São Tomé and Príncipe is a small island nation located off the coast of Central Africa. With a population of around 219,000 people and a GDP of $366 million, São Tomé and Príncipe's economy is primarily driven by sectors such as agriculture, fisheries, and tourism.
Key Economic Sectors:
Agriculture: São Tomé and Príncipe is known for its agricultural products, particularly cocoa and coffee. These crops are major exports for the country and play a significant role in its economy.
Fishing: The fishing industry is another important sector in São Tomé and Príncipe, providing livelihoods for many residents and contributing to the country's food security.
Tourism: São Tomé and Príncipe's natural beauty and tropical climate make it an attractive destination for international tourists. The tourism industry is a growing sector that has the potential to generate revenue and create jobs.
Trade Partners:
Export Partners: São Tomé and Príncipe's primary exports include cocoa, coffee, and fish. Key export partners for the country include the European Union, Portugal, and several African countries.
Import Partners: São Tomé and Príncipe imports a variety of goods, including food products, machinery, and petroleum products. Major import partners include Portugal, the United States, and China.
Trade Agreements: São Tomé and Príncipe is a member of the Economic Community of Central African States (ECCAS) and the African, Caribbean, and Pacific Group of States (ACP). The country also benefits from trade preferences under the Everything But Arms (EBA) initiative with the European Union.
Future Prospects: São Tomé and Príncipe has the potential to further develop its international trade by leveraging its agricultural products, fisheries, and tourism industry. Improving infrastructure, promoting sustainable development, and attracting foreign investment are key strategies that can help São Tomé and Príncipe enhance its participation in global trade platforms like Savannah Exchange.