Country Report Tonga
- ID: 2138734
- January 2016
- Region: Tonga
- 17 Pages
- The Economist Intelligence Unit
On January 18th the National Reserve Bank of Tonga (NRBT, the central bank) published its monthly economic review for November 2015. It showed that the volume of agricultural exports increased by 294% year on year in November, compared with a decline of 36.1% in October.
The total volume of agricultural exports in November was 2,886 tonnes, up from 1,497 tonnes in October. Squash accounted for the vast majority of these exports, to the extent that the volume exported in this month alone was greater than that for the whole of 2014. Other crops are less significant, but cassava production recorded a year-on-year increase, with coconut output declining.
Taking figures for the 11 months ending in November 2015, however, agricultural exports reached 8,531 tonnes, down by 6.4% year on year, owing to large falls in production of root crops such as taro and yam. The NRBT commented that the possible opening of a new market for squash exports to China may underpin agricultural export volumes over fiscal year 2015/16 (July-June), supporting the central bank's forecast of a recovery in the agricultural sector in that period.