Kochi is the economic capital of Kerala by volume of trade; though, unlike other South Indian cities, Kochi has been slow to industrialise.In recent years the city has rejuvenated from its economic stagnation and has witnessed heavy investment, thus making it one of the fastest-growing second-tier metro cities in India.The economy of the city can be classified as a business economy with emphasis on the service sector.Major business sectors include gold and textile retailing, seafood and spices exports, information technology (IT), tourism, health services, banking, shipbuilding, and the fishing industry. The economy is mostly dependent on trade and retail activities.As in most of Kerala, remittances from non-resident Indians (NRI)s is a major source of income.The city also houses Kerala's only bourse—the Cochin Stock Exchange.
Exports and allied activities are also important contributors to the city's economy. The Cochin Port currently handles export and import of container cargo at its terminal at Willington Island. A new international container transshipment terminal—the first in the country—is being commissioned at Vallarpadam.Kochi's historical reliance on trade continues into modern times, as the city is a major exporter of spices and is home to the International Pepper Exchange, where black pepper is globally traded. The Spices Board of India is also headquartered in Kochi.
Kochi also has an oil refinery—the Kochi Refineries Limited (KRL) at Ambalamugal. Central Government establishments like the Coconut Development Board, the Coir Board and the Marine Products Export Development Authority (MPEDA) have head offices located in the city.
