Benin's economy is overwhelmingly agricultural, with most workers engaged in subsistence farming. The chief crops are cotton, corn, cassava, yams, beans, palm oil, peanuts, and cashews. Goats, sheep, and pigs are raised. There is a sizable freshwater fishing industry, and some ocean fish are also caught. Most of Benin's few manufactures are processed agricultural goods, basic consumer items, textiles, and building materials.
Petroleum, discovered offshore of Porto-Novo in 1968, and limestone are extracted. The country's other mineral resources, which include chromite, low-quality iron ore, ilmenite, and titanium, have not as yet been exploited. There is also a developing tourist industry. The country has limited rail and road systems, and they are almost exclusively in the southern and central parts of the country; rail lines are being extended to Niger. A hydroelectric plant completed in 1988 on the Mono River was a collaborative effort between Togo and Benin.
The chief imports are foodstuffs, capital goods, and petroleum products. The principal exports are cotton, cashews, shea butter, textiles, palm products, and seafood. The annual cost of imports usually exceeds earnings from exports. The leading trade partners are China, France, Thailand, Nigeria, and Indonesia.
More on Benin Economy from Fact Monster:
See more Encyclopedia articles on: Benin Political Geography