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Vanuatu Business

Business

According to countryaah, Vanuatu is one of the least developed states in the world. The industry is very limited, transport conditions are poor and the lack of educated, domestic labor is very large. About 70 percent of the population lives on agriculture. The traditional forage crop is copious, but production is uncertain due to tropical storms and large variations in demand. During the 1990s, the tourism industry has grown increasingly important. Similarly, financial services companies have established themselves in the country.

Business and Economy of Vanuatu

Most of the export income comes from copra and beef. Vanuatu also earns revenue by selling fishing permits to foreign fishing fleets.

The most important import goods are machinery and transport equipment, industrial semi-finished products, food and fossil fuels. Imports come mainly from China, Singapore and the United States, while exports are primarily to Thailand and Ivory Coast. The trade balance shows deficits annually, but this is offset by revenues from tourism, financial services, convenience registration of vessels and assistance from mainly Australia, New Zealand and France. Income and corporate profits are not taxed in Vanuatu.

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