1. Tourism: One of the most important economic activities in the Pacific Islands is tourism. With its stunning beaches, lush jungles, and unique cultural attractions, the Pacific Islands have become a popular destination for travelers from all over the world. Tourism is a major source of income for many of the island nations, providing employment opportunities, foreign exchange, and infrastructure development.

2. Agriculture: Agriculture is another important economic activity in the Pacific Islands. Many of the islands are heavily dependent upon agriculture, with subsistence farming and fishing providing the main source of income for many families. Coconut, banana, and other tropical fruits are grown in abundance, while fishing is a major industry in many of the island nations.

3. Mining: Mining is also an important economic activity in the Pacific Islands. Mining activities are concentrated in countries such as Papua New Guinea, which is rich in natural resources such as gold, copper, and oil. Mining activities provide employment opportunities and foreign exchange for the region.

4. Manufacturing: Manufacturing is another important economic activity in the Pacific Islands. Many of the islands are home to factories that produce a variety of products, from clothing to electronics. Manufacturing is an important source of employment and foreign exchange for the region.

Economy of Oceania

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Overview of the economy of Oceania
Economy of Oceania
Statistics
Population estimated 38 million (2014)
GDP PPP: US$1.67 trillion (2014)
GDP per capita
PPP: $22,647
During 2003 unless otherwise stated. Most numbers are from the UNDP from 2002, some numbers exclude certain countries for lack of information.

All values, unless otherwise stated, are in US dollars.
World economy

The skyline of the Sydney central business district in Australia. Sydney is the most populous city in Oceania and is one of Oceania’s only two Alpha world cities.

The skyline of the Auckland Central Business District in New Zealand. Auckland is the fifth populous city in Oceania and most populous city in New Zealand.

The downtown area of Port Moresby, the capital of Papua New Guinea. Port Moresby is the most populous Oceanian city outside of Australia and New Zealand.

The economy of Oceania comprises more than 14 separate countries and their associated economies.

On a total scale, Oceania has approximately 34,700,201 inhabitants who are spread among 30,000 islands[citation needed] in the South Pacific bordered between Asia and the Americas. This region has a diverse mix of economies from the highly developed and globally competitive financial markets of Australia and New Zealand to the much less developed economies that belong to many of its island neighbours.

Regional variation

to be completed

Oceania

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Trade blocs

The smallest Pacific nations rely on trade with Australia, New Zealand and the United States for exporting goods and for accessing other products.

Australia and New Zealand’s trading arrangements are known as Closer Economic Relations. Australia and New Zealand, along with other countries, are members of Asia-Pacific Economic Cooperation (APEC) and the East Asia Summit (EAS), which may become trade blocs in the future particularly EAS.

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Currency

The below table summarizes the official currencies of Oceania. Several territories are dollarized or use a currency with a fixed exchange rate.

Country/Territory Currency Central bank Notes
 American Samoa US Dollar Federal Reserve US territory
 Australia Australian Dollar Reserve Bank of Australia
 Cook Islands New Zealand Dollar Reserve Bank of New Zealand Dollarized
Easter Island Chilean Peso Central Bank of Chile Chilean territory
 Fiji Fiji Dollar Reserve Bank of Fiji
 French Polynesia Pacific Franc Institut d’émission d’Outre-Mer Currency union, pegged to Euro
 Guam US Dollar Federal Reserve US territory
 Hawaii US Dollar Federal Reserve US state
 Kiribati Australian Dollar Reserve Bank of Australia Dollarized
 Marshall Islands US Dollar Federal Reserve Dollarized
FS Micronesia US Dollar Federal Reserve Dollarized
 Nauru Australian Dollar Reserve Bank of Australia Dollarized
 New Caledonia Pacific Franc Institut d’émission d’Outre-Mer Currency union, pegged to Euro
 New Zealand New Zealand Dollar Reserve Bank of New Zealand
 Niue New Zealand Dollar Reserve Bank of New Zealand Dollarized
 Norfolk Island Australian Dollar Reserve Bank of Australia Australian territory
Northern Mariana Islands US Dollar Federal Reserve US territory
Ogasawara Japanese Yen Bank of Japan Japanese territory
 Palau US Dollar Federal Reserve Dollarized
 Papua New Guinea Kina Bank of Papua New Guinea
 Pitcairn Islands New Zealand Dollar Reserve Bank of New Zealand Dollarized
 Samoa Tala Central Bank of Samoa
 Solomon Islands Solomon Islands dollar Central Bank of Solomon Islands
 Tokelau New Zealand Dollar Reserve Bank of New Zealand Dollarized
 Tonga Pa’anga National Reserve Bank of Tonga Pegged to currency basket
 Tuvalu Australian Dollar Reserve Bank of Australia Dollarized
 Vanuatu Vatu Reserve Bank of Vanuatu
 Wallis and Futuna Pacific Franc Institut d’émission d’Outre-Mer Currency union, pegged to Euro

Economic sectors

Service industry

The overwhelming majority of people living in the Pacific islands work in the service industry which includes tourism, education and financial services. Oceania’s largest export markets include Japan, China, the United States and South Korea. The majority of people living in Australia, and to a lesser extent, New Zealand work in mining, electrical and manufacturing sectors also.

Manufacturing

The manufacturing of clothing is a major industry in some parts of the Pacific, especially Fiji, although this is generally decreasing.

Australia boasts the largest amount of manufacturing in the region, producing cars, electrical equipment, machinery and clothes.

Tourism

Tourism has become a large source of income for many in the Pacific; tourists come from Australia, New Zealand, Japan, the United Kingdom and the United States. Fiji currently draws almost half a million tourists each year; more than a quarter from Australia. This contributes $1 billion or more since 1995 to Fiji’s economy but the government of Fiji underestimate these figures due in part to an invisible economy inside the tourism industry.

Agriculture and fishing

Agriculture and natural resources constitutes only 5% to 10% of Oceania’s total jobs, but contributes substantially to export performance. The most populous two nations, Australia and New Zealand, are also the most developed and have majority service industries. This dilutes the data from the less developed Pacific Island nations who have major agricultural economies. Most of the Pacific countries (excluding Australia and New Zealand) the primary industry is agriculture. Many nations are still quintessentially agricultural; for example, 80% of the population of Vanuatu and 70% of the population of Fiji works in agriculture. The main produce from the pacific is copra or coconut, but timber, beef, palm oil, cocoa, sugar and ginger are also commonly grown across the tropics of the Pacific. Fishing provides a major industry for many of the smaller nations in the Pacific, although many fishing areas are exploited by other larger countries, namely Japan. Natural Resources, such as lead, zinc, nickel and gold, are mined in Australia and the Solomon Islands. Oceania’s largest export markets include Japan, China, the United States, India, South Korea and the European Union.

International aid and charity

Oceanian donor nations

Oceania’s most populous nations, Australia and New Zealand, are both highly developed nations and are large international aid donors. These two wealthy nations share the region with less developed nations which still rely on foreign aid for development. In the 2007/08 financial year Australia provided $3.155 billion worth of official development assistance, of which $2.731 billion will be managed by AusAID. Every week, each Australian puts in around $2.40 to pay for Australia’s aid program, amounting to around 1% of the Australian Federal Government expenditure compared to the 42% spent on social security and welfare.

Oceanian recipient states

In the Solomon Islands 50% of government spending is paid for by international donors; namely Australia, New Zealand, the European Union, Japan and the Republic of China (Taiwan).

Global trade relations

This region consists of many trading relations because of the small amount of land and limited resources they have. Many have trading economies and are transitioning to a developed economy and infrastructure.

See also

References

Lists of currencies by continent


Source: Economy of Oceania
Wikipedia

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