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Oceania Economy

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Australia and New Zealand have a standard of living at European level, very high employment in the service sector and a relatively well-developed industry. Prosperity is strongly dependent on exports of agricultural products, minerals and energy raw materials. In the rest of Oceania, it is common for the majority of the population to live on agriculture, fishing and crafts. However, tourism, military installations, aid or commodity exports provide most of the revenue. The service sector often accounts for a large part of employment (in the monetary economy), while the industry is poorly developed. The export-dependent countries in Oceania are very sensitive to world market price and economic fluctuations.

Agriculture

Business of OceaniaAgriculture in Oceania is a very important industry, but in most of the island groups the agricultural area constitutes a limited part of the area, and there is not often a shortage of cultivable land. In Melanesia, Micronesia and Polynesia, a large part of the population is supported by self-sustaining agriculture, but plantation is also common. Papua New Guinea, Solomon Islands and Vanuatu are among the world's leading exporters of copra. Several states and territories (Kiribati, New Caledonia and Tonga) have extensive food imports. In Australia and New Zealand, agriculture accounts for a significant portion of the country's exports, but only for a minor part of employment. Traditionally, breeding of sheep and cattle dominates; both countries are among the world's leading exporters of wool, beef and lamb. Agriculture is varied and highly mechanized. For the most part it is fairly extensive on large areas, but there is also intensive and occasionally irrigated cultivation of fruit, wine and vegetables. Australia is one of the world's leading exporters of cotton, cereals and sugar, and New Zealand has an extensive export of fruits and vegetables.

Forestry

10 per cent of Oceania's land area is forest land, but only New Zealand has a developed rational forestry and a significant forest industry. Forestry is relatively more important in Melanesia. The large forests in eastern New Guinea's hinterland have so far been left fairly untouched, and Papua New Guinea has a moderate timber production relative to its neighboring countries compared to its neighboring countries. Despite the large forest resources, forestry in Australia is fairly undeveloped and a lot of wood products and pulp are imported.

Fishing

Fishing is one of the traditional main industries in Oceania, but only New Zealand belongs to the world's largest fishing nations. Fishing in Australia is of marginal importance, and much of the fishing in Melanesia, Micronesia and Polynesia is conducted for housing needs outside the monetary economy. However, fish is an important export commodity for Fiji, Solomon Islands and Kiribati. Pearl fishing is of great importance in French Polynesia. Through the establishment of economic zones, many island states have huge territorial and fishing waters, but few have any more significant high sea fishing. Many states lease fishing waters to fishing companies from Japan, South Korea and the United States.

Mineral

Australia and Melanesia have rich mineral resources and large exports. By comparison, New Zealand, Micronesia and Polynesia are mineral-poor despite some phosphate and bauxite assets. Many islands and atolls have been completely emptied of their phosphate and guano resources. Australia is one of the world's leading producers and exporters of ores such as bauxite, iron, silver, lead, copper, manganese and zinc ores. New Caledonia is the world's second largest producer of cobalt and the third largest of nickel. In Papua New Guinea, the production and export of copper, bauxite, gold and silver is of great and rapidly growing importance. Gold is one of Fiji's main export goods. In the Solomon Islands, deposits of phosphate, bauxite, gold and silver are extracted.

Energy

In Australia and New Zealand, energy consumption per inhabitant is on a par with Western Europe. Large proprietary fossil fuel deposits are available. Australia has large exports of and one of the world's largest reserves of both coal and lignite. The country also has significant amounts of oil and gas. Also in New Zealand, the extraction of coal, lignite, oil and gas covers most of the domestic need. Electricity production, which per inhabitant is about half as large as the Swedish one, is dominated in Australia by coal-fired thermal power plants, while the water component accounts for about 3/4 in New Zealand. In other parts of Oceania, which are completely referred to imports, energy consumption is generally low. Oil is often the dominant import commodity. In Melanesia there is some access to water energy, which in many places is still unused.

Industry

In Australia and New Zealand, the industry is fairly varied and accounts for about 1/4 of employment. Australia has a large steel and engineering industry. Other significant industrial sectors are oil refining, food, electronics, chemistry and metallurgy. However, in relation to the extent of mining operations, metal processing is poorly developed, and it is really only aluminum production that is significant. According to Countryaah, New Zealand's main industrial products are iron and steel, food, wood and paper products, textiles and aluminum. Unlike the agriculture and mining sectors, the Australian and New Zealand industries are mainly focused on the domestic market. In the rest of Oceania, the industry is small and limited to the processing of raw materials from agriculture and fishing as well as to some extent from forestry and mining.

Countries in Oceania
  1. Australia
  2. Fiji
  3. Kiribati
  4. Marshall Islands
  5. Micronesia
  6. Nauru
  7. New Zealand
  8. Palau
  9. Papua New Guinea
  10. Samoa
  11. Solomon Islands
  12. Tonga
  13. Tuvalu
  14. Vanuatu

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