The fiscal year starts on October 1.
Much of this activity represents reexports. MI net earnings on fisheries stem largely from fishing-license fees, on-shore facilities to resupply and retrofit foreign fishing boats, expenses for processing and transhipping chilled fish, and transit/recreation of boat crews.
A uniform duty of 12 percent was applied on all imports, except for specific product lines where eight tariff rates between 5-150 percent applied. The average import duty rate was estimated to be between 10-12 percent.