The recession of the past few years has not spared Martinique whose economy is, to begin with, structurally difficult.

         The sugarcane industry, long the principal source of exports, has been in a serious crisis since the 1965. Land planted with this crop has declined from 11,000 hectares in the 1960s to a little more than 3,500 hectares today. Annual production has dropped from 76,000 tons in 1963 to approximately 6,500 tons in recent years. However, the production of rum, a derivative product, remains a dynamic industry, and quality has enabled the French West Indies to preserve the reputation of producing the "best rum in the world". This quality is what permits Martinique to export more than half of its annual production.

        Despite the general failure of an attempt to diversify agricultural production, with ¼ of the arable land, bananas now represent the most important agricultural product of the island and account for about half its exports. The third most important export product is pineapple, most of which is canned. Also produced are limes, avocados, and cantaloupes (about 1,000 tons).
Efforts have been made to develop the industrial sector, and Martinique now has a petroleum refinery, a cement factory, and a building industry, the latter accompanied by the requisite spin-off activities.

        Fishing, for the most part practiced in a traditional manner, produces catches that fall so short of demand that more than 60 percent of the seafood consumed is imported. However, aquafarming is developing, and fish and freshwater shrimp, or crayfish, are raised.