Saint Lucia Business

By | March 3, 2021

According to commit4fitness, Saint Lucia is a small island nation located in the Caribbean Sea. The economy of Saint Lucia is largely dependent on tourism, with many people coming to the country to explore its beautiful beaches and lush rainforests. Agriculture is also an important sector of the economy, with bananas being one of the major crops grown in Saint Lucia. Manufacturing is another key sector with production of clothing, electronics, furniture, and other goods being some of the major products exported from Saint Lucia. Mining for phosphates is also an important industry in the country as well as energy production from geothermal sources. Fishing has also become increasingly important in recent years as many people come to fish in the island’s waters.

According to abbreviationfinder, ST is the 2 letter abbreviation for the country of St. Lucia.

A larger oil port and foreign small industry together with the tourism industry and agriculture constitute the island’s economic backbone. Bananas are the main selling product of agriculture (bananas replaced sugar in the 1920s). Otherwise, coconuts, mangoes, citrus fruits, cocoa and spices are grown for export. Increased competition for bananas in the European market has increased the need for differentiation of agriculture and business.

The development of the tourism industry has contributed to a large service sector. The tourism industry is very important for the country’s economy. The tourism industry is growing steadily.

Gross Domestic Product (GDP) of Saint Lucia

Foreign Trade

According to Countryaah, Bananas exported to the UK are the main export goods. Next comes the confectionery and stationery. Main import goods are foodstuffs, basic factory products, machinery and transport equipment, fuels and chemicals. The main trading countries are the United Kingdom and the United States, as well as the other member countries of Caricom, especially Trinidad and Tobago.

Transport and Communications

There is no railway on the island. There is a main road connection between all cities and villages. Main port cities are Castries and Vieux Fort. Petroleum terminal at Cul de Sac Bay, south of Castries. Two airports.