According to commit4fitness, Lesotho is a small country located in Southern Africa. The economy of Lesotho is largely dependent on its exports, with textiles and apparel being major contributors to the national GDP. Other important exports include food products, footwear and mining products. Tourism is also an important industry in Lesotho with its stunning mountain scenery, vibrant culture and unique wildlife drawing visitors from around the world. The government has been focusing on diversifying its economy by encouraging investment in infrastructure such as roads and telecommunications networks in order to attract more foreign investors. In addition to this, foreign aid from other countries has also been increasing in recent years which has helped to improve the country’s economic outlook.
According to abbreviationfinder, LS is the 2 letter abbreviation for the country of Lesotho.
Business
Lesotho is one of the world’s least developed countries. Although only about 10 percent of the country’s area is suitable for permanent agriculture, the majority of the labor force is employed in this industry. The main food crops are maize, sorghum, wheat, potatoes and beans. Tobacco is the most important export commodity from agriculture. Livestock management also plays an important role and exports of wool and mohair.
The most important industries are diamond mining and the textile industry, but the latter was hit hard by the financial crisis of 2008–09 and has had difficulty coping with competition from Asia. Tourism has become increasingly important from the income and employment point of view and, after transfers from migrant workers, is the second largest source of so-called invisible income. The country’s most important natural resource is water, and projects for hydropower development are underway. Lesotho already produces more electricity than the country disposes of (only a small proportion of households have access to electricity) and electricity is exported to South Africa. In 1988, an agreement was signed with South Africa (Highland Water Scheme), which means that water from rivers in Lesotho is diverted to South Africa.
Foreign trade
According to countryaah, Lesotho has a large deficit in its trade balance. Transfers, mainly from Lesothians in South Africa, have long outweighed the deficit, but since the mid-1990s, South African mines have reduced the workforce and many Lesothians have been forced to return. Imports are dominated by food and live cattle, machinery and transport equipment and petroleum products. Exports are dominated by textile and leather products, water, water energy and diamonds. Dominant trading partners are South Africa and the United States. Membership in the Customs Union SACU (Southern African Customs Union) contributes greatly to the country’s income.