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Micronesia Exports

artice info

Micronesia is a subregion of Oceania, comprising thousands of small islands in the western Pacific Ocean. It has a shared cultural history with two other island regions, Polynesia to the east and Melanesia to the south.

The economic activity of the Federated States of Micronesia consists primarily of subsistence agriculture and fishing. The islands have few mineral deposits worth exploiting, except for high-grade phosphate.

Major Micronesia exports are: frozen fish, fish fillet, meat, fishing vessels, yachts, knotted netting of twine, cordage or rope, paper, molluscs.

Major export partners of Micronesia: Thailand, China, Japan,  Korea, Rep., Philippines, United States.

The fishing industry is highly important. Foreign commercial fishing fleets pay over $20 million annually for the right to operate in FSM territorial waters. These licensing fees account for nearly 30% of domestic budgetary revenue. Additionally, exports of marine products, mainly reexports of fish to Japan, account for nearly 85% of export revenue. Copra production used to be a more significant source of income, however, world prices have dropped in part to large palm plantations that are now planted in places like Borneo.

 

Micronesia Imports

artice info

The Federated States of Micronesia (FSM) consist of 607 islands. Micronesia is a member of the Pacific Island Countries Trade Agreement (PICTA) and the South Pacific Regional Trade and Economic Cooperation Agreement (SPARTECA).

Micronesia's import taxes are among the lowest in the Pacific.

Main imports of Micronesia are food, manufactured goods and machinery and equipment, and namely: petroleum oils, rice, poultry, prepared or preserved fish, fishing rods, shooting equipment, cement.

Major import partners of Micronesia: United States, Korea Rep., Japan, Philippines, China, Australia, Thailand. Australia is one of FSM's main sources of imports after the US and Japan. 

Due to its geographical situation, the country is exposed to typhoons, and there is a danger for agricultural produce. Economic activity consists largely of subsistence farming and fishing, and government, which employs two-thirds of the adult working population. 

Customs requirements of Micronesia

Micronesia Customs and Tax Administration Contacts:

FSM National Government

Website: http://www.fsmgov.org/ 

Address: P.O. Box PS 54, Palikir, Pohnpei FM 96941

Telephone: (691) 320-5855/2826

Fax: (691) 320-5715

Email: ctahq@mail.fm 

 

Department of Foreign Affairs

Email: foreignaffairs@mail.fm 

Phone: 320-2641/2613

 

The field offices:

Chuuk: (691) 330-2753/4482

Kosrae: (691) 370-3010/3382

Pohnpei: (691) 320-2350/5508

Yap: (691) 350-2272/2419

  

The Federated States of Micronesia (FSM) is composed of over 600 islands and atolls spanning one million square miles of the western Pacific Ocean.  A constitutional democracy, the FSM is a federation of four semi-autonomous states (Chuuk, Kosrae, Pohnpei, and Yap), each of which retains considerable autonomy over domestic affairs, including state civil and criminal justice systems.  The federal capital is located at Palikir, on the island of Pohnpei, close to Pohnpei’s largest town, Kolonia.

Each island airport has its own customs and immigration officers. If you plan on visiting several islands on one trip, you will be passing through customs and immigration lines at each stop and filling out the usual paperwork.

All non-citizens, other than visitors of Micronesia must have their entry permits applied for prior to arrival in the FSM. The Entry Permit is necessary to have for individuals whose purpose in entering the FSM is to engage in wholesale or retail sales of goods or services, or for the purpose of taking orders for the purchase of goods or services, without establishing a place of habitation or a place of business within the FSM. This permit is not available to those who otherwise qualify for a foreign investor's permit.

According to data, exporting a standard container of goods requires 5 documents, takes 30 days and costs about $1045.0. Importing the same container of goods requires 6 documents, takes 31 days and costs about $1045.0.

Documents for trading across borders in FSM include the following documents: bill of lading, commercial invoice, customs export declaration, inspection report, packing list, terminal handling receiptes.

 

Sources:

http://www.fsmgov.org/ngovt.html 

http://www.doingbusiness.org/data/exploreeconomies/micronesia/ 

http://www.imf.org/external/country/FSM/index.htm