Tonga's trade in the red
p. 91 · Read in the full issue
Tonga had a huge trade deficit of more than 5T4.75 million in 1973-74.
Imports cost $T7,996,601, while ex ports, mainly copra, earned $T3,244,594. Food accounted for about one-third of the import bi115T2,287,052. $T2,287,052. Frozen and preserved meat ($T680,000) and flour (more than $T630,000) accounted for more than half of the food imports.
Other big import items were ma chinery, motor vehicles and parts, about ST2 million, petroleum, $T581,251, and liquor, cigarettes, cigars and tobacco, $7707,874. The major suppliers were New Zealand and Australia, who provided goods worth more than STS million. Other main import sources were Britain, Japan, Fiji, Iran, Hong Kong and the US.
Tonga’s copra exports in 1973 rose only marginally on the 1972 figure—
from 12,250 tons to 12,362 tons —but the value more than doubled, from $T1,064,570 to $T2,175,461, reflect ing the buoyant world market. Other earners of export income were de siccated coconut, $T371,068; bananas, $T306,435; water melons, 5T157,341; handicrafts and curios, $T'33,889; ground food, such as taro, yams, etc, $T27,074; and tomatoes, $T23,089.
Tonga’s major markets were Hol land, 5T827,925; Australia, $T731,966; New Zealand, $T672,730; Norway, $T348,331; Britain, 5T188,525; Denmark, 5T165,711; West Germany, $T165,656.
Revenue collected by the Customs Department on dutiable imports valued at 5T4,821,824, was 5T1,244,004.
In 1972-73, there was a surplus of about $350,000 in the balance of pay ments.