China remains the foremost export market for Papua New Guinea (PNG). During a recent groundbreaking ceremony for the Sea Park Development in Port Moresby, the Minister for International Trade and Investment emphasized China's critical role in PNG's export economy.
The Minister highlighted the robust trade relationship between the two nations, noting, "China is the biggest export market for Papua New Guinea. Our future markets will be in China." He expressed excitement about the growing Chinese investment in PNG and pointed out that the introduction of three direct flights from China signifies increased confidence in the country.
In 2023, bilateral trade between China and PNG surged to K20 billion. Despite the pandemic's challenges, trade volumes remained strong, reaching over US$4 billion in 2021—a 26% increase from the previous year—and rising to US$5.28 billion in 2022, reflecting a 30% growth.
The recent launch of commercial chartered flights is seen as a key development in enhancing economic ties. The Minister welcomed the expansion of cooperation in sectors such as infrastructure, energy, agriculture, and fisheries, and highlighted the opportunity for high-quality PNG fishery products to enter the Chinese market.
Furthermore, PNG's participation in the China Ready roadshow this year marks a significant step forward for the country's tourism sector, further solidifying the economic and cultural connection between the two nations.
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