Micronésia: Perfil de comércio

Foreign Trade in Figures

For several years, the country’s trade policy objective has been to establish international economic relations for the development of foreign trade, especially with the support of the United States. In fact, trade is important to Micronesia’s economy, and the value of foreign trade equals 108% of GDP (World Bank, latest data available). Almost the entirety of exports is composed of fish and seafood products. The most recent imports of Micronesia are led by poultry meat, passenger and cargo ships, refined petroleum, special purpose motor vehicles, and cars (data OEC 2022).

The main export destinations of Micronesia are Thailand (78.1%), the Philippines (12.4%), Japan (4.5%), Ecuador (1.9%), and the United States (1%); while imports come chiefly from the United States (36.9%), China (20.8%), Japan (9.9%), South Korea (8.2%), and Taiwan (4.8% - data OEC 2022). In general, customs duties are relatively low, but overall trade freedom is limited by non-tariff barriers and poor trade infrastructure. All exports of products, as well as re-exports of imported products, are tax-free.

Micronesia imports more than it exports, resulting in a chronic trade deficit, a situation that should continue in the following years. In 2022, according to WTO data, the country exported USD 69 million of goods and imported USD 221 million, whereas no data is available for trade in services. In the same year, the World Bank estimated the country’s trade deficit at 44.1% of GDP, compared to 47.3% one year earlier.

Foreign Trade Indicators	2019	2020	2021	2022	2023
Imports of Goods (million USD)	194	213	254	277	301
Exports of Goods (million USD)	49	125	115	111	106
Imports of Services (million USD)	0	0	0	0	0
Exports of Services (million USD)	0	0	0	0	n/a
Foreign Trade (in % of GDP)	105	89	94	101	n/a
Imports of Goods and Services (in % of GDP)	73	65	70	71	n/a
Exports of Goods and Services (in % of GDP)	31	24	24	30	n/a

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

To go further, check out our service Import controls and Export Controls

To go further, check out our service Import-Export Flows

List of tariffs and local taxes that apply to your product on our service Customs Duties

Any Comment About This Content? Report It to Us.