Micronesia Major Exports
The Federated States of Micronesia (FSM) is a small island nation located in the Pacific Ocean. Despite its size and relatively small economy, Micronesia has a diverse range of exports driven by its natural resources, agriculture, and fishing industries. The country has strategic access to the Pacific region’s markets, and its trade is vital for its economic development. The FSM’s main exports include fish and seafood, agricultural products, and other marine-related goods. Given its geographic location and reliance on maritime industries, Micronesia’s exports are centered around its rich marine resources.
Fish and Seafood
Tuna
Tuna is by far the most significant export product for Micronesia. The FSM has exclusive economic rights to a large portion of the Pacific Ocean, one of the richest tuna fishing grounds in the world. The country benefits from its access to these tuna-rich waters, and its fisheries are managed through agreements such as the Pacific Islands Forum Fisheries Agency (PIFFA). Tuna is primarily caught by commercial fisheries and exported in various forms, including fresh, frozen, and canned.
- Key Export Destinations: Micronesia’s tuna is primarily exported to Japan, the United States, and various countries in Southeast Asia, including Thailand and Taiwan. Canned tuna products also reach markets in Europe.
- Export Characteristics: Micronesia exports both whole and processed tuna, with a significant portion being canned tuna. Frozen and fresh tuna are also popular in global markets.
Trade Value:
- Tuna exports contribute significantly to Micronesia’s economy, with an estimated value of $100 million USD annually. This makes tuna the largest single export commodity for the country.
Other Seafood
In addition to tuna, Micronesia exports a variety of other seafood products, including shrimp, lobster, and various fish species. These are caught by both local fishermen and large-scale commercial operations. The seafood industry in Micronesia benefits from the rich biodiversity of the Pacific Ocean, which supports a range of marine species with strong demand in international markets.
- Key Export Destinations: Seafood products from Micronesia are mainly exported to Japan, the United States, and other Asian countries such as South Korea and China.
- Export Characteristics: Exports consist of frozen and live shrimp, lobsters, and other fish species like grouper, snapper, and others.
Trade Value:
- The export of other seafood products is valued at around $25 million USD annually. Though smaller than tuna exports, the seafood industry still plays a crucial role in the country’s economy.
Agricultural Exports
Copra (Dried Coconut)
Copra, or dried coconut meat, is another key export of Micronesia. The country’s tropical climate is conducive to the cultivation of coconut palms, and copra has long been an important export product. It is used to produce coconut oil, which is a popular commodity in global markets for its versatility in food, cosmetics, and industrial products.
- Key Export Destinations: Copra and coconut oil from Micronesia are primarily exported to the United States, the Philippines, and other countries in Southeast Asia.
- Export Characteristics: Exports include copra (dried coconut), coconut oil, and other coconut-based products such as desiccated coconut.
Trade Value:
- Copra and coconut-related products contribute about $5 million USD annually to Micronesia’s export revenues. While not as large as tuna or seafood exports, copra remains a steady and important agricultural export.
Fruits and Vegetables
Micronesia exports a variety of tropical fruits and vegetables, including bananas, pineapples, and taro. These products are grown locally and cater to the region’s demand for fresh produce. As a small island nation, most of Micronesia’s agricultural production is for local consumption, but a portion is exported to nearby markets.
- Key Export Destinations: The primary export markets for Micronesian fruits and vegetables are neighboring Pacific Islands, including Guam, Hawaii, and other Micronesian states.
- Export Characteristics: Exports include fresh and dried fruits such as bananas, pineapples, and coconuts, as well as root vegetables like taro.
Trade Value:
- Agricultural exports, including fruits and vegetables, contribute around $2 million USD annually to the country’s export trade.
Other Marine-Related Products
Seaweed
Seaweed farming is an emerging industry in Micronesia, driven by the growing global demand for seaweed in food products, cosmetics, and pharmaceuticals. The country has favorable conditions for seaweed cultivation, and the industry is expected to grow in the coming years as more local farmers engage in seaweed farming.
- Key Export Destinations: Micronesian seaweed is primarily exported to countries in Asia, including Japan, China, and South Korea, where seaweed is a staple in traditional dishes.
- Export Characteristics: Exports include dried and processed seaweed, which is used in food products like sushi, snacks, and health supplements.
Trade Value:
- The seaweed industry is still relatively small but is growing steadily, with estimated exports worth $1 million USD annually. This figure is expected to increase as the industry matures.
Pearls and Shells
Micronesia has a long history of harvesting pearls, particularly from cultured pearl farms located in its tropical waters. Pearls and shells are valuable exports that are used in jewelry and other luxury items. The country’s warm, clean waters are ideal for pearl farming, and the industry continues to grow as global demand for pearls remains strong.
- Key Export Destinations: The main markets for Micronesian pearls include Japan, the United States, and European countries.
- Export Characteristics: Exports consist of cultured pearls and shells, which are often sold as raw materials for jewelry production.
Trade Value:
- Pearls and shells contribute approximately $2 million USD annually to Micronesia’s export revenue, though this market is relatively niche compared to other marine resources.
