Fiji could have saved $1.65 billion in imports over the past five years, if products were made locally, says permanent secretary for Sugar Industry Ministry Yogesh Karan.
Speaking in Lautoka yesterday, he said the total value of products Fiji could have manufactured or produced locally but imported instead in 2019 was $294m.
“If you add these products over the five-year-period, it amounts to $1.65b,” he said, while handing out grants to 39 new canegrowers in Lautoka.
Mr Karan said Fiji recorded a trade deficit of $3.7b in 2019 because total imports were $6b compared with total export earnings of only $2.2b.
He also said the trade deficit had increased by 40 per cent over the past five years because a lot of products which could be produced locally were being imported instead.
“Over the last five-year period (2015-2019), our trade deficit has increased by 40 per cent, that is from $2.69b in 2015, it has increased to $3.78b in 2019.
“One of the main reasons our trade deficit is rising at this alarming rate is because we are importing products that we can produce here in Fiji.
“These things are vegetables, milk, cheese, dairy, rice and meat to name a few.”
Mr Karan said Fiji Bureau of Statistics import data showed that Fiji imported $70.7m worth of milk and cream last year and $51.5m worth of fresh fish.
He also said sheep and goat meat were imported at a value of $51.3m while poultry imports amounted to $15.7m.
Butter and other fats were imported at $24.2m while cheese and curd worth $12.1m and carrots worth $5.2m were imported.
Mr Karan said Fiji imported $20.7m worth of kava in 2019.
Mr Karan said while controlling the country’s imports was one of the strategies to manage Fiji’s trade deficit, it was also vital to increase exports and not depend heavily on one industry.
