Marshall Islands Business
• Main exports: Copra cake, coconut oil, handicrafts and fish.
• Main imports: Food, consumer goods, machinery and petroleum products.
• Main trade partners: USA, Japan, Australia and New Zealand.
Economy
The fishing industry is dominated by a commercial tuna operation. The islands' international shipping registry has been a key source of income. There were high hopes for tourism development, but plans have since been scaled down.
There is also an offshore financial services industry. However, in 2002 the Marshall Islands were one of seven countries ‘named and shamed' for their failure to tackle the issue of money-laundering.
Under the recent Amended Compact of Free Association, the USA will continue providing the islands with millions of dollars in aid annually until 2023, at which point aid will be replaced by annual payouts from a trust fund.
Growth was recorded as 3.5% in 2005, and inflation was at 3%. Unemployment is difficult to measure, but hovers around 30%.
The Marshall Islands is a member of the South Pacific Commission and the South Pacific Forum.
Business Contacts
Majuro MH 96960, Marshall Islands
Tel: 625 2525.
Website: www.majurochamber.net
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