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• GDP: US$22.7 billion (2007).
• Main imports: Petroleum products, cereal, feed grains, food and machinery.
• Main exports: Crude petroleum, refined oil products, seafood and fruit.
• Main trade partners: China, France, Kuwait, United Arab Emirates and USA.
• Main imports: Petroleum products, cereal, feed grains, food and machinery.
• Main exports: Crude petroleum, refined oil products, seafood and fruit.
• Main trade partners: China, France, Kuwait, United Arab Emirates and USA.
Economy
Yemen is one of the poorest countries in the Arab world, and among the principal motivations behind the unification of Yemen in 1990 was the prospect of economic transformation and expansion.
Under IMF auspices, the government has implemented a programme of structural reforms involving privatisation and an overhaul of the financial system. In exchange, the Yemenis received financial support and some relief of Yemen's US$5 billion foreign debt. Large-scale unemployment persists; an estimated 30% of the workforce is out of work.
Agriculture is concentrated in the fertile northern part of the country. The principal cash crops are cereals, cotton, coffee, fruit, vegetables and qat (a narcotic leaf). Livestock rearing, fishing and some manufacturing also contribute to the economy.
However, the most important industrial activity is oil and gas production. Yemeni reserves are modest by regional standards but since the opening of the refining complex at Aden in 1994 and new fields coming on stream, the sector accounts for the majority of export earnings.
Under IMF auspices, the government has implemented a programme of structural reforms involving privatisation and an overhaul of the financial system. In exchange, the Yemenis received financial support and some relief of Yemen's US$5 billion foreign debt. Large-scale unemployment persists; an estimated 30% of the workforce is out of work.
Agriculture is concentrated in the fertile northern part of the country. The principal cash crops are cereals, cotton, coffee, fruit, vegetables and qat (a narcotic leaf). Livestock rearing, fishing and some manufacturing also contribute to the economy.
However, the most important industrial activity is oil and gas production. Yemeni reserves are modest by regional standards but since the opening of the refining complex at Aden in 1994 and new fields coming on stream, the sector accounts for the majority of export earnings.
Business Etiquette
Businesspeople are expected to dress smartly for meetings and formal social occasions. English is commonly used in business circles. Appointments are needed and visitors should be punctual. Business cards are often exchanged. Do not be surprised during a meeting if Yemeni businessmen chew qat.
Office hours: Sat-Wed 0800-1500, during Ramadan 1000-1500.
Office hours: Sat-Wed 0800-1500, during Ramadan 1000-1500.
Business Contacts
General Investment Authority
Al-Quds Street, Southern Safya, PO Box 19022, Republic of Yemen
Tel: (1) 262 962/3.
Website: www.giay.gov.ye
Al-Quds Street, Southern Safya, PO Box 19022, Republic of Yemen
Tel: (1) 262 962/3.
Website: www.giay.gov.ye