Changes

*Trade: Exports (2006)--$7.2 billion: crude petroleum, refined oil products, seafood, fruits, vegetables, hides, tobacco products. Major markets--China, Thailand, India, South Korea, United States, Switzerland. Imports (2006)--$5 billion: petroleum products, cereals, feed grains, foodstuffs, machinery, transportation equipment, iron, sugar, honey. Major suppliers--United Arab Emirates, China, Saudi Arabia, Switzerland, Kuwait.

*Trade: Exports (2006)--$7.2 billion: crude petroleum, refined oil products, seafood, fruits, vegetables, hides, tobacco products. Major markets--China, Thailand, India, South Korea, United States, Switzerland. Imports (2006)--$5 billion: petroleum products, cereals, feed grains, foodstuffs, machinery, transportation equipment, iron, sugar, honey. Major suppliers--United Arab Emirates, China, Saudi Arabia, Switzerland, Kuwait.

*Exchange rate (2006): Market rate 199 rials per U.S. $1. The Yemeni rial (YR) floats freely based on an average of foreign currencies. Since the floating of the YR, the market usually reflects the official rate of exchange.

*Exchange rate (2006): Market rate 199 rials per U.S. $1. The Yemeni rial (YR) floats freely based on an average of foreign currencies. Since the floating of the YR, the market usually reflects the official rate of exchange.

 

Remittances from Yemenis working abroad and foreign aid paid for perennial trade deficits. Substantial Yemeni communities exist in many countries of the world, including Yemen's immediate neighbors on the Arabian Peninsula, Indonesia, India, East Africa, the United Kingdom, and the United States. Beginning in the mid-1950s, the Soviet Union and China provided large-scale assistance to the YAR. This aid included funding of substantial construction projects, scholarships, and considerable military assistance.  

Remittances from Yemenis working abroad and foreign aid paid for perennial trade deficits. Substantial Yemeni communities exist in many countries of the world, including Yemen's immediate neighbors on the Arabian Peninsula, Indonesia, India, East Africa, the United Kingdom, and the United States. Beginning in the mid-1950s, the Soviet Union and China provided large-scale assistance to the YAR. This aid included funding of substantial construction projects, scholarships, and considerable military assistance.  

Yemen's oil exports in 1995 earned about $1 billion. By 2005, exports had grown to approximately $3.1 billion and comprised roughly 70% of government revenue. Oil production is expected to decline in 2007 due to dwindling reserves, but revenue will be stable as long as oil prices remain high.  

Yemen's oil exports in 1995 earned about $1 billion. By 2005, exports had grown to approximately $3.1 billion and comprised roughly 70% of government revenue. Oil production is expected to decline in 2007 due to dwindling reserves, but revenue will be stable as long as oil prices remain high.  

Oil located near Marib contains associated natural gas. Proven reserves of 10-13 trillion cubic feet could sustain a liquefied natural gas (LNG) export project. A long-term prospect for the petroleum industry in Yemen is a proposed liquefied natural gas project (Yemen LNG), which plans to process and export Yemen's 17 trillion cubic feet of proven associated and natural gas reserves. In September 1995, the Yemeni Government signed an agreement that designated Total of France to be the lead company for an LNG project, and, in January 1997, agreed to include Hunt Oil, Exxon, and Yukong of South Korea as partners in the Yemeni Exploration and Production Company. The project envisions a $3.5 billion investment over 25 years, producing approximately 3.1 million tons of LNG annually. A Bechtel-Technip joint venture also conducted a preliminary engineering study for LNG production/development. In 2005, Yemen LNG signed two agreements for the sale of 4.5 metric tons per year, the majority of which will be exported to the United States and South Korea. Construction on the LNG export facility began in September 2005, and it is expected to begin exporting in 2009.  

Oil located near Marib contains associated natural gas. Proven reserves of 10-13 trillion cubic feet could sustain a liquefied natural gas (LNG) export project. A long-term prospect for the petroleum industry in Yemen is a proposed liquefied natural gas project (Yemen LNG), which plans to process and export Yemen's 17 trillion cubic feet of proven associated and natural gas reserves. In September 1995, the Yemeni Government signed an agreement that designated Total of France to be the lead company for an LNG project, and, in January 1997, agreed to include Hunt Oil, Exxon, and Yukong of South Korea as partners in the Yemeni Exploration and Production Company. The project envisions a $3.5 billion investment over 25 years, producing approximately 3.1 million tons of LNG annually. A Bechtel-Technip joint venture also conducted a preliminary engineering study for LNG production/development. In 2005, Yemen LNG signed two agreements for the sale of 4.5 metric tons per year, the majority of which will be exported to the United States and South Korea. Construction on the LNG export facility began in September 2005, and it is expected to begin exporting in 2009.

==History==

==History==