Trade and Investment
Australia, Singapore, and Japan are the principal exporters to Papua New Guinea. Petroleum, mining machinery and aircraft have been the primary U.S. exports to Papua New Guinea. In 1999, as mineral exploration and new minerals investments declined, so did United States exports. Australia is Papua New Guinea's most important export market, followed by Japan and the European Union. Crude oil is the largest U.S. import from Papua New Guinea, followed by gold, cocoa, coffee, and copper ore.
U.S. companies are active in developing Papua New Guinea's mining and petroleum sectors. Chevron operates the Kutubu and Gobe oil projects and is developing its natural gas reserves. A 5,000-6,000 m³ (30,000-40,000 barrel) per day oil refinery project in which there is an American interest also is under development in Port Moresby.
Papua New Guinea became a participating economy in the Asia-Pacific Economic Cooperation (APEC) Forum in 1993. It joined the World Trade Organization (WTO) in 1996.
Read more about this topic: Economy Of Papua New Guinea
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