The 2007 FSM International Trade Publication Released
Palikir, Pohnpei (FSM Information Services): March 4, 2009 - The Office of Statistics, Budget & Economic Management, Overseas Development Assistance & Compact Management (S.B.O.C.) has released the 2007 FSM International Trade Publication report for 2007. This report presents import and export data from the year 2000 through 2007 and also highlights the merchandise Trade Balance.
The report shows that from 2000 to 2007, the FSM continued to experience a merchandise trade deficit. The trade deficit was highest in 2006 when the value of imports exceeded the value of exports by about $129 million. The significant increase in the trade deficit in 2004 and thereafter was largely due to the departure of the garment companies in 2005, which contributed 20% of the total FSM exports annually.
Under import trends in the FSM, the overall value of imports increased by 33.5% between 2000 and 2007, or 4.5% annually. Nationally, food and beverage imports totaled $39.6 million, which accounted for 27.7% of the total imports in 2007. Rice, poultry, canned meat, soft-drinks, and canned fish topped the list of food imports. These imports mainly come from the import partners in the US Mainland, Japan and Singapore.
Individual state data is also available in the report. For example, between 2000 and 2007, the growth rate of import values in the states were as follows: 51% for Pohnpei, 34% for Chuuk, 15% for Yap and -1.4% for Kosrae. Annually, these rates translate to about 7% for Pohnpei, 5% for Chuuk, 2% for Yap and negative 0.2% for Kosrae.
In terms of export trends, the overall value of exports declined between 2000 and 2007 by 3.6%, which is about 0.5% annually. The main item of export in 2007 was offshore fish at an estimated value of $11.1 million and was 54% of the total export from FSM. Other major items for export include betelnut at $2.2 million and reef fish at $800,000. FSM's major export partners are the US Mainland, Guam, CNMI, and Japan. In 2007, the combined value of exports to these countries constituted about half of the total exports.
Other main highlights of the publication show that Yap is consistently the state with the highest reported value of exports, followed by Chuuk, Pohnpei and then Kosrae. The commodities that Yap is exporting are reported to be garments (until 2004) and betelnut (since 2005) and contribute to around 90% of Yap's value of exports. Other main commodities exported from the other islands are: cooked food and reef fish from Chuuk, kava and betelnut from Pohnpei, and citrus, banana and crab & lobster from Kosrae.
Please contact S.B.O.C. at (691) 320-2823 for more information on how to get a copy of this publication.
For further information on this release, please contact:
FSM Office of the President Public Information: Press, Radio, Video P.O Box 34 Palikir Station, Pohnpei, FM 96941 Tel.: (691) 320-2548/2092 Fax.: (691) 320-4356 e-mail: email@example.com http://www.fsmpio.fm/