Analysis and Studies - Country Analysis
Guam: a look at the market
January 9th 2023
Guam is an unincorporated territory of the United States located in the western Pacific Ocean.
The island is the largest and southernmost of the Mariana Islands, and it has a long history of human habitation, with evidence of human activity dating back to around 2000 BC.
In 1565 Guam became a colony of Spain, which controlled the island for more than 300 years, until the Spanish-American War in 1898. After World War II, political pressure from local Chamorro leaders resulted in the establishment of an unincorporated organized territory in 1950 with US citizenship granted to all Chamorro.
Thanks to its rich culture and history, Guam is visited every by many people attracted to the historical sites and landmarks of the island.
The economy of Guam
The economy of Guam is largely based on tourism. In fact, visitors come to the island to enjoy its tropical climate, the beautiful beaches and the other natural attractions, as well as the strong traditions and cultural practices of its inhabitants.
The island is also home to a number of military bases, which provide a significant economic boost to the local economy.
Other important sectors of the economy include construction, retail trade, healthcare, agriculture, and fishing.
In particular, the top exports of the island are base metal watches ($8.48M), trunks and cases ($7.32M), scrap iron ($3.03M), jewellery ($3.02M), and beauty products ($2.73M), exporting mostly to Hong Kong ($23.3M), Chinese Taipei ($3.15M), South Korea ($2.45M), Philippines ($1.11M), and United Kingdom ($632k).
On the other side, the imports of Guam are refined petroleum ($314M), cars ($44.9M), trunks and cases ($21.9M), flavored water ($10.2M), and cut flowers ($8.24M), importing mostly from Singapore ($224M), Japan ($126M), South Korea ($109M), Hong Kong ($31.7M), and Chinese Taipei ($30.5M).
In 2020 Guam was the number 203 economy in the world in terms of total exports and the number 185 in total imports.
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 Guam, SkyMinder can help you assess your potential partner.
Discover more about our solutions and don't hesitate to contact us!