Martinique Martinique Background Colonized by France in 1635, the island has subsequently remained a French possession except for three brief periods of foreign occupation. Martinique Economy The economy is based on sugarcane, bananas, tourism, and light industry. Agriculture accounts for about 6% of GDP and the small industrial sector for 11%. Sugar production has declined, with most of the sugarcane now used for the production of rum. Banana exports are increasing, going mostly to France. The bulk of meat, vegetable, and grain requirements must be imported, contributing to a chronic trade deficit that requires large annual transfers of aid from France. Tourism, which employs more than 11,000 people, has become more important than agricultural exports as a source of foreign exchange. Martinique Location Caribbean, island between the Caribbean Sea and North Atlantic Ocean, north of Trinidad and Tobago Martinique Flag a light blue background is divided into four quadrants by a white cross; in the center of each rectangle is a white snake; the flag of France is used for official occasions
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