According to commit4fitness, Vanuatu is a country in the South Pacific with a largely diversified economy. Agriculture is an important part of the economy, with copra, coffee and cocoa being important exports. Livestock production is also an important part of the economy, with pigs, goats and poultry being raised for food and sale. Manufacturing is another major industry in Vanuatu, with garments, furniture and electronics being produced for export. Tourism is also an important economic activity in Vanuatu due to its many cultural sites and beaches. The service sector is also growing rapidly in recent years, with banking, telecommunications and other services becoming increasingly prominent.
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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.
- According to abbreviationfinder, VU is the 2 letter abbreviation for the country 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.
VANUATU
Island state of Oceania, located in the South Pacific Ocean, independent within the Commonwealth since 1980. The territory consists of the archipelago of the New Hebrides, about forty islands (as well as uninhabited reefs and islets), aligned from NNW to SSE. The soil is made up of archaic rocks, on which coral or volcanic sediments are superimposed. The climate is tropic-equatorial, with high temperatures and abundant rainfall; the vegetation is luxuriant, with a rich presence of precious essences. The surface is equal to 12,190 km 2 ; the population (154,000 residents according to an estimate of 1992), of Melanesian stock, lives for about 80% concentrated in rural villages, located mainly in the most fertile coastal strips. National language is bislama,English; official languages are bislama, English and French. The main center of the country is the capital, Port Vila (pop. 19,400).
The main economic activities are represented by agriculture (coconut palm, cocoa and coffee for export, fruit, vegetables and cassava for the internal market), breeding, fishing, forestry exploitation and extraction of manganese minerals present on the island of Éfaté. An important source of currency is tourism, which is in great expansion, and large revenues also come from the services sector, as Vanuatu is establishing itself as an international financial center.