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[1] 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.
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.
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.
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.yeyt5r3645retr4w
This page is based on this Wikipedia article Text is available under the CC BY-SA 4.0 license; additional terms may apply. Images, videos and audio are available under their respective licenses.
