In the late 19th and early 20th centuries, the town was a mariners town that flourished as a result of seaborne trade throughout the Mediterranean, particularly as part of the trade route between Russia and Alexandria. In 1890 Oia had approximately 2,500 residents and approximately 130 sailing ships. There was a wharf in the bay of Armeni. Excellent wine was produced in quantity in the hinterland and exported to France amongst other places. However, the arrival of steam and the concentration of shipping at Piraeus caused the town's seagoing trade to collapse, and agriculture also diminished as increasing emigration took place, especially to Piraeus and Laurium. The economy of the town declined in the early 20th century on account of wars, economic depression and over extraction of fish resources.