Manufactured Goods and Other Exports
Handicrafts and Artworks
Micronesia has a rich cultural heritage, and its indigenous artisans produce a range of handmade goods that are exported to the global market. These include woven baskets, carved wooden figurines, jewelry, and traditional clothing. Handicrafts and artworks play an important role in promoting the country’s culture while generating income from global markets.
- Key Export Destinations: Handicrafts and artworks are primarily exported to the United States, Japan, and other countries in the Pacific and Asia.
- Export Characteristics: Exports consist of hand-carved wood items, woven baskets, traditional clothing, and artwork.
Trade Value:
- Handicrafts and artworks contribute a small but significant portion to Micronesia’s economy, with exports valued at around $1 million USD annually.
Micronesia’s export economy is dominated by fish and seafood, particularly tuna, which drives the majority of its trade revenues. However, the country also benefits from other natural resources, including copra, fruits, and seaweed, while its small-scale agricultural and marine industries continue to develop. Through its diverse exports, Micronesia is able to tap into global markets, ensuring its continued economic viability in the Pacific region. As the country expands its non-fish exports and further develops sustainable industries, its trade relationships will continue to grow.
Top Products Exported by Micronesia
Market Value: 109 (millions) Last Updated: June, 2024
| # | Product | Trade Value (thousands) | Share (%) | Growth (% 5yr) |
| 1 | Frozen Fish | 29,012 | 26.65 | 3,775.91 |
| 2 | Fresh Fish | 4,082 | 3.75 | -71.94 |
| 3 | Coffee | 1,657 | 1.52 | 0.00 |
| 4 | Fish Fillets | 238 | 0.22 | 0.00 |
| 5 | Aluminum Waste & Scrap | 200 | 0.18 | 492.92 |
| 6 | Coral & Shell | 161 | 0.15 | -32.74 |
| 7 | Basketwork | 144 | 0.13 | 307.14 |
| 8 | Switches, Relays & Fuses < 1000 Volts | 127 | 0.12 | 8,495.41 |
| 9 | Copper Waste & Scrap | 97 | 0.09 | 0.00 |
| 10 | Computers, Printers & Storage Units | 20 | 0.02 | 0.00 |
| 11 | Computer & Office Machines Parts | 20 | 0.02 | -86.54 |
| 12 | Fruit & Vegetable Juice | 15 | 0.01 | 0.00 |
| 13 | Physical Exercise Equipment | 10 | 0.01 | 0.00 |
| 14 | Measuring or Checking Instruments | 10 | 0.01 | 0.00 |
| 15 | Pumps For Liquids | 9 | 0.01 | 403.42 |
| 16 | Wood Sawn > 6 mm | 7 | 0.01 | 0.00 |
| 17 | Electronic Integrated Circuits | 6 | 0.01 | 73.96 |
| 18 | Pepper | 5 | 0.01 | 0.00 |
| 19 | Articles of Plastics | 5 | 0.00 | 456.56 |
| 20 | Non-Knit Track Suits | 5 | 0.00 | -98.41 |
| 21 | Wine | 5 | 0.00 | 0.00 |
| 22 | Leather Footwear | 5 | 0.00 | -64.67 |
| 23 | Aircraft Parts | 4 | 0.00 | 0.00 |
| 24 | Iron & Steel Bars & Rods | 3 | 0.00 | 0.00 |
| 25 | Gaskets & Similar Joints of Metal Sheeting | 3 | 0.00 | 0.00 |
| 26 | Plastic Containers | 2 | 0.00 | -91.13 |
| 27 | Telephone, Fax & Switching Apparatus | 2 | 0.00 | -83.06 |
| 28 | Fishing Rods & Tackle | 1 | 0.00 | 0.00 |
| 29 | Tube & Pipe Fittings | 1 | 0.00 | 0.00 |
| 30 | Medical, Dental & Vet Instruments | 1 | 0.00 | 97.19 |
| 31 | Transister & Semiconductor Devices | 1 | 0.00 | 0.00 |
| 32 | Air & Vacuum Pumps | 0 | 0.00 | -99.81 |
| 33 | Filters & Centrifuges | 0 | 0.00 | 0.00 |
| 34 | Articles of Vulcanized Rubber | 0 | 0.00 | 0.00 |
| 35 | Taps, Cocks & Valves | 0 | 0.00 | -98.49 |
| 36 | Electric Water Heaters | 0 | 0.00 | -93.31 |
| 37 | Knitted Garments | 0 | 0.00 | -99.99 |
| 38 | Oscilloscopes & Electrical Measuring Instruments | 0 | 0.00 | 0.00 |
| 39 | Non-Knit Womens & Girls Slips | 0 | 0.00 | -99.92 |
| 40 | Pictures & Photos | 0 | 0.00 | -94.49 |
| 41 | Engines & Motors | 0 | 0.00 | 0.00 |
| 42 | Knitted T-Shirts | 0 | 0.00 | -99.98 |
| 43 | Art Paper | 0 | 0.00 | 0.00 |
| 44 | Books | 0 | 0.00 | 0.00 |
| 45 | Electric Capacitors | 0 | 0.00 | -99.94 |
| 46 | Electric Light Equipment | 0 | 0.00 | 0.00 |
