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Pastoralism is the dominant mode of life; both nomadic and sedentary herding of cattle, sheep, goats, and camels are carried on. The major cash crops are bananas, mangoes, and sugarcane. Other important crops include sorghum, corn, coconuts, rice, sesame seeds, and beans. There is a small fishing industry. Somalia's most valuable mineral resource is uranium. Iron ore and many other minerals are largely unexploited. Petroleum deposits have been found, and a refinery was built in 1979. However, much industry has been shut down due to civil strife. Agricultural processing constitutes the bulk of Somalian industry, which includes sugar refining, meat and fish (notably tuna) canning, oilseed processing, and leather tanning. Textiles are manufactured. There are no railroads. Remittances from Somalis living abroad are important to the economy. Livestock, bananas, hides and skins, fish, charcoal, and scrap metal are exported. Imports include manufactured goods, petroleum products, foodstuffs, construction materials, and khat. The chief trading partners are the United Arab Emirates, Djibouti, Yemen, and Oman.

The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved.

More on Somalia Economy from Infoplease:

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