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The Economic Activity of Samoa

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Samoan economy is closely affiliated to the international market. In general, national sustenance is highly attributed to financial aids (international community), exports (agricultural products), and remittances (overseas workers). Also, there are domestic economic contributors that include agriculture, manufacturing, and tourism industries.

In 2001, major GDP contributors include services (63%), industry (23%), and agriculture (14%). Service sector is grounded on tourism along with finance, transportation, and communication. Industrial sector is powered by food processing, construction materials, and automotive industries. Agricultural sector is impelled by banana, cocoa, coffee, coconut, taro, and yam products.

Import and export sectors are also considered dynamic economic sectors. Prime export commodities consist of beer, fish, garments, coconut, copra, cream, and oil. In turn, these are traded to export partners (2003) such as America (with American Samoa) (5%); Australia (64%); Indonesia (15%); Germany and New Zealand (16%). Main import commodities consist of equipment, food, and machineries. These are imported from import partners (2003) such as America (5%), Australia (15%), Fiji (18%), Japan (12%), New Zealand (20%), and Singapore (4%).

International community has been helpful in the Samoan economy, too. Annual financial aid approximately amounting to $97 million for developmental projects has been sponsored by supportive countries comprised of Australia, Japan, and New Zealand. Annual remittance from over 100,000 overseas Samoan workers approximately amounting to $12 million accounts for an additional income source, as well.

Natural disasters are likewise influential on Samoan economic conditions. No doubt, domestic economy in the 1990’s yield devastating effect of 50% GDP reduction attributed to the typhoon duo namely Cyclone Ofa (1990) and Cyclone Val (1991). Indeed, these fortuitous events are not worth to be underestimated.