How many oceans did you know? Among the oceans, there is the largest and the deepest ocean which covers about one-third of the Earth planet, namely Pacific ocean. Pacific ocean is located among the three continents, they are Asia, Australia, and America Continent. The Pacific ocean which still contains a lot of mystery was named by the explorer, Fernando de Magelhaens. It is named as the Pacific ocean because of its calmness.
Besides the mystery, there is one aspect that should be known about the Pacific ocean. It is the economic aspects. yeah, the economic contribution of the Pacific ocean is very promising in developing the economy of the country. As known, the economy is one of the biggest factors that influence the sustain of human life. And, the ocean is one of the biggest sources of the economy that can be utilized by the human. So, what are the economic importance of Pacific ocean included? Let’s check it out as follows:
1. Coastal Fishing
The fishery is the main sector which becomes an important contributor to the national economy, foreign exchange,household income, employment, as well as much needed protein. Coastal fishing includes in the lagoon, reef, and the areas of the shallow sea.
It also includes endangered species in the Pacific ocean such as the fishes which caught from the small vessels in the open sea adjacent to islands. Coastal fishing brings the benefits significantly to local economies. Read importance of ocean current for fishing.
2. Tuna Fishing
Industrial tuna fishery becomes a major economic activity in the Pacific island region. It is because of the Pacific ocean is a home to the world’s largest tuna. Endangered Tuna species in the Pacific ocean is able to be the increase the economic development of the country because the price of tuna is very expensive.
Moreover according to the research, in 2007, many nations such as Japan, Taipei, Korea, China, the United
States and the Philippines obtain more than US$1 billion in Pacific island EEZs, which corresponds to 3.4% of regional GDP due to tuna fishing. Therefore, tuna is used economic good from which many Pacific Rim countries profit.
3. Access Fee
The people who live in the Pacific island create an access fee for the other nations who want to enter in their region and get fishing rights in the Pacific ocean. In 2000, it is noted that there are 919 vessels registered in order to obtain fishing rights to Pacific ocean by paying access fees to the respective governments.
The economic importance of the access fee in the Pacific ocean includes a large part of the direct economic benefits which derived by Pacific countries from foreign fishing vessels fishing in their EEZs. Meanwhile, the other benefits of the access fee include the revenue which is earned from the supply of fuel, food, maintenance, and other services expenditure etc, as well as associated employment.
4. Tourism
The beauty of islands around the Pacific Ocean has the great potential to utilize it as the tourism sector in the Pacific island region.
Spending time on the beach, boating, game fishing, scuba diving and snorkeling, and spotting marine mega-fauna are some of the most popular reasons for the tourists showing the importance of the undisturbed environment to the success of the tourism industry. Therefore, the tourism is able to present many benefits regarding economic development significantly.
5. Mining
The Pacific ocean is also a potential mining area. One of the most important mining products produced from the Pacific ocean is oil and natural gas.
In addition, the Pacific ocean is also known as a producer of tin and iron sand, in addition to bauxite and also granite.A lot of mine products that can be extracted from the ocean that bring great benefits for the welfare for developing the economy.Read more about importance of ocean to economic development.
6. Mariculture
Mariculture is also included as one of the economic factors in Pacific ocean. Several invertebrates such as the pearl oyster, penaeid shrimps, prawns, giant clams, seaweed and coral that have the economic value have been cultured by the people who lived in the Pacific island.
7. Shipping
Shipping is the main lifeline in the Pacific. It is very effective transporting passengers and imported goods and exporting domestically produced commodities. The importance of the shipping sector to the local economy include the various port fees and other charges.
8. Fishing Industry
Various kinds of the Pacific ocean wealth that can be managed by the community. But, the main thing that can be utilized as much as possible is the fishery sector. With large areas and marine products, the fisheries sector is an important concern. Because the sector is able to support the nation’s economic progress.
The income that people earn from fish sales is able to increase and maintain the economic needs. If the sale gives the great results, there will be a surge in the fulfillment of needs.
9. Medicine Industry
One of the plants that live in the Pacific Ocean which can be utilized in Medicine Industry is algae. Factors that affect algae in the pharmaceutical industry include the physical-chemical properties of the primary and secondary compounds metabolites produced. The primary metabolite compounds in question are agar, carrageenan, and alginate.
These compounds act as suspending agents, thickener, emulsifier, stabilizer, film former, coating agent, gelling agent, and so forth.
9. Cosmetic Industry
In the cosmetics industry, the use of agar, carrageenan, and alginate is usually used for cream soap products, liquid soaps, shampoos, lotions, lip coloring toothpaste and skin care products such as hand body lotions and desserts and hair lotions.
10. Oil Industry
the Pacific Ocean can be used as a source of petroleum to increase economic revenues. Many oil companies are building refineries in the high seas as well as the Pacific that can be used as a source of petroleum to increase economic revenues.This is because in the sea there are many sources of petroleum, as well as natural gas which is very useful for life and the benefit of mankind. Experts also estimate that the content of petroleum and natural gas under the sea is much greater than that in the mainland.
Others
The additionals of the economic importance of pacific ocean are listed as follows:
- Cultivated sector
- The utilization of the island in the field of tourism.
- Coastal forestry
- Marine biotechnology industry
Well, those all about the economic importance of pacific ocean that you should know. Hopefully, it will be useful to all of you. Thanks for reading!