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2023
Product
Exports | Imports $190M | $126M188 of 226 |  211 of 226
2023
Per Capita Product
Exports | Imports $1.69k | $1.12k104 of 220 |  156 of 220

About

Overview In 2023 Micronesia was the number 188 economy in the world in terms of total exports and the number 211 in total imports.

Exports The top exports of Micronesia are Non-fillet Frozen Fish ($179M), Fish Fillets ($5.28M), Diamonds ($1.01M), Non-Knit Women's Suits ($554k), and Processed Fish ($412k), exporting mostly to Thailand ($121M), China ($31.1M), Philippines ($21.5M), Japan ($9.11M), and Ecuador ($2.52M).

Imports The top imports of Micronesia are Poultry Meat ($5.64M), Cars ($4.45M), Other Prepared Meat ($4.26M), Processed Fish ($3.31M), and Flavored Water ($3.26M), importing mostly from United States ($44M), China ($25.8M), Japan ($16M), Chinese Taipei ($6.97M), and Philippines ($5.33M).

Location Micronesia borders Marshall Islands, Palau, Papua New Guinea, and Guam by sea.

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

The following section uses the most recent trade data from partners of Micronesia.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Non-fillet Frozen Fish$179M
Top Destination (2023)Thailand$121M

In 2023, Micronesia exported a total of $190M, making it the number 188 exporter in the world. During the last five reported years the exports of Micronesia have changed by $64.8M from $125M in 2018 to $190M in 2023.

The most recent exports are led by Non-fillet Frozen Fish ($179M), Fish Fillets ($5.28M), Diamonds ($1.01M), Non-Knit Women's Suits ($554k), and Processed Fish ($412k). The most common destination for the exports of Micronesia are Thailand ($121M), China ($31.1M), Philippines ($21.5M), Japan ($9.11M), and Ecuador ($2.52M).

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Exports (2023)
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Destinations (2023)
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Market Growth

Flow
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Growth
Fastest Growing Export Markets (2022 - 2023)
China$31M (+ 37.8k%)
Japan$293k (+ 3.32%)
France$221k (+ 226%)
Fastest Growing Import Markets (2022 - 2023)
Australia$1.99M (+ 64.2%)
Japan$1.49M (+ 10.3%)
Belgium$1.28M (+ 16.8k%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

Micronesia Exports Services (2014)$38.1M
Micronesia Imports Services (2014)$73.5M

In 2014, Micronesia exported $38.1M worth of services. The top services exported by Micronesia in 2014 were Personal travel ($25.3M), Government services, n.i.e. ($4.68M), Air transport ($2.33M), Miscellaneous business, professional, and technical services ($2.13M), and Sea transport ($2.11M).

The top services imported by Micronesia in 2014 were Sea transport ($25.2M), Air transport ($16.7M), Personal travel ($10.3M), Construction in the compiling economy ($9.65M), and Miscellaneous business, professional, and technical services ($5.9M).

Service Exports (2014)

Service Imports (2014)

Economic Complexity

Most Specialized Products by RCA Index

Micronesia has a high level of specialization in Non-fillet Frozen Fish (815), Fish Fillets (21.1), Basketwork (5.58), Live Fish (5.41), and Other Inedible Animal Products (2.78). Specialization is measured using RCA, an index that takes the ratio between Micronesia observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for Micronesia according to the relatedness index, were Processed Crustaceans (0.024), Crustaceans (0.024), Dried/Salted/Smoked/Brined Fish (0.024), Non-fillet Fresh Fish (0.023), and Animal Meal and Pellets (0.021). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Micronesia is not specialized in.

Product Space

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.

Relatedness Space

This network shows the products most related to the production structure of Micronesia. These are products that tend to be co-exported with the products that Micronesia exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2023)

Diversification Frontier

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Depth

The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.

Diversification Frontier

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