Republic of Nauru is located in Micronesia, an island in the South Pacific Ocean, south of the Marshall Islands. It is classified as a Small Island Developing State (SIDS). Revenues of the country traditionally have come from exports of phosphates and exports of phosphates constitute more than 90% of its total exports being exported to mainly Republic of Korea, New Zealand, Australia and India. Main imports are oil, machinery and equipment. Australia, New