© Copyright 2014 - 2020 - St. Lucia Times. The Gross Domestic Product (GDP) in St Lucia was worth 2.12 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. Protection of intellectual property, royalties, and license fees is $129 billion. That's the largest service export, at $306 billion. Saint Lucia is vulnerable to a variety of external shocks, including volatile tourism receipts, natural disasters, and dependence on foreign oil. 0% Crops such as bananas, mangos, and avocados continue to be grown for export, but St. Lucia's once solid banana industry has been devastated by strong competition. In addition, the Caribbean Development Bank funded an extensive airport expansion project. Tourism, the island's biggest industry, main source of jobs & income and foreign-exchange, accounts for 65% of GDP. The Ministry of Agriculture is encouraging farmers to raise sheep and goats to reduce the island's importation of frozen meats, and has helped by providing support to farmers, importing bloodlines of livestock to increase the productivity of animals, and providing subsidies on animal feed. The island has an area of 620 sq. The island of St. Lucia has an expansive agricultural industry with a great level of diversity, both in product and practice. [clarification needed] The banana industry is now on a decline due to strong competition from low-cost Latin American producers and reduced European trade preferences, but the government has helped revitalize the industry, with 13,734 tonnes exported in 2018. One of St Lucia’s main export is bananas, but they also export … Tourism is St Lucia's main source of jobs and income, accounting for 65 percent of GDP, and the island's main source of foreign exchange earnings. Export Saint Lucia continues to chart the path and navigate the waters leading to export development and economic growth for the benefit of our island and region. Agriculture, which was once the biggest industry, now contributes to less than 3% of GDP, but still accounts for 20% of jobs. MANDATORY ENTRY REQUIREMENTS. Agricultural crops grown for export are bananas, mangoes and avocados. Before the visitor influx, banana exports sustained St Lucia, especially after 1964 when it stopped producing sugar cane. The island country accounts for over 40% of the Windward Islands production. St. Lucia is a beneficiary of the U.S. Caribbean Basin Initiative and is a member of the Caribbean Community and Common Market (CARICOM) and the Organization of Eastern Caribbean States (OECS). 1. This is also home to many of the island's large all-inclusive resorts. The island's population is too small to support the manufacture of goods for domestic consumption (St. Lucia's citizens cannot afford to buy expensive manufactured items), so the emphasis has been on export-oriented products such as garments, sporting goods, toys, and diving equipment. Incentives are available for building and upgrading tourism facilities. Saint Lucia’s major trading partners are the United States, Trinidad and Tobago, the United Kingdom, Barbados, and Dominica. Saint Lucia has been able to attract many foreign businesses and investors. St. Lucia is the headquarters of the Eastern Caribbean Telecommunications (ESTEL) authority, which is developing the regulations to liberalize the telecommunications sector in the region by 2004. GDP growth for the past five years has been very modest. By the time slavery was abolished in 1834, the number of people of African descent greatly outnumbered those of European descent. Press Release:- The Government of Saint Lucia’s Trade Export Promotion Agency, Export Saint Lucia, is currently conducting one of its biggest trade missions to date within the isles of Grenada and St. Vincent. As of the 2007 census, there were 10,000 agricultural holdings covering an area of 30,204 acres, an average of 3.2 acres per agricultural holding. The Connectivity Agenda is a platform for countries to exchange best practices and experiences to trade and investment and undertake domestic reform. 