Higher merchandise trade balance drives a deficit in the overall OET balance
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- Category: Economic Releases
Over August, the balance of the overall OET recorded a deficit of $1.5 million following a surplus recorded last month. This stemmed largely from higher payments for services and import purposes. Find out more in the Overseas Exchange Transactions report for August 2018.
Deposits record highest and lending improves
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- Category: Economic Releases
Over the month of July 2018, the total banks lending grew by 1.2% to $452.9 million, after recording a slight decline last month. Lending to both businesses and households increased over the month with business lending contributing the most. Read more in the Banking Sector Developments report for July 2018.
Monthly Economic Review for October 2018
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- Category: Economic Releases
Sectoral performances in the local economy were mixed over the month. Total agricultural export volumes rose by 432.5 tonnes, reflecting the commencement of the squash season and higher export of root crops. On-going construction activities continued to boost performance in the secondary sector, supported by a rise in business loans for construction and individual housing loans.
August remittances remain above $30 million
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- Category: Economic Releases
Over August 2018, total remittances increased by $1.5 million (4.9%) to $31.6 million. This mainly reflects the higher receipts from families abroad for church contributions, funeral expenses, and support towards other family and household matters. Read more in the Remittances Report for August 2018.
Overall OET balance remains in surplus following the hike in June
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- Category: Economic Releases
Over the month of July 2018, the balance of the overall OET recorded a lower surplus of $7.7 million following the high surplus recorded last month. Over the year, the overall OET surplus balance rose by $26.1 million to $67.6 million. Find out more in the Overseas Exchange Transactions report for July 2018.
Remittances continued to remain high despite the slight decrease
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- Category: Economic Releases
The total remittances for July 2018 continued to remain above $30 million. However, this is a slight decrease from the previous month of $0.7 million given minimal declines in private transfers and compensation of employees. Read more in the Remittances Report for July 2018.
Monthly Economic Review for August 2018
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- Category: Economic Releases
Sectoral performances in the local economy were mixed over the month. Total agricultural export volumes rose by 432.5 tonnes, reflecting the commencement of the squash season and higher export of root crops. On-going construction activities continued to boost performance in the secondary sector, supported by a rise in business loans for construction and individual housing loans.
Decline in taxi, rental and cars registrations pushed total vehicle registrations lower
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- Category: Economic Releases
The total vehicle registrations declined over the month of June by 90 registrations (23.0%), recording a total of 301 registrations. This is higher than the monthly average of 231 vehicles in the past five years. Read more in the Vehicle Registration report for June 2018.
Private and business vehicles drove higher registrations
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- Category: Economic Releases
The registrations of new vehicles increased over the month for all types of automobiles which indicates strong activities in the transportation sector during May 2018. The total vehicle registrations rose over the month by 145 registrations (58.9%) Read more in the Vehicle Registration report for May 2018.
Root crops and vegetables drove the monthly decline
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- Category: Economic Releases
The total volume of agricultural exports declined over the month by 39.3 tonnes (8.3%) due to the seaonality of local produce and the damages of cyclone Gita on root crops in February 2018. Read more in the Agricultural Exports Volumes report for June 2018.
More fish was exported during the month
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- Category: Economic Releases
The total exported marine products significantly rose over the month by 73.1 metric tons to a total 81.4 tonnes. This was attributed to foreign fishing vessel which returned with their catch for export. Read more in the Marine Exports Volume for May 2018.
Marine exports decline due to less catch during the month
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- Category: Economic Releases
The Reserve Bank expects the volume of fisheries export to decline in the near term due to less foreign vessels with higher operation capacity which are available to fish the Tongan waters. Read more in the Marine Exports Volume for April 2018.
