The French Polynesia Statistics Institute (ISPF) has released its latest economic report, revealing contrasting trends in foreign trade during the first quarter of 2014.
Import Trends: Stability with Caveats
- Overall stability in import value (+0.3%)
- 5% volume increase signals falling unit prices
- March surge (+22.3%) driven by:
- Business equipment orders
- Petroleum product purchases (↑13% in volume despite lower prices)
- ISPF attributes fluctuations to temporary factors:
- Inventory replenishment cycles
- Delivery delays
Export Woes Continue
- March rebound (+1.9%) fails to offset quarterly decline (-5%)
- Pearls show resilience:
- +15% quarterly growth
- +30% surge in March
- Other sectors struggle:
- Fish exports: -31%
- Mother-of-pearl: -35%
- Vanilla: -15%
Growing Economic Vulnerability
The export portfolio is becoming increasingly concentrated on raw pearls, which now account for:
- 87% of total export value (vs. 82% in Q1 2013)
This overdependence raises concerns about the territory’s ability to withstand global market volatility.
Key Takeaway: While the pearl sector remains Polynesia’s economic lifeline, the dramatic decline in other traditional exports underscores an urgent need for export diversification. The petroleum import surge warrants monitoring as it may signal either strategic stockpiling or emerging energy demand pressures.
*Data Source: ISPF – April 2014 Trade Bulletin*
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