|
Manufacturing replaced agriculture as the greatest contributor to Puerto Rico's national income largely because of "Operation Bootstrap," which from the 1940s attracted U.S. firms to the island through the use of tax exemptions. Pharmaceutical, apparel, and electronics industries have been the most important, along with the manufacturing of machinery, chemicals, and plastics, and oil refining. Livestock raising (for meat and dairy production) has surpassed the growing of sugarcane as the chief agricultural pursuit in Puerto Rico. Coffee, tobacco, and fruits and vegetables are other leading crops. Reforestation has been undertaken to restore tropical woods in the interior, where the Caribbean National Forest is set apart. Tourism is also an important factor in the economy, as is money remitted by Puerto Ricans (about 2.7 million) living in the United States.
The United States is by far Puerto Rico's chief trading partner. The leading exports include pharmaceuticals (some 50% of all U.S. prescription drugs), electronic and other machinery, chemicals, raw and refined sugar, and sugar products (rum, candy, molasses). Imports consist mainly of food products and consumer items. Although Puerto Rico is no longer dependent on one crop (sugar) and has the most diversified and powerful industrial economy in the Caribbean, heavy population and insufficient jobs have contributed to social and economic problems and to continued emigration (mainly to New York City).
Sections in this article:
|
