While vanilla and noni show resilience, the pearl sector suffers a historic collapse, dragging down French Polynesia’s foreign trade.
A Precipitous Drop for Cultured Pearls
The latest data from ISPF, based on figures from the Customs Directorate, reveals a sharp decline in local exports in the fourth quarter of 2024: down 62% in value compared to late 2023. For the full year, the drop reaches 47%, a major blow to Polynesia’s economy.
The pearl industry, a historic pillar of exports, is the primary driver of this downturn. Sales of raw pearls have collapsed: -69% in value and -49% in volume. The average price per gram now stands at 700 F.CFP, in free fall (-39% year-on-year). The annual figures are equally alarming: -59% in value and -52% in volume.
Vanilla and Noni: Rare Bright Spots
Amid the bleak outlook, a few agricultural products buck the trend. Vanilla is experiencing a spectacular rebound: +76% in value and +50% in volume, with prices per kilo reaching 59,000 F.CFP. Noni follows a similar trajectory (+64% in value, +50% in volume).
Meanwhile, other sectors struggle: copra oil shows modest growth in value (+33%) but declines in volume (-21%). Monoï and mother-of-pearl plummet by 41% and 26% in value, respectively.
Imports: Overall Stability, But Sectoral Strains
On the civilian imports side, the trend is stable, but disparities emerge across sectors. Capital goods post strong growth (+26% in value), lifting corporate imports (+6%). Conversely, intermediate goods drop by 12% in value, despite higher volumes (+37%), driven in part by cement purchases.
For households, the decline is moderate (-2% in value, -3% in volume), but the automotive market nosedives (-30% in value).
Energy: Falling Prices, Rising Consumption
Petroleum product imports decline by 14% in value, despite a 14% volume increase. For the full year, their value edges up slightly (+3%), but the average price per kilo drops to 100 F.CFP, down 24%.
A mixed picture highlighting the fragility of Polynesia’s economy, still overly reliant on its pearls.
(Sources: ISPF, Customs Directorate)
Leave a Reply