Cook Islands: Economy
Agriculture employs about one third of the people. Fruits and vegetables are grown, and pigs and poultry are raised. Food processing, tourism, and fishing are the major industries. Black pearls, copra, papayas, citrus fruits and juices, coffee, fish, clothing, and handicrafts are the principal exports. Foodstuffs, textiles, fuels, timber, and capital goods are imported. Beginning in the 1980s the islands also became a popular tax haven and offshore banking center, but in 2003 the government moved to increase regulation of offshore banks as a result of international pressure. Large numbers of workers emigrate to New Zealand and their remittances are also an important source of income. Government spending is important to the economy, and more than 60% of the labor force work in the public sector. The Maoris generally work their own land.
The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved.
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