What are the export commodities in Palau?

Export commodities include trochus, tuna, copra and handicrafts. The Micronesian Mariculture Demonstration Center (MMDC), later to be renamed the Palau Mariculture Center (PMDC), was established in the early 1970s. The MMDC was one of the first institutions to suceeded in mass production of giant clams.

Who are Palau's main suppliers?

Palau's main suppliers are China (70.2%), the United States (27.3%), South Korea (26.3%), Japan (16.4%), and Italy (11.5%); whereas the main clients are Greece (27.2%), Japan (26.3%), France (17.7%), Chinese Taipei (7.8%), and the United States (7.0% - data OEC 2022). The country wishes to facilitate international trade.

Is Palau open to foreign trade?

Palau is open to foreign trade, which represents roughly 66% of the GDP (World Bank, latest data available). Palau's export base and production capacity are limited, rendering it highly susceptible to external shocks.

How much did Palau export in 2022?

According to WTO data, Palau exported just USD 3 million in goods and imported USD 210 million of goods in 2022. Concerning services, exports stood at USD 18 million against 48 million in imports. Source: WTO – World Trade Organisation ; World Bank - Latest available data.

Does Palau have a trade deficit?

Without natural resources, the archipelago has a large structural trade deficit, which is expected to persist in the coming years. According to WTO data, Palau exported just USD 3 million in goods and imported USD 210 million of goods in 2022. Concerning services, exports stood at USD 18 million against 48 million in imports.