|
Caribbean Islands Trade and Finance
Although Antigua and Barbuda was dependent on trade for its
survival, it maintained large annual trade deficits throughout the
1980s. Manufactured goods, not including processed foods and
beverages, comprised 59 percent of all exports in 1981. Food,
beverages, and tobacco represented 20 percent, and other items
accounted for the remaining 21 percent. Seventy percent of exports
were destined for other Caricom countries, especially Trinidad and
Tobago and Jamaica; the United States received 26 percent of
Antiguan and Barbudan exports. Imports mainly came from the United
States and included food, beverages, and tobacco (33 percent in
1981) and manufactured goods (25 percent). Other items accounted
for 43 percent. Other major trading partners were Britain and
Canada. In 1986 exports were estimated to equal US$51.8 million,
whereas imports were US$74.1 million, for a trade deficit of
US$22.3 million. This gap, although still large, was reduced from
the 1982 level, when the trade deficit was US$90 million.
Like the economy in general, the finance industry in the 1980s
was controlled largely by foreigners. Predominant were a small
number of British and Canadian banks and insurance companies.
Loans, a source of commercial and consumer credit, constituted the
main link between the financial elements and the rest of the
economy. The private financial institutions favored the tourist and
construction industries to the detriment of other areas of the
economy. Seeing this as unsatisfactory, the government established
its own banks and insurance companies, including the Antigua and
Barbuda Development Bank. Public institutions were a relatively
insignificant part of the financial sector, however.
Antigua and Barbuda, as a member of the Organisation of Eastern
Caribbean States (OECS--see Glossary), was a member of the Eastern
Caribbean Central Bank. As such, it used the Eastern Caribbean
dollar, which was created in July 1976 and pegged to the United
States dollar at the rate of EC$2.70 equals US$1.00.
Data as of November 1987
|
