Solomon Islands Import Data

Solomon Islands' Import/Export Overview and Domestic Market Update

Imports & Exports

• Top Trade Partners: Solomon Islands' main trading partners include Australia, New Zealand, and China, reflecting a diverse and globalized trade network.

• Top Imports: The country primarily imports machinery, transport equipment, and manufactured goods, with these categories comprising over 50% of total imports in 2023.

• Top Exports: Exports are dominated by fish, wood, and agricultural products, notably palm oil, contributing to about 70% of total exports.

• Trade Balance Analysis: Solomon Islands experiences a trade deficit, with imports exceeding exports, highlighting a reliance on external goods and services.

• Trade Policy Synopsis: The government aims to reduce dependency on imports by promoting local industries and enhancing export capabilities, including measures to improve fishery and forestry management.

Domestic Market

• Consumer Expenditure: Consumer spending in Solomon Islands is moderate, with a focus on essential goods and services, reflecting the needs of a developing economy.

• Interest Rates & Inflation: Interest rates are stable, aiming to control inflation, which has seen a slight uptick in 2023 due to global economic pressures.

• Supply Chain Status: Supply chains are vulnerable to external shocks, affecting the availability and cost of imported goods, particularly fuel and machinery.

• Sector Performance: Agriculture, forestry, and fishing sectors are robust, showing resilience and growth potential, while the manufacturing sector is developing slowly.

Overall Outlook

Despite challenges such as trade deficits and supply chain vulnerabilities, Solomon Islands' economy shows promise through its natural resource base and strategic trade relationships. The government's focus on sustainable development and economic diversification bodes well for future growth.