0% ), Budget: The country is encouraging farmers to plant crops such as cocoa, mangoes, and avocados to diversify its agricultural production and provide jobs for displaced banana workers. fossil fuel: France 25%, United States 18.3%, United Kingdom 14.5%, Brazil 6.8% (2005), Imports - commodities: They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. The island's population is too small to support the manufacture of goods for domestic consumption (St. Lucia's citizens cannot afford to buy expensive manufactured items), so the emphasis has been on export-oriented products such as garments, sporting goods, toys, and diving equipment. Agriculture is the second largest industry in Saint Lucia. Industries: ENTRY REQUIREMENTS Our island is open to visitors from all countries. )[21], Household income or consumption by percentage share: St. Lucia Trade Statistics including exports and imports by partner and products, tariffs and relevant development indicators. The banana industry is important in Saint Lucia, employing about 30,000 people directly or indirectly. United States 23.8%, Trinidad and Tobago 16%, Netherlands 11.1%, Venezuela 6.3%, Finland 6.2%, United Kingdom 5.7%, France 4.7% (2005), Economic aid - recipient: $51.8 million (1995), Currency: 1 East Caribbean dollar (EC$) = 100 cents, Exchange rates: East Caribbean dollars (EC$) per US$1 – 2.7000 (fixed rate since 1976). The following export product groups represent the highest dollar value in Guyanese global shipments during 2019. Government trade policy overviews, national development strategy papers as well as information on agreements, regulations, standards, and the investment climate are also presented in this section. [19], The level of island households living at or below the poverty level increased from 18.7 to 21.4 percent from 1995 to 2005. PCI measures the … Even though it is not the biggest contributor to the country's GDP, the agricultural industry has employed over 20% of the workforce in the country. Tourism is vital to Saint Lucia's economy. The Eastern Caribbean Central Bank (ECCB) issues a common currency (the East Caribbean dollar) for all members of the ECCU. St. Lucia: Districts, Major Settlements & Agglomeration - Population Statistics, Maps, Charts, Weather and Web Information St. Lucia's leading revenue producers—agriculture, tourism, and small-scale manufacturing—benefited from a focus on infrastructure improvements in roads, communications, water supply, sewerage, and port facilities. Although St. Lucia enjoys a steady flow of investment in tourism, the single most significant foreign investment is Hess Oil's large petroleum storage and transshipment terminal. The highest complexity exports of Saint Vincent and the Grenadines according to the product complexity index (PCI) are Self-adhesive plates, sheets, film etc of plastic (1.55), Equipment for soldering, brazing or welding (1.2), Articles for funfairs, table and parlour games (0.95), Electrical signalling and traffic control equipment (0.88), and Medical, dental, surgical, veterinary furniture, parts (0.77). NA% nuclear: The country has been the largest banana exporter in the Windward Islands. Trade Policy of Saint Lucia - Selected Documents: This section centralises information relating to St. Lucia's national trade policy. Redeployment of cruise ships, remedial berth construction, and high fuel costs prevented higher growth rates. The largest investment is in a petroleum storage and transshipment terminal built by Hess Oil. This page provides forecast and historical data, charts, statistics, news and updates for Saint Lucia Exports of Goods and Services. All arrivals (5 years and over) must have a COVID -19 PCR test with a negative result taken no more than 7 days before arrival in Saint Lucia.. All arrivals (18 years and over) must complete and submit a Travel Authorization Form. [18] The northern end of St Lucia is tourism's most urbanized area, with a fair number of hotels, and resorts located along beaches, or, with seaside views. Details may not equal totals due to rounding. Exports of Goods and Services for Saint Lucia from International Monetary Fund (IMF) for the International Financial Statistics (IFS) release. Baby Among St. Lucia's 12 New COVID-19 Cases. The ECCB also manages monetary policy and regulates and supervises commercial banking activities in its member countries. All sectors of the economy have benefited from infrastructure improvements in roads, communications, water supply, sewerage, and port facilities. † Physiographically, these are continental islands not a part of the volcanic Windward Islands arc. value of goods provided to the rest of the world valued in current U.S. dollars. The mission which runs from March 9th to 13th is as a direct result of two in-market research missions conducted in 2019. A Big Feat Media Production. The first attempts at colonization were made by the English in 1605 and 1638, but they were frustrated by sickness and the hostility of the native Caribs. The main agricultural products grown in Saint Lucia are bananas, coconuts, cocoa beans, mangoes, avocados, vegetables, citrus fruits, and root crops such as yams and sweet potatoes. 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