The economy of the Falkland Islands, which first involved sealing, whaling and provisioning ships, became heavily dependent on sheep farming from the 1870s to 1980.
Sheep farming was then introduced, taking over from the cattle trade in the 1870s and becoming self-supporting by 1885.
In parallel, there are on-going investigations into other forms of renewable energy for remote locations on the islands. ==Philately and numismatics== In October 1877, the Secretary of State of the Colonial Office, the Earl of Carnarvon began the process of application for the Falkland Islands to join the General Postal Union (renamed Universal Postal Union in 1879).
The first stamps, 1d, 6d, and 1 shilling values featuring the usual profile of Queen Victoria, were issued 19 June 1878.
In parallel, there are on-going investigations into other forms of renewable energy for remote locations on the islands. ==Philately and numismatics== In October 1877, the Secretary of State of the Colonial Office, the Earl of Carnarvon began the process of application for the Falkland Islands to join the General Postal Union (renamed Universal Postal Union in 1879).
Sheep farming was then introduced, taking over from the cattle trade in the 1870s and becoming self-supporting by 1885.
The levels of rock cod taken in the whole of the South Atlantic dropped by 99.3% in the space of two years between the 1969–70 and 1971–72 seasons.
The levels of rock cod taken in the whole of the South Atlantic dropped by 99.3% in the space of two years between the 1969–70 and 1971–72 seasons.
Coins for local use were first struck in 1974 and are the same size as the corresponding British coins.
The workload placed on the Falkland Islands Post Office by overseas collectors led to the establishments in 1978 of the Falkland Islands Philatelic Bureau.
The economy of the Falkland Islands, which first involved sealing, whaling and provisioning ships, became heavily dependent on sheep farming from the 1870s to 1980.
Neither species was discovered in substantial numbers near the Falklands until the late 1980s. The lllex squid has its spawning grounds at the mouth of the Río de la Plata and a migratory pattern that takes it southwards along the Patagonian Shelf as far as the FICZ to its feeding grounds.
In its wake, the Convention for the Conservation of Antarctic Marine Living Resources (CCAMLR), a treaty signed by 24 nations and covering the area that includes most of the Falkland Islands waters, came into force in 1982, having been signed by the United Kingdom on 31 August 1981 and Argentina on 28 May 1982.
The islands also provided a base for whaling and sealing, with factories being built on East Falkland and South Georgia Island, but these industries ended. By the Falklands War of 1982 sheep farming was the islands' only industry and their economic viability was in doubt, but after the war there was a new commitment from the United Kingdom government.
In its wake, the Convention for the Conservation of Antarctic Marine Living Resources (CCAMLR), a treaty signed by 24 nations and covering the area that includes most of the Falkland Islands waters, came into force in 1982, having been signed by the United Kingdom on 31 August 1981 and Argentina on 28 May 1982.
In 1982, an average of only 500 tourists visited the Falklands per annum but by 2007, this figure had grown to 55,000 and the Falkland Islands Tourist Board hired its first tourism director that year.
However land tourism is increasing which is offsetting the effect of a decrease in cruise tourism. Other sources of "tourist" revenue include spending by the British military personnel based on the islands, by business travellers and by pilgrims to the graves of both British and Argentine soldiers who fell in the 1982 Falklands War.
Although there is still a resentment in the Islands to the Argentine occupation, the Falkland Islands Government continues "to respect the need for Argentine veterans of the 1982 conflict and their next of kin to visit the battlefield sites and the cemetery at Darwin".
The Falkland Islands Development Corporation was formed in mid 1984 and in its annual report at the end of that year it set out to increase employment opportunities by encouraging diversification, to increase population levels through selective immigration, to aim for long-term self-sufficiency and to improve community facilities.
It joins the saltier warm Brazil Current in the vicinity of the mouth of the Río de la Plata to form the South Atlantic Current. In 1986 the Falklands opened up their fishing industry to outsiders with the declaration of a radius Fisheries Conservation & Management Zone centered on the Falkland Sound.
