Flag Micronesia

Product Exports (2018): $129M, Rank 185 of 222

Exports Per Capita (2018): $1.15k, Rank 186 of 219

Product Imports (2018): $122M, Rank 204 of 221

Imports Per Capita (2018): $1.08k, Rank 201 of 219

Service Exports (2014): $38.1M, Rank 170 of 176

Service Imports (2014): $73.5M, Rank 170 of 175

GDP (2018): $402M, CURRENT US$
Rank 191 of 196

GDP growth (2008 - 2018): 52.7%, CURRENT US$
Rank 78 of 196

GDP PC (2018): $3,568, CURRENT US$
Rank 128 of 196

GDP PC GROWTH (2008 - 2018): 40.4%, CURRENT US$
Rank 60 of 196

Overview: This page contains the latest international trade data for Micronesia, including service trade data. In 2018 Micronesia was the number 191 economy in the world in terms of GDP (current US$), the number 185 in total exports, and the number 204 in total imports. In 2018, Micronesia exported $129M and imported $122M, resulting in a positive trade balance of $7.02M. In 2018, Micronesia's exports per capita were $1.15k and its imports per capita were $1.08k.

Trade: The top exports of Micronesia are Non-fillet Frozen Fish ($117M), Fish Fillets ($7.66M), Tractors ($729k), Aluminium Plating ($437k), and Netting ($401k). The top imports of Micronesia are Netting ($10.6M), Poultry Meat ($5.05M), Non-fillet Frozen Fish ($4.35M), Rice ($4.29M), and Processed Fish ($3.23M).

Destinations: Micronesia exports mostly to Thailand ($68.6M), China ($21.8M), Japan ($17.9M), Philippines ($9.72M), and Mexico ($5.5M), and imports mostly from United States ($36.6M), China ($18.4M), Japan ($17.9M), South Korea ($15M), and Philippines ($5.92M).

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

Yearly Exports

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Top Export (2018): Non-fillet Frozen Fish, $117M

Top Destination (2018): Thailand, $68.6M

In 2018 Micronesia exported a total of $129M, making it the number 185 exporter in the world. During the last five reported years the exports of Micronesia have changed by $88M from $41M in 2013 to $129M in 2018.

The most recent exports are led by Non-fillet Frozen Fish ($117M), Fish Fillets ($7.66M), Tractors ($729k), Aluminium Plating ($437k), and Netting ($401k). The most common destination for the exports of Micronesia are Thailand ($68.6M), China ($21.8M), Japan ($17.9M), Philippines ($9.72M), and Mexico ($5.5M).

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Yearly Imports

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Top Import (2018): Netting, $10.6M

Top Origin (2018): United States, $36.6M

In 2018 Micronesia imported $122M, making it the number 204 trade destination in the world. During the last five reported years the imports of Micronesia changed by -$74.2M from $196M in 2013 to $122M in 2018.

The most recent imports of Micronesia are led by Netting ($10.6M), Poultry Meat ($5.05M), Non-fillet Frozen Fish ($4.35M), Rice ($4.29M), and Processed Fish ($3.23M). The most common import partners for Micronesia are United States ($36.6M), China ($18.4M), Japan ($17.9M), South Korea ($15M), and Philippines ($5.92M).

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

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).

Trade Forecasts

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This section shows forecasts for total product exports and imports for Micronesia. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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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 (637), Fish Fillets (43.3), Netting (28.9), Basketwork (10.2), and Live Fish (7.37). 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 Tractors (other than works, warehouse equipment) (0.74), Machinery for hide and leather work including footwear (0.6), Aluminium plates, sheets and strip, thickness > 0.2 mm (0.55), Knotted netting of twine, etc, fishing and other nets (-0.44), and Aluminium waste or scrap (-0.97). 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 (0.031), Molluscs (0.028), Non-fillet Fresh Fish (0.028), Cocoa Beans (0.026), and Processed Fish (0.025). 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 it is currently specialized in.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a 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 emissions.