St Kitts And Nevis Economy and Business

• GDP: US$453 million (2005).
• Main exports: Foodstuffs, electronics, beverages and tobacco.
• Main imports: Machinery, manufactured goods, foods and fuel.
• Main trade partners: USA, UK and CARICOM countries.

St Kitts & Nevis has an agricultural economy, the mainstay of which is the sugar industry. As the world sugar price has been very low in the past few years and several sugar crops have been badly damaged by hurricanes and other adverse climatic conditions, St Kitts & Nevis has come to rely on regular injections of foreign aid to prevent economic collapse.

The government has responded by trying to broaden the base of the economy; bananas, yams and sweet potatoes are now important crops and the cultivation of rice and coffee is developing. Fishing is also growing in commercial importance.

Manufacturing is dominated by sugar products, and textiles and drinks are also produced. A thriving electronics and data-processing sector is the principal success story from the government’s diversification policy, as is tourism which is developing rapidly, particularly on Nevis, and now brings about US$70 million a year into the economy.

More recently, and especially on Nevis, an ‘offshore’ financial services industry has developed: there are now over 10,000 foreign businesses registered on the island and the government has been obliged to meet new international standards regarding the investigation of money-laundering. Unemployment is among the lowest in the Caribbean.

Businesswear for men usually consists of a short- or long-sleeved shirt and tie, or open-neck tunic shirt.

Office hours: Mon-Fri 0800-1200 and 1300-1600.

For further information on conferences and convention possibilities, contact the St Kitts & Nevis Hotel & Tourism Association (see Accommodation Information).

St Kitts & Nevis Chamber of Industry and Commerce
PO Box 332, Horsford Road, Fortlands, Basseterre, St Kitts
Tel: 465 2980.
Website: www.stkittsnevischamber.org