Federated States Of Micronesia Business
• Main exports: Fish, garments, banana, kava and betel nut.
• Main imports: Food and manufactured goods.
• Main trade partners: Japan, USA, Hong Kong and Guam.
Economy
Aid from the USA has been a vital source of income: under the Compact of Free Association with the USA, which was amended in 2004, the Federated States of Micronesia will continue to receive millions of dollars in annual aid until 2023. The compact also established a Trust Fund that will eventually provide the islands with annual payments in perpetuity. However, the decline in US help has depressed the economy. Growth was just 0.3% in 2005, while inflation was 2.2%. Unemployment was measured at about 22% in 2000.
The Federated States of Micronesia is a member of the South Pacific Commission and the South Pacific Forum. The main industries the FSM profit from are tourism, construction, specialised aquaculture, wood, pearls and craft items from shells.
Business Etiquette
Business Contacts
PO Box 405, Pohnpei 96941, Kolonia, FSM
Tel: 320 2452.
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