{"id":135954,"date":"2021-08-27T07:02:10","date_gmt":"2021-08-27T11:02:10","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=135954"},"modified":"2021-08-27T07:02:10","modified_gmt":"2021-08-27T11:02:10","slug":"how-antigua-competes-with-the-global-e-commerce-market","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/how-antigua-competes-with-the-global-e-commerce-market\/","title":{"rendered":"How Antigua Competes With The Global E-Commerce Market"},"content":{"rendered":"
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Antigua is a beautiful island that in 2019 saw 1.04 million tourists come to shore – tourists being Antiguas main source of economic boost – but relying on tourists alone is not enough. Recently, prime minister and finance minister Gaston Browne declared there should be a 10% increase in the economy next year, a statement many locals have been waiting to hear. With the economy set to rebuild after 18 months of low tourist levels, how does e-commerce play a part? Below, we will discuss whether Antigua can compete with the rest of the world.<\/p>

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Getting Online<\/strong><\/h2>\n

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One of the fundamental problems that once plagued Antigua and Barbuda have is the distinct lack of internet access. However, in 2020, there were 70.4 thousand internet users in Antigua and Barbuda combined. That\u2019s out of a total population of around 97,200. Avid entrepreneurs can now sell online<\/a> using the same self-help guides and e-commerce tools that the rest of the western world has access to. But are they doing that?<\/p>\n

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One study showed that although 62% of businesses had a website, e-business wasn\u2019t its primary use – finding that hotels and tourism companies are the ones who use their websites for e-business the most. However, the remarkable growth of the internet has influenced the economy around the world, and Antigua is no different. The independent nation is in an excellent position to attract international business for e-commerce.<\/p>

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Accessing Finance<\/strong><\/h2>\n

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Antigua and Barbuda don\u2019t have the same access to finance funds. Countries such as the US and the UK have a massive presence in the global financial market – the US e-commerce market alone was worth 431.6 billion US dollars in 2020. Antigua and Barbuda simply don\u2019t have the funds to match. In fact, the net worth of the e-commerce market in Antigua isn\u2019t even registered.<\/p>

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Although the Eastern Caribbean Central Bank recorded a net profit of $25.2 million at the end of March 2021, the prime minister, Gaston Browne, recently joined a virtual meeting with officials in the UK to discuss the inability to access the same finance funds as other countries.<\/p>\n

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UK Minister Lord Tariq Ahmed admitted more needs to be done to support small islands such as Antigua. That might mean a cash injection into the economy, which may boost Antigua and Barbuda\u2019s e-commerce efforts.<\/p>

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The first female head of the World Trade Organization (WTO)<\/a>, Dr. Ngozi, was appointed at the beginning of the year – which will also go in Antigua and Barbuda\u2019s favor. Dr. Ngozi aims to modernize the WTO and target 21st-century issues, such as e-commerce.<\/p>\n

Main Exports<\/strong><\/h2>\n

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The ports of Antigua and Barbuda are primarily where exporting and importing take place. Although Antigua is struggling to compete with the global e-commerce market, importing and exporting is still one of the major sources of revenue for the island. In 2019, Antigua and Barbuda exported $278 million worth of products<\/a> and imported $992 million. The major export of goods are:<\/p>

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