Rising outflow for gifts and family support abroad

Total OET receipts rose to $61.0 million in August, $4.0 million (7.0%) higher than the previous month. Total OET payments rose by $0.5 million (1.0%) in August 2016 to $52.8 million. You can find out more about this in the Overseas Exchange Transactions report for August 2016.

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Marine exports continue to fall whilst aquarium exports rise

The National Reserve Bank of Tonga (NRBT) expects the fisheries sector will continue to grow, with tuna exports being the main contributor. Read more in the Marine Exports Volume for September 2016.

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Decline in invertebrate exports driving lower aquarium products

The National Reserve Bank of Tonga (NRBT) expects the fisheries sector will continue to grow, with tuna exports being the main contributor. Read more in the Marine Exports Volume for August 2016.

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No cruise ship arrivals drive total arrivals & departures lower

There were no cruise ships arriving during the month, resulting in a decline in international arrivals by 1,873 passengers (18.1%) over the month. Read more in the International Arrivals and Departures report for September.

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Cruise ship arrivals driving monthly increase

The performance of the tourism industry improved over the month, supported by an increase in the total number of international arrivals by 1,501 (17.0%). Read more in the International Arrivals and Departures report for August.

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Household loans steered strong credit growth

The banks’ loan to deposit ratio of 80% - 90% is anticipated to be achieved progressively over 18 months. This measure is to encourage the utilization of the excess liquidity in the banking system to increase lending. Find out more in the Banking Sector Developments report for August 2016.

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Monthly Economic Review for November

The NRBT’s outlook for strong domestic economic activity remains in the near term. The level of foreign reserves is also expected to remain comfortable supported by expected higher receipts of remittances and foreign aid, despite the projected rise in imports.

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Remittances remained high as Christmas season approaches

Remittances slightly rose over the month of October 2016 by 1.2% ($0.3 million) to $23.2 million, underpinned by higher inflows of private transfers mainly receipts for family support. Read more in the Remittances Report for October.

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Moderate inflow of personal transfers in September

Remittances have eased from $24.8 million in August 2016 to $22.9 million in September 2016. In year ended terms, total remittances reached $262.1 million, which is $48.6 million (22.7%) higher than the previous year. Read more in the Remittances Report for September.

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Registrations lift for all categories except cars

The September 2016 vehicle registrations picked up by 27 vehicles (10.6%) over the month, which was higher compared to performance last month where vehicle registrations slowed by 54 vehicles (17.3%). Read more in the Vehicle Registrations Report for September.

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Pick-up in yam and taro exports

The total volume of exports rose in September 2016 to 785.0 tonnes. This was mainly driven by a rise of 33.7 tonnes in the export of yam and a 33.3 tonnes increase in the export of taro.Read more in the Agricultural Exports Volumes Report for September.

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Private container growth rebounding

In September 2016, the total number of container registrations increased by 16 registrations (2.0%). This was due to a lift in private containers by 73 registrations (22.0%) after having declined in the last 2 months. Business containers however declined by 57 registrations (12.4%), following a strong month in August 2016.  Read more in the Container Registrations Report for September.

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Highest monthly record of remittance receipts so far throughout 2016

Remittance receipts grew even though the June and July’s festivities are over. August 2016 recorded total remittance receipts of $24.8 million, $2.7 million (12.0%) higher than July, and $4.3 million (21.1%) higher than August 2015. This is the highest monthly record of remittance receipts so far in 2016. Read more in the Remittances Report for August.

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Monthly Economic Review for September

The indicators of local economic activities in September were mixed but overall, broadly positive. The NRBT’s expectation for strong domestic economic activity remains in the near term. The level of foreign reserves is also expected to remain comfortable supported by higher expected receipts of remittances and foreign aid, despite the projected rise in imports.

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New duties driving higher annual inflation rate

Annual inflation rose by 7.0%. The significant rise stems from the new customs duties on imported food products as well as domestic prices being at very low levels last year. However, over the month of September 2016, the monthly headline inflation rate fell by 0.3%. Read more in the latest Inflation Rate Report for September.

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High number of cargo ships contributed to rise in registrations

At the end of August 2016, a total number of 793 containers were registered. An increase of 2 vessels in the number of cargo ships that arrived in August 2016 contributed to the higher registrations over the month of 62 containers (8.5%). Read more in the Container Registrations Report for August.

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Yam exports driving monthly decline

The total volume of agricultural exports declined over the month by 173.0 tonnes (19.7%) to 707.3 tonnes, indicating a slowdown in harvesting season. All categories of root crops decreased with yam recording the highest decline of 117.8 tonnes (42.8%), particularly late yams. Read more in the Agricultural Exports Volumes Report for August.

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Vehicle registrations slowed over the month

The total number of vehicle registrations declined over the month of August 2016. Almost all categories fell except government vehicle registrations. Light vehicles fell by 19 vehicles (15.4%), cars decreased by 15 vehicles (12.4%), heavy vehicle by 11 vehicles (31.4%) Read more in the Vehicle Registrations Report for August.

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Festivities ends causing decline in registrations

Over the month of July 2016, 731 containers were registered with the majority being business containers. Total registrations dropped by 201 containers (21.6%), following a strong month in June 2016. Both business and private containers contributed to the monthly decrease. Read more in the Container Registrations Report for July.

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Tuna drove a significant rise in export volume

The NRBT expects the fisheries sector will continue to grow, with tuna exports being the main contributor. The Ministry of Fisheries plans to expand the pearl industry, and new markets available for seaweed exports in the coming year would contribute to the expected 2.0% growth in the fisheries sector for 2016/17. Read more in the Marine Exports Volume for July 2016.

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Strong growth is expected to 2016/17 financial year

Activity in the tourism industry slowed down over the month following the completion of festivities and events that took place in the previous month. The total number of international arrivals1 declined by 3,073 passengers (25.8%), due to decreases in all categories. Read more in the International Arrivals and Departures report for July.

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