New record high for container registrations
- Details
- Category: Economic Release
- Created: 17 February 2016
| Container Registrations May 2015 |
||||
| Dec 15 | Nov 15 | Oct 15 | Sep 15 | |
| Total | 1,290 | 962 | 704 | 753 |
| Business | 688 | 482 | 421 | 455 |
| Private | 602 | 480 | 283 | 303 |
New record high for container registrations
Total container registrations reached a new record high for December as it increased by 34.1% to 1,290 containers. Mainly due to the holiday season, both private and business container registrations rose by 25.4% and 42.7%
respectively, reflecting the seasonal pick-up in activity in the trade sector. The increase in registrations reflected a 36.0% rise in freezer containers of imported meats and fruits from the United States and New Zealand. The volume of imported construction materials particularly timber, rose by 88.2 tonnes in December suggesting a continued pickup in construction activities. The number of imported vehicles changed little over the month from 252 vehicles in November to 250 vehicles in December, but still remained at a high level. The high record in container registrations may have contributed to the high government revenue collection of TOP$13.9 million during the month.
Annual container registrations increased by 17.2% to a record high, with business container registrations increasing the fastest. This is driven by the domestic economy which has been lively over the year due to more scheduled events in addition to a very active informal sector. The yearly movement coincides with NRBT’s expectations for growth in the distribution sector. The overall increase in container registrations is consistent with improvements in credit conditions, indicating strong economic activities in the country.
The NRBT expects imports and consequently container registrations to generally increase in 2015/16. This may support an increase in customs collections and an upturn in government revenue. Credit growth has rebounded and will continue to grow over 2015/16 which is likely to support growth in imports. Furthermore, liaisons with the construction and transport sector indicate more imports in the future due to high demand. On-going projects such as the construction of the St. George Palace, Retirement Fund Building, LDS chapels, renovations of the Tanoa Hotel and new private residential constructions are anticipated to contribute to the rise. Spill over effects on the trade, tourism and construction sectors are also expected.
Full Data Flash: Container Registration for December 2015 | Other Container Registration Dataflash
