Monaco exports textiles, manufactured products and art products. The principality imports food, chemicals and transportation products. Monaco's import industry is smaller than its export industry. As of 2014, the area's largest trading partners were countries in the European Union. Monaco also trades with the United States and China.Continue Reading
All food in Monaco is imported because there is no agricultural land in the region. The principality is completely urbanized. It has some manufacturing plants, but mostly, the area is a tourist region that attracts affluent vacationers due to its casino-rich culture and a pleasant climate. Monaco imports and exports through a full customs integration with France, and France collects and refunds all customs duties and tariffs. The residents of Monaco do not pay income taxes, which makes this small area great for getting good deals on imported items. Those who work in the import and export industry especially benefit from the lack of income taxes.
Essential oils, cosmetics and perfumes are produced in Monaco, and these goods are exported to other countries, including the United States. Additionally, artwork and antiques are also exported to America. Monaco imports gemstones and precious metals from America as well as cars, trucks and other vehicle materials.Learn more about Economics