population are nomadic or semi-nomadic pastoralists, who keep goats, sheep, camels and cattle. The nomads also gather resins and gums to supplement their income.
Agriculture is the most important economic sector. It accounts for about 65% of the GDP and employs 65% of the workforce. Livestock contributes about 40% to GDP and more than 50% of export earnings. Other principal exports include fish, charcoal and bananas; sugar, sorghum and corn are products for the domestic market. According to the Central Bank of Somalia, imports of goods total about $460 million per year, surpassing aggregate imports prior to the start of the civil war in 1991. Exports, which total about $270 million annually, have also surpassed pre-war aggregate export levels. Somalia has a trade deficit of about $190 million per year, but this is exceeded by remittances sent by Somalis in the diaspora, estimated to be about $1 billion.
With the advantage of being located near the Arabian Peninsula, Somali traders have increasingly begun to challenge Australia's traditional dominance over the Gulf Arab livestock and meat market, offering quality animals at very low prices. In response, Gulf Arab states have started to make strategic investments in the country, with Saudi Arabia building livestock export infrastructure and the United Arab Emirates purchasing large farmlands. Somalia is also a major world supplier of frankincense and myrrh.
The modest industrial sector, based on the processing of agricultural products, accounts for 10% of Somalia's GDP. Up to 14 private airline firms operating 62 aircraft now also offer commercial flights to international locations, including Daallo Airlines. With competitively priced flight tickets, these companies have helped buttress Somalia's bustling trade networks. In 2008, the Puntland government signed a multi-million dollar deal with Dubai's Lootah Group, a regional industrial group operating in the Middle East and Africa
