Nauru
[graduated 01/01/2021; this is an archived page that is no longer updated] Due to its classification as a high-income economy with a per capita income of $17.800 (2022), Nauru graduated from the GSP in January 2021.
What is the GSP?
The “Everything but Arms" (EBA) scheme is a permanent arrangement covering Least Developed Countries (LDCs) as classified by the United Nations. This arrangement enables duty-free and quota-free access for all products (7,200 products in total) originating in LDCs except for arms and ammunition. Unlike beneficiaries of the Standard GSP and GSP+, LDCs are not excluded from the scheme if they benefit from other preferential arrangements or agreements with the EU.
12.7 K
Population
Parliamentary Republic
Government
0.016
GDP Growth
0.05
Inflation
$ 151.6 M
GDP
Facts about Nauru's economy
Island Economy
Nauru is a small island economy in the South Pacific Ocean. Different from other small island economies, it is blessed with a number of natural resources. Particularly its high-quality phosphate deposits contribute an important part to Nauru's GDP.
Export Products
Nauru's top export products are frozen fish, calcium phosphates, electrical components, and air conditioning machines
Trade Partners
Nauru's mostly trades with regional partners, particularly with Thailand which accounts for 37.8% of total trade, followed by Australia (14.5 %) and South Korea (7.9%).
Economic Structure
Nauru's economy is traditionally dependent on the extraction and export of phosphate, of which the country possesses high quality reserves. However, estimates show that the reserves are likely to be exhausted in the next 30 years. Other sources of revenues are the sale of fishing licenses and small-scale cultivation of coffee and copra.
Usage of GSP Preferences
Only a small fraction of Nauru's exports to the European market were eligible for reduced tariffs granted under the Standard GSP. Between 2017 and 2020 there were no imports from Nauru which made use of the preferential market access. Due to its classification as a high-income economy with a per capita income of $17.800 (2022), Nauru graduated from the GSP in January 2021.
Trade with the EU
Total trade with the EU amounted to € 1 million in 2022. The EU only plays a minor role in Nauru's overall trade, ranking 14th with a share of 0.2%.
NAURU AND THE EU GSP
Economic Impact
96%
Almost all of Nauru's exports to the European market are eligible for reduced tariffs granted by the GSP.
0%
Nauru currently does not make use of GSP preferences.