Everything You Need to Know About the British Virgin Islands’ Economy
The British Virgin Islands were first inhabited by Arawak and the Carib Indians. Eventually, the islands were settled by the Dutch in 1648, and then they were annexed by the English in 1672. From 1872 to 1960, the islands were part of the British colony of the Leeward Islands. They were finally granted autonomy in 1967, not that long ago.
After gaining autonomy, the economy of the British Virgin Islands was closely tied to the larger US Virgin Islands that lie to the west. The US dollar is the legal currency, and English is the official language. Today, the British Virgin Islands are made up of about 50 smaller islands where the population is pretty evenly distributed, but Tortola, Anegada, Virgin Gorda, and Jost Van Dyke have the largest populations.
Of the other Caribbean Islands, the British Virgin Islands are one of the most stable and prosperous. These islands are highly dependent on tourism, which generates roughly 45% of the national income. More than 934,000 tourists visited the islands in 2008 alone, and most of them were from America. Poor soil limits the island’s ability to meet domestic food requirements, so raising livestock is their most important agricultural activity.
Thanks to British Virgin Islands shipping cargo companies, the islands are able to participate in the global market. International shipping, such as air and ocean cargo shipping, allows the British Virgin Islands to ship their products around the world as well as take products in. When it comes to air cargo, air cargo services are necessary for managing and controlling the flow of goods, energy, information, and other resources like products, services, and people from the source of production to the final sales destination. These services make it possible to ship internationally.
Using British Virgin Islands shipping, the islands are able to export goods to other countries around the world. The main products exported by the British Virgin Islands are rum, fresh fish, fruits, animals, gravel, and sand. The exports in 2015 were estimated at $23 million in value.
Also through the use of British Virgin Islands shipping, the islands are able to take in goods they need from the global market. What are people shipping to the British Virgin Islands? They take in things like building materials, automobiles, foodstuffs, and machinery. In2015, the imports received were valued at $200 million.
Not only are the islands beautiful, but they are also full of valuable goods that the global market can benefit from. Without global participation, the British Virgin Islands, much like anywhere else in the world, would not be as successful.