• Analysis and Studies
• Aruba

Aruba

Aruba is a constituent country of the Kingdom of the Netherlands, which has received full autonomy in internal affairs in 1986 upon separation from the Netherlands Antilles; however, the Dutch Government is still responsible for its defense and foreign affairs. Aruba was discovered and claimed from Spain in 1499, and later it was acquired by the Dutch Kingdom in 1636. During the 19th century, the gold rush brought a long period of prosperity thanks to the opening, in 1924, of an oil refinery. The last decades of the 20th century saw a boom in the tourism industry, which made Aruba quite popular among European and American tourists.

A look at the Market

Aruba has a very small, tourism-dependent economy and a very high public debt. The COVID-19 pandemic exacerbated the economic activity; however, in the last year, it underwent a partial recovery underway via tourism. Moreover, the government is considering reopening oil refineries. Aruba shows one of the highest GDP growth rates at 17.17%.

The top five exports from Aruba are crude oil ($80 million), rolled tobacco ($42.7 million), hard liquor ($11.3 million), refined oil ($7.93 million), and scrap iron ($5.42 million). These products are primarily sent to South Korea ($80.3 million), Colombia ($43.7 million), the United States ($15 million), Jordan ($11.4 million), and the Netherlands ($9.45 million).

On the other hand, refined petroleum ($272 million), crude petroleum ($61.8 million), rolled tobacco ($48.6 million), acyclic hydrocarbons ($41.4 million), and packaged medicines ($28.2 million) are Aruba's major imports. The top import partners are the United States ($551 million), the Netherlands ($171 million), Italy ($150 million), China ($78.3 million), and Panama ($48.2 million).

Moreover, Aruba was the world's largest importer of typewriters valued at ($29,7k) in 2021.

SkyMinder: Know your Business Partner

SkyMinder is the business information platform powered by CRIF, giving access to in-depth credit and financial data on companies all over the world. Thanks to our international presence and long-standing experience with local information providers, every country is available on SkyMinder, without data accessibility limits or updating issues. If you are evaluating the possibility of doing business with a company located in Aruba, SkyMinder can help you assess your potential partner.

Discover more about our solutions and don't hesitate to contact us!