Pacific Trade Invest NZ continues to monitor sentiment and business status in each of the 16 Forum Island nations we work with in the Blue Pacific.
The importance of the data which is collected cannot be underestimated. The Pacific Islands Forum Secretariat in Fiji, MFAT in New Zealand and other government departments across the five offices of the PTI network all monitor the results closely.
PTI NZ appreciates that there is a level of survey fatigue, and we are truly appreciative of all the countries and companies who continue to respond.
The Pacific Business Monitor is the longest running, most consistent survey that is being implemented. This means that we are collecting, analysing, and using long term consistent data.
In addition, because the surveys are run regularly the information remains pertinent and is used by the PTI network Trade Commissioners to help advocate on behalf of small businesses across the Blue Pacific continent.
We encourage you to complete the Wave 8 survey which is now live.
Wave 7 Results
We note a decrease in business confidence of 1% down to 67% and a thirteen percent decline of businesses reporting to be fully operational (now 31%). This reflects continued warnings that the economic impact of COVID-19 is yet to be fully realised.
Revenue across the board is down with 93% of businesses reporting a decline, the highest since tracking began in April with the proportion of businesses reporting a significant decline in revenue increasing to 70% (down ten percent from last wave).
Fewer businesses are confident they will survive the COVID-19 crisis (28%, an increase from 23% in September reporting they are not very confident).
Increasing market uncertainty shows only a third of businesses expect to return to business as usual in 2021 with most anticipating 2022 as the target for normalisation.
Top challenges for businesses remain the impact of closed international borders and continued uncertainty of how long the pandemic will last.
Several businesses have taken necessary measures to remain open, with an increase in businesses reducing other operational costs, working hours and staff wages and numbers.
Get in touch
At PTI NZ we are here to help you and your Blue Pacific business. Please reach out to us:
Trade Development Officer Aude Douyere firstname.lastname@example.org
Chief Investment Officer Manuel Valdez email@example.com
If you would like to see the full documents for Pacific Business Monitor Wave Five click here.