This release gives information on changes in the Consumer Price Index (CPI) for the Federated States of Micronesia (FSM) and the four states – Chuuk, Kosrae, Pohnpei and Yap. Appendix 1 contains tables with detailed data for FSM and the four states.
Value of Imports and Exports
Imports have consistently exceeded exports from 2014 to 2023. This indicates a persistent trade deficit. However, exports saw a significant rise starting in 2020, peaking in 2023 at approximately $173,543 thousand, suggesting a positive trend in export performance.
Balance of Trade
In 2023, the trade deficit was reported at $-87,598 thousand. When compared to the 2022 deficit of $-121,726 thousand, the deficit is lower by 28%. The lower deficit is driven by the increase in exports.
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