According to allcitypopulation, Tuvalu is a small island nation located in the South Pacific Ocean about halfway between Hawaii and Australia. It consists of nine small coral atolls and islands spread out over an area of 26 square kilometres (10 sq mi). Tuvalu is one of the world’s smallest countries with a population of 11,000 people. According to Petwithsupplies, the capital city of Tuvalu is Funafuti with a population of 6 320 (2017).
The geography of Tuvalu is mainly low-lying and flat, with no hills or mountains. The highest point in the country is only 5 metres (16 ft) above sea level, making it particularly vulnerable to climate change and rising sea levels. The land area consists mostly of coral atolls, with some islands consisting of limestone rocks surrounded by a shallow lagoon and fringed with coral reefs.
The economy of Tuvalu is largely based on subsistence agriculture and fishing, with small-scale tourism also playing an important role in generating income for the local people. Agriculture is mainly limited to coconut plantations and small vegetable gardens due to the limited land available for cultivation. Fishing plays an important role in providing food for local communities as well as generating export revenue through tuna fishing licenses granted to foreign vessels.
In recent years, Tuvalu has also sought to diversify its economy by developing its communications infrastructure; it became connected to the rest of the world through satellite telecommunications in 1996. In addition, the government has encouraged foreign investment into renewable energy projects such as wind farms, solar power plants and geothermal energy sources.
Tuvalu relies heavily on international aid from countries such as Australia and New Zealand due to its vulnerability to climate change impacts such as rising sea levels which threaten its low-lying atolls; this aid helps fund essential services such as health care, education and infrastructure development projects throughout the country.
Overall, Tuvalu has faced significant challenges due to its size, geographic isolation and vulnerability to climate change; however it has sought to address these issues by diversifying its economy through communications infrastructure development, renewable energy projects and foreign investment while also relying on international aid from other countries.
Foreign Trade of Tuvalu
Tuvalu has traditionally had a small and limited foreign trade due to its geographic isolation and limited resources. The country’s main exports are copra, fish, coconut oil, and handicrafts. In 2019, Tuvalu exported a total of US$2 million worth of goods with the majority of exports going to Australia (US$1.3 million), Japan (US$480 thousand) and New Zealand (US$170 thousand). Imports are mainly food, fuel and other manufactured goods from countries such as Australia, New Zealand and Fiji; in 2019 Tuvalu imported a total of US$18 million worth of goods with Australia being the largest supplier (US$7.5 million).
The majority of Tuvalu’s foreign trade is done through its bilateral trade agreements with Australia and New Zealand which give it preferential access to both markets. It also has a number of regional trade agreements such as the Pacific Island Countries Trade Agreement (PICTA) which allows for tariff-free access to certain products between participating countries.
In recent years, Tuvalu has sought to diversify its export base by promoting local handicrafts such as mats and baskets made from coconut fibre; these products are sold in markets throughout the country as well as abroad in countries such as Japan and Australia. In addition, the country has encouraged foreign investment into renewable energy projects such as wind farms which have the potential to generate electricity for export to neighbouring countries.
Overall, Tuvalu’s foreign trade is limited due to its small size and geographic isolation; however it is working towards diversifying its export base by encouraging local handicraft production and promoting renewable energy projects which have the potential to generate income from electricity exports.
Major Trading Partners of Tuvalu
Tuvalu’s main trading partners are Australia, New Zealand and Fiji. Australia is the largest trading partner, accounting for around 40% of total imports and 25% of total exports. The majority of imports from Australia are food and manufactured goods while exports include copra, fish, coconut oil and handicrafts.
New Zealand is the second largest trading partner, accounting for around 15% of total imports and 28% of total exports. Major imports from New Zealand include food, fuel and other manufactured goods while exports include copra, fish and coconut oil.
Fiji is the third largest trading partner, making up around 10% of total imports and 7% of total exports. Imports from Fiji mainly consist of food items such as rice and root crops while exports include copra and coconut oil.
In addition to these major trading partners, Tuvalu also trades with a number of other countries including Japan, South Korea and Singapore. Japan is a major export market for Tuvaluan handicrafts such as mats and baskets made from coconut fibre; in 2019 it accounted for US$480 thousand worth of exports from Tuvalu. South Korea also accounts for a significant portion (US$270 thousand) of Tuvalu’s export earnings due to its demand for fish products while Singapore accounts for US$90 thousand worth of imports mainly consisting of electronics items.
Overall, Tuvalu’s foreign trade is largely focused on its three main trading partners – Australia, New Zealand and Fiji – which account for around 65% of the country’s total imports and 60% of its total exports; however it does have some limited trade with other countries such as Japan which has become an important export market for local handicrafts.
Major Imports and Exports of Tuvalu
Tuvalu’s major imports include food and manufactured goods from Australia, New Zealand, and Fiji. Food items make up the bulk of imports and include rice, flour, sugar, canned fish, and other processed foods. Manufactured goods consist mainly of electrical appliances such as TVs, washing machines, and computers. In terms of value of imports, Australia is the largest supplier accounting for around 40%, followed by New Zealand (15%) and Fiji (10%).
In terms of exports, Tuvalu’s main exports are copra (dried coconut meat) and coconut oil which are mainly exported to Australia and New Zealand. Fish products are also exported to these two countries as well as Japan. Handicrafts made from coconut fibre such as mats and baskets are also exported to Japan which is a major export market for Tuvaluan handicrafts; in 2019 it accounted for US$480 thousand worth of exports from Tuvalu.
Overall, Tuvalu’s foreign trade is largely focused on its three main trading partners – Australia, New Zealand and Fiji – which account for around 65% of the country’s total imports and 60% of its total exports; however it does have some limited trade with other countries such as Japan which has become an important export market for local handicrafts.