Economy History
Aruba was founded by the Spanish but later taken over by the Dutch who discovered gold in 1824. This caused Aruba’s economy to boom until about 1916. The boom ended when the gold supply ran out. In 1929, oil was discovered which was Aruba’s main source of income. Many refineries were opened to supply the demand. In 1950, tourism began to feed the economy. In 1985, the refineries closed due to the reduced worldwide demand for oil. Oil was soon brought back into the economy in 1991. Small refineries were opened back up on the island. Aruba’s economy took a crash when the terrorist attacks happened, September 11, 2001, in the United States. The attacks caused a decline in air traveling which meant less tourist so less revenue. The …show more content…
In 2013, the country exported $583 million and imported $3.17 billion. This resulted in a negative trade balance of $2.59 billion. Aruba has to import foods due to the poor soil and little rainfall. The island does not provide the right environment to grow agricultural goods. Also, Aruba has a very small work force which takes away from exporting.
Aruba. (2013). Retrieved November 15, 2015.
Export Partners
The top export partners of Aruba include Ecuador ($123M), Columbia ($114M), Malaysia ($73.2M), Singapore ($43.1M) and Curacao ($31.4M).
Aruba. (2013). Retrieved November 15, 2015.
Exports
The top exports are refined petroleum ($257M), petroleum gas ($123M), hard liquor ($77.6M), Air travel ($33.6M) and rolled tobacco ($14.7M).
Aruba. (2013). Retrieved November 15, 2015. Refined Petroleum accounts for 44.2% of the exports and Petroleum gas accounts for 21.1% of the exports.
Import Partners
The top import origins are Columbia ($1.72B), United States ($756M), Netherlands ($136M), and the United Kingdom ($79.8M).
Imports
Its top imports are refined petroleum ($1.54B), crude petroleum ($373M), hard liquor ($85M), cars ($50.6M) and jewelry
Aruba was founded by the Spanish but later taken over by the Dutch who discovered gold in 1824. This caused Aruba’s economy to boom until about 1916. The boom ended when the gold supply ran out. In 1929, oil was discovered which was Aruba’s main source of income. Many refineries were opened to supply the demand. In 1950, tourism began to feed the economy. In 1985, the refineries closed due to the reduced worldwide demand for oil. Oil was soon brought back into the economy in 1991. Small refineries were opened back up on the island. Aruba’s economy took a crash when the terrorist attacks happened, September 11, 2001, in the United States. The attacks caused a decline in air traveling which meant less tourist so less revenue. The …show more content…
In 2013, the country exported $583 million and imported $3.17 billion. This resulted in a negative trade balance of $2.59 billion. Aruba has to import foods due to the poor soil and little rainfall. The island does not provide the right environment to grow agricultural goods. Also, Aruba has a very small work force which takes away from exporting.
Aruba. (2013). Retrieved November 15, 2015.
Export Partners
The top export partners of Aruba include Ecuador ($123M), Columbia ($114M), Malaysia ($73.2M), Singapore ($43.1M) and Curacao ($31.4M).
Aruba. (2013). Retrieved November 15, 2015.
Exports
The top exports are refined petroleum ($257M), petroleum gas ($123M), hard liquor ($77.6M), Air travel ($33.6M) and rolled tobacco ($14.7M).
Aruba. (2013). Retrieved November 15, 2015. Refined Petroleum accounts for 44.2% of the exports and Petroleum gas accounts for 21.1% of the exports.
Import Partners
The top import origins are Columbia ($1.72B), United States ($756M), Netherlands ($136M), and the United Kingdom ($79.8M).
Imports
Its top imports are refined petroleum ($1.54B), crude petroleum ($373M), hard liquor ($85M), cars ($50.6M) and jewelry