In 1990 the Falklands Outer Conservation Zone (FOCZ) was declared – a zone that lay between the perimeter of the FICZ and the Falklands 200-nautical-mile economic zone boundary.
The convention requires that member states who are not parties to the Antarctic Treaty accept certain provisions of that treaty. The South Atlantic Fisheries Commission (SAFC) was set up in 1990 between the Argentine and the United Kingdom (acting on behalf of the Falkland Islands) to exchange information and to coordinate fishing activities in the South Atlantic.
The company was responsible for the majority of the economic activity on the islands, though its farms were sold in 1991 to the Falkland Islands Government.
In 2007, Argentina withdrew from a 1995 agreement that set terms for exploitation of offshore resources.
Part of this basin lies in Argentine waters. The latter three basins are part of a larger contiguous formation. An agreement signed in 1995 with Argentina had set the terms for exploitation of offshore resources including large oil reserves as it was thought that there might be up to of oil under the sea bed surrounding the islands.
Between 2000 and 2008, the islands issued between six and eight sets of commemorative stamps.
The company now operates several retail outlets in Stanley and is involved in port services and shipping operations. By 2002 the Falklands' economy was booming, with income from tourism and the sale of squid fishing licences as well as from indigenous fishing companies with locally registered boats.
A summary of the prices for the period 2002 to 2010, which are often dictated by Australian exchange rate and weather conditions is shown below: Although the production of wool is spread across the islands, the breeding of animals for slaughter is concentrated on East Falkland where the EU accredited Send Bay abattoir is situated.
The abattoir received export accreditation in December 2002 and began exporting meat in May 2003.
Since 2003 the relative premium commanded by higher quality wool has increased with coarser wool missing out on the high prices in 2008.
The abattoir received export accreditation in December 2002 and began exporting meat in May 2003.
The number of farms supplying lambs increased from 6 in 2003 to 27 in 2007 while the number of lambs sent to the abattoir rose from 2600 to 11,963 in the same period. Selected statistics for the year 2008/9 relating to sheep farming are given below: There are also a small number of cows, pigs and horses on the islands that are reared for local use. ==Fishing== Fishing is the largest part of the economy.
Desire Petroleum and Rockhopper Exploration began drilling for oil in the vicinity of the Falklands in the first half of 2010, sparking strong protest from the Argentine government. Diplomatic disputes with Argentina disrupted tourism slightly in 2004.
The wool price suffered a slump in 2005/6 and a peak in 2008.
This resulted in a ban on fishing which was lifted in 2005.
Since 2005 the SAFC has been largely moribund as the Argentine Government reduced co-operation, declining to continue the routine joint meeting process and suspending joint scientific activities.
Since cruise liners have their own accommodation, substantial numbers of tourists can be accommodated at once, such as an occasion in 2005 when 3000 tourists visited the islands in one day.
Following the collapse of the Illex industry in 2008/9, the rock cod has become, by weight, the most heavily harvested species in the area. In 2006, a Spanish vessel on an exploratory trawl found commercial quantities of grenadiers (Macrourus spp., Coelorhynchus spp.) to the south and east of the Falkland Islands at depths between depths in the eastern part of FICZ.
In 2007, Argentina withdrew from a 1995 agreement that set terms for exploitation of offshore resources.
The number of farms supplying lambs increased from 6 in 2003 to 27 in 2007 while the number of lambs sent to the abattoir rose from 2600 to 11,963 in the same period. Selected statistics for the year 2008/9 relating to sheep farming are given below: There are also a small number of cows, pigs and horses on the islands that are reared for local use. ==Fishing== Fishing is the largest part of the economy.
In some years, such as 2007, it enters the FICZ with a resultant good harvest, it other years, such as 2009, it does not migrate as far south as the FICZ at all.
In 1982, an average of only 500 tourists visited the Falklands per annum but by 2007, this figure had grown to 55,000 and the Falkland Islands Tourist Board hired its first tourism director that year.
However, in 2007 Argentina unilaterally withdrew from the agreement.
There is a flourishing business in the issue of commemorative coins struck on behalf of the Falkland Island Government for collectors – in particular the 2007 series of coins that commemorated the 25th anniversary of the liberation of islands attracted much attention.
The wool price suffered a slump in 2005/6 and a peak in 2008.
Since 2003 the relative premium commanded by higher quality wool has increased with coarser wool missing out on the high prices in 2008.
The number of farms supplying lambs increased from 6 in 2003 to 27 in 2007 while the number of lambs sent to the abattoir rose from 2600 to 11,963 in the same period. Selected statistics for the year 2008/9 relating to sheep farming are given below: There are also a small number of cows, pigs and horses on the islands that are reared for local use. ==Fishing== Fishing is the largest part of the economy.
Following the collapse of the Illex industry in 2008/9, the rock cod has become, by weight, the most heavily harvested species in the area. In 2006, a Spanish vessel on an exploratory trawl found commercial quantities of grenadiers (Macrourus spp., Coelorhynchus spp.) to the south and east of the Falkland Islands at depths between depths in the eastern part of FICZ.
The total contribution of tourism to the Islands' is expected to reach £5.4 million in 2010. During the 2008–2009 season almost 69,000 tourists visited the Falklands, with 62,600 of these arriving onboard cruise or expedition vessels.
Between 2000 and 2008, the islands issued between six and eight sets of commemorative stamps.
Quarrying & Manufacturing – 2.1% Agriculture – 1.6% Utilities – 0.9% In the 2009/10 financial year, the government revenue was £42.4 million of which £14.5 million came from fishery licences and services and £10.5 million from taxes.
In some years, such as 2007, it enters the FICZ with a resultant good harvest, it other years, such as 2009, it does not migrate as far south as the FICZ at all.
Initially there were seven classes of licence, but as of the 2009 season, this was increased to ten classes of licence.
Desire Petroleum and Rockhopper Exploration began drilling for oil in the vicinity of the Falklands in the first half of 2010, sparking strong protest from the Argentine government. Diplomatic disputes with Argentina disrupted tourism slightly in 2004.
A summary of the prices for the period 2002 to 2010, which are often dictated by Australian exchange rate and weather conditions is shown below: Although the production of wool is spread across the islands, the breeding of animals for slaughter is concentrated on East Falkland where the EU accredited Send Bay abattoir is situated.
As of 2010, the ferry company making the crossing charged commercial vehicles £30 per metre for a single trip plus £2 per head of sheep.
The catch for the 2010 season in the Falklands recovered to 12105 tonnes, but still the fourth lowest since the beginning of the licensing system.
In 2010, the transport and hospitality sector was expected to contribute £7.8 million or 7.7% of the island's GDP.
Tourism forms a significant part of this figure with land-based visitors expected to contribute £2.7 million to the Islands' economy in 2010.
The total contribution of tourism to the Islands' is expected to reach £5.4 million in 2010. During the 2008–2009 season almost 69,000 tourists visited the Falklands, with 62,600 of these arriving onboard cruise or expedition vessels.
Two months later, on 6 May 2010, when Rockhopper Exploration announced that "it may have struck oil", Argentina's Foreign Minister warned that his country would take all possible lawful steps to impede British oil exploration and production there.
On 17 September 2010, Rockhopper Exploration published the results of the borehole analysis – the well was drilled in water 451 m deep and a flow test showed that a payable oil column of 53 m was capable of producing over .
, 670,000 sheep resided on the islands; a 2011 report estimated the sheep population at over one million. Roughly 40% of the national flock are on West Falkland and 60% on East Falkland.
In February 2011 Rockhopper Exploration commenced an appraisal programme of the Sea-Lion discovery.
In 2013 passengers from cruise ships faced protests in Latin American ports over the British military presence.
The cruise industry is expecting passenger numbers to decline from 39,500 in 2013–2014 to 34,000 for 2014–2015.
The cruise industry is expecting passenger numbers to decline from 39,500 in 2013–2014 to 34,000 for 2014–2015.
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