A comparative study on the economics of Apis cerana indica F. and A. mellifera L. was carried out in the rubber smallholding sector on the basis of a sample survey covering 24 beekeepers identified from six different locations. It was found that beekeeping with A. cerana indica yielded honey in the range of 2 to 17 kg per hive per year during a period of 11 years from 1988 while A. mellifera yielded 5 to 60 kg per hive per year in a period of six years from 1993. A comparative analysis of the cost and income indicated that the cost of maintenance of A. mellifera was almost four times more in 1994, 1995 and 1996, 3.5 times more in 1997 and 3.4 times more in 1998 than that of A. cerana indica. The income from A. mellifera was eight, ten, five, three and four times more in 1994, 1995, 1996, 1997 and 1998 respectively than that of A. cerana indica. However, inconsistency has been observed in the honey yield from both types of apiaries and the profitability of beekeeping due to various factors such as weather, bee forage plants, diseases to bees and the vigour of the colonies. At current prices, culturing of A. mellifera was found to be more profitable than A. cerana indica. However, for the marginal and small beekeepers A. cerana indica is more suitable due to lower initial investment. A. mellifera requires higher initial investment and suits more to large organised beekeepers.