFIC INFORMATION |
| Indian community |
Approximately 3,000. Mostly businessmen and officials working in various departments, serving in different areas, including IT and IT-enabled services, education, technical personnel for mining, hydrocarbons, etc. |
| Indian Community Association |
India Association of Papua New Guniea (IAPNG) |
| Indian Organizations |
Nil |
| High Commission of India, Port Moresby |
Lot 30, Section 7, Lawes Road, Granville, NCD, Port Moresby. Post Box No.86, Waigani, NCD, Port Moresby. Tel : +675-3214291; Fax : +675-3214397; Website : www.hcipom.gov.in
High Commissioner : Mr. Vijai Kumar |
