Micronesia
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- false, Rank false of 96
- false, Rank false of 140
2021 Product Exports | Imports: $179M | $126M, 187 of 226 | 210 of 226
2021 Per Capita Product Exports | Imports: $1.54k | $1.08k, 106 of 219 | 157 of 219
Overview In 2021 Micronesia was the number 187 economy in the world in terms of total exports and the number 210 in total imports.
Exports The top exports of Micronesia are Non-fillet Frozen Fish ($174M), Fish Fillets ($1.3M), Non-fillet Fresh Fish ($668k), Planes, Helicopters, and/or Spacecraft ($390k), and Scrap Iron ($348k), exporting mostly to Thailand ($145M), China ($16.1M), Japan ($8.01M), Philippines ($7.17M), and United States ($1.95M).
Imports The top imports of Micronesia are Poultry Meat ($6.45M), Broadcasting Equipment ($3.98M), Other Prepared Meat ($3.95M), Cars ($3.94M), and Processed Fish ($3.58M), importing mostly from United States ($42.2M), China ($20.1M), Japan ($14.3M), Chinese Taipei ($8.63M), and South Korea ($8.14M).
Location Micronesia borders Marshall Islands, Palau, Papua New Guinea, and Guam by sea.
Latest Trends
#permalink to sectionLatest Trade
#permalink to sectionThe 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.
Latest Data
#permalink to sectionThe 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.
Historical Data
#permalink to sectionYearly Trade
#permalink to sectionTop Export (2021): Non-fillet Frozen Fish, $174M
Top Destination (2021): Thailand, $145M
In 2021, Micronesia exported a total of $179M, making it the number 187 exporter in the world. During the last five reported years the exports of Micronesia have changed by $119M from $60.5M in 2016 to $179M in 2021.
The most recent exports are led by Non-fillet Frozen Fish ($174M), Fish Fillets ($1.3M), Non-fillet Fresh Fish ($668k), Planes, Helicopters, and/or Spacecraft ($390k), and Scrap Iron ($348k). The most common destination for the exports of Micronesia are Thailand ($145M), China ($16.1M), Japan ($8.01M), Philippines ($7.17M), and United States ($1.95M).
Market Growth
#permalink to sectionFastest Growing Export Markets (2020 - 2021)
Fastest Growing Import Markets (2020 - 2021)
- New Zealand, $1.78M (+ 86.5%)
- South Korea, $680k (+ 9.12%)
- Singapore, $642k (+ 14.4%)
Service Trade
#permalink to sectionService Trade
#permalink to sectionMicronesia 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
#permalink to sectionOverview
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionMicronesia has a high level of specialization in Non-fillet Frozen Fish (812), Live Fish (9.16), Fishing Ships (8.51), Fish Fillets (5.77), and Netting (3.77). 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
#permalink to sectionThe highest complexity exports of Micronesia according to the product complexity index (PCI) are Photocopiers (0.39), Fishing vessels, factory ships and other vessels; for processing or preserving fishery products (-0.12), Fish; live (-0.56), Twine, cordage or rope; knotted netting, made up fishing nets and other made up nets, of textile materials (-0.84), and Carpets and other textile floor coverings; knotted, whether or not made up (-1.09). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
Export Opportunities by Relatedness
#permalink to sectionThe top export opportunities for Micronesia according to the relatedness index, were Crustaceans (0.023), Fish: dried, salted, smoked or in brine (0.02), Fish oil (0.02), Processed Crustaceans (0.019), and Animal Meal and Pellets (0.017). 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
#permalink to sectionThe 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.
Diversification Frontier
#permalink to sectionThe 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.
