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Doing business & staying in touch

Office hours: 

Mon-Fri 0800-1200 and 1300-1700.

Economy: 

Subsistence farming and fishing are of declining importance as tourism has come to dominate the domestic economy and fishing is largely pursued by foreign commercial concerns operating under licence. Mineral resources are limited to a few high-grade phosphate deposits. Sales of these licences account for over one-third of national income.

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.

GDP: 

US$232 million (2005).

Main exports: 

Fish, garments, banana, kava and betel nut.

Main imports: 

Food and manufactured goods.

Main trading partners: 

Japan, USA, Hong Kong and Guam.

Internet: 

Internet services are available.

Post: 

The US postal service picks up and delivers all mail to each of the states via air service. The Federated States of Micronesia are part of the US zip code system. Codes are: Pohnpei: 96941; Chuuk: 96942; Yap: 96943; and Kosrae: 96944. Rates are the same as the US. Express delivery is provided by a variety of private carriers. Post offices are located in Kolonia for Pohnpei, Moen for Chuuk, Lelu for Kosrae and Colonia for Yap.

Post office hours: 

Mon-Fri 0830-1630. Closed on the weekends.

Press: 

• Pacific Daily News (Guam) is the main English-language newspaper in the Federated States of Micronesia.
• The Island Tribune is printed weekly.

Television: 

• WAAB TV is a government channel on Yap.
• KPON TV is a commercial channel on Pohnpei.
• TTTK TV is a commercial channel on Chuuk.

Radio: 

• Stations include V6AH (Pohnpei), V6AI (Yap), V6AJ (Kosrae), V6AK (Chuuk) and Baptist church-run station V6A.

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