The most recent iteration of PTI’s Pacific Islands Export Survey reports that export revenue and business confidence have rebounded to their pre-pandemic levels across the entire Pacific region.
Running for a decade, PTI’s biannual Pacific Islands Export Survey is a crucial means of understanding the region’s economic ecosystem, as well as tracking important trends and identifying challenges and opportunities for Pacific businesses. This year’s report reflects on the progress made by Pacific exporters, as well as ongoing barriers faced by both mature and new exporters across the region.
Positively, this year’s report indicates a triumphant recovery from the COVID-19 pandemic’s economic impacts. The survey found that 49 per cent of exporters reported increases in revenue – an impressive figure that has more than doubled on the 24 per cent of respondents who noted increased revenue in 2022. Further, the survey found that most businesses felt optimistic about the future, with 78 per cent expecting revenue increases over the coming year, the highest confidence rates since the Export Survey was launched.
PTI Australia’s Officer in Charge, Jeremy Grennell, said these triumphs are encouraging and have positive impacts beyond just business growth.
“The Export Survey’s finding that export revenue rates have returned to their pre-pandemic rates is a huge win for the region. With ongoing challenges following 2020, from shipping issues to climate impacts and global labour considerations, it is positive that Pacific businesses are not only bouncing back, but also looking forward to further growth in coming years.
“The data suggests this breeds other positive impacts beyond the bottom line. This year, 40 per cent of businesses cited innovation through staff training and hiring, compared to only 23 per cent in 2022. As an organisation designed to improve the livelihoods of Pacific people by enabling decent work and economic growth, these figures are wonderful to see.”
The Pacific Islands Export Survey series can be downloaded or viewed from the Reports page.
PTI Australia thanks all respondents for their contribution to the Pacific Islands Export Survey 2024.
Founded in 1979, PTI Australia is an agency of the Pacific Islands Forum Secretariat. Funded by the Australian Government, it facilitates trade and investment in the Pacific Islands.
