6 February 2023 PALAU - BACKGROUND
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Government Type constitutional government in free association with the US; the Compact of Free Association entered into force 1 October 1994
Legal System based on Trust Territory laws, acts of the legislature, municipal, common, and customary laws
Currency US dollar (USD)
Economic Overview The economy consists primarily of tourism, subsistence agriculture and fishing. The government is the major employer of the work force, relying heavily on financial assistance from the US. Business and tourist arrivals numbered 50,000 in FY00/01. The population enjoys a per capita income twice that of the Philippines and much of Micronesia. Long-run prospects for the key tourist sector have been greatly bolstered by the expansion of air travel in the Pacific, the rising prosperity of leading East Asian countries, and the willingness of foreigners to finance infrastructure development.
Natural Resources forests, minerals (especially gold), marine products, deep-seabed minerals
Primary Industries tourism, craft items (from shell, wood, pearls), construction, garment making
Agricultural Products coconuts, copra, cassava (tapioca), sweet potatoes
Import Commodities machinery and equipment, fuels, metals; foodstuffs
Export Commodities shellfish, tuna, copra, garments
Export Partners US, Japan, Singapore (2000)




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