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2023
Product
Exports | Imports $917M | $7.39B164 of 226 |  129 of 226
2023
Per Capita Product
Exports | Imports $23.6k | $190k13 of 220 |  51 of 220

About

Overview In 2023 Marshall Islands was the number 164 economy in the world in terms of total exports and the number 129 in total imports.

Exports The top exports of Marshall Islands are Passenger and Cargo Ships ($439M), Refined Petroleum ($182M), Special Purpose Ships ($155M), Non-fillet Frozen Fish ($63.5M), and Recreational Boats ($23.1M), exporting mostly to United Kingdom ($150M), Germany ($115M), Denmark ($94.8M), Ghana ($80.2M), and Cyprus ($79.5M).

Imports The top imports of Marshall Islands are Passenger and Cargo Ships ($4.04B), Refined Petroleum ($2.14B), Recreational Boats ($366M), Boat Propellers ($175M), and Iron Structures ($96.8M), importing mostly from China ($3.51B), Japan ($1.14B), Germany ($350M), Brazil ($318M), and Cyprus ($294M).

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

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

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)Passenger and Cargo Ships$439M
Top Destination (2023)United Kingdom$150M

In 2023, Marshall Islands exported a total of $917M, making it the number 164 exporter in the world. During the last five reported years the exports of Marshall Islands have changed by $135M from $782M in 2018 to $917M in 2023.

The most recent exports are led by Passenger and Cargo Ships ($439M), Refined Petroleum ($182M), Special Purpose Ships ($155M), Non-fillet Frozen Fish ($63.5M), and Recreational Boats ($23.1M). The most common destination for the exports of Marshall Islands are United Kingdom ($150M), Germany ($115M), Denmark ($94.8M), Ghana ($80.2M), and Cyprus ($79.5M).

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Exports (2023)
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Destinations (2023)
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Market Growth

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Growth
Fastest Growing Export Markets (2022 - 2023)
Ghana$66.6M (+ 488%)
Cyprus$65.7M (+ 475%)
Norway$54.4M (+ 1.82M%)
Fastest Growing Import Markets (2022 - 2023)
Cyprus$120M (+ 69.6%)
Germany$78.5M (+ 28.9%)
Singapore$60.2M (+ 249%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

Marshall Islands Exports Services (2018)$26.7M
Marshall Islands Imports Services (2018)$55.8M

In 2018, Marshall Islands exported $26.7M worth of services. The top services exported by Marshall Islands in 2018 were Transportation ($12.5M), Business travel ($6.65M), Government services, n.i.e. ($5.52M), Personal travel ($1.92M), and Computer and information services ($154k).

The top services imported by Marshall Islands in 2018 were Transportation ($28.7M), Personal travel ($15.1M), Business travel ($4.79M), Government services, n.i.e. ($4.05M), and Financial services ($2.99M).

Service Exports (2018)

Service Imports (2018)

Economic Complexity

Most Specialized Products by RCA Index

Marshall Islands has a high level of specialization in Special Purpose Ships (192), Passenger and Cargo Ships (173), Non-fillet Frozen Fish (59.8), Scrap Vessels (42.4), and Tug Boats (40.3). Specialization is measured using RCA, an index that takes the ratio between Marshall Islands observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for Marshall Islands according to the relatedness index, were Crustaceans (0.029), Coconut Oil (0.027), Fish Oil (0.026), Crude Petroleum (0.026), and Processed Crustaceans (0.026). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Marshall Islands 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 Marshall Islands. These are products that tend to be co-exported with the products that Marshall Islands 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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