Overview In 2020 Micronesia was the number 187 economy in the world in terms of total exports and the number 205 in total imports.

Exports The top exports of Micronesia are Non-fillet Frozen Fish ($116M), Non-fillet Fresh Fish ($1.65M), Broadcasting Equipment ($1.09M), Fish Fillets ($995k), and Perfumes ($580k), exporting mostly to Thailand ($90.9M), Philippines ($15.1M), China ($6.8M), Japan ($4.99M), and United States ($2.52M).

Imports The top imports of Micronesia are Telephones ($5.89M), Poultry Meat ($4.89M), Rice ($3.13M), Office Machine Parts ($3.03M), and Other Prepared Meat ($2.95M), importing mostly from United States ($50.1M), China ($20.8M), Japan ($16.4M), Chinese Taipei ($8.05M), and South Korea ($7.46M).

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

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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.

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

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Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.

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

Historical Data

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Top Export (2020): Non-fillet Frozen Fish, $116M

Top Destination (2020): Thailand, $50.1M

In 2020, Micronesia exported a total of $122M, making it the number 187 exporter in the world. During the last five reported years the exports of Micronesia have changed by $99.3M from $22.6M in 2015 to $122M in 2020.

The most recent exports are led by Non-fillet Frozen Fish ($116M), Non-fillet Fresh Fish ($1.65M), Broadcasting Equipment ($1.09M), Fish Fillets ($995k), and Perfumes ($580k). The most common destination for the exports of Micronesia are Thailand ($90.9M), Philippines ($15.1M), China ($6.8M), Japan ($4.99M), and United States ($2.52M).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

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).

Economic Complexity

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Most Specialized Products by RCA Index

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Micronesia has a high level of specialization in Non-fillet Frozen Fish (692), Non-fillet Fresh Fish (11.4), Fish Fillets (5.9), Perfumes (5.26), and Basketwork (4.47). Specialization is measured using RCA, an index that takes the ratio between Micronesia observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Micronesia according to the product complexity index (PCI) are Perfumes and toilet waters (0.022), Fish; live (-0.77), Aluminium; waste and scrap (-0.85), Fish fillets and other fish meat (whether or not minced); fresh, chilled or frozen (-1.23), and Fish; fresh or chilled, excluding fish fillets and other fish meat of heading 0304 (-1.33). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Micronesia according to the relatedness index, are Crustaceans (0.023), Gold (0.019), Tropical Fruits (0.019), Molluscs (0.019), and Scrap Copper (0.018). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Micronesia is not specialized in.

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

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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.

Diversification Frontier

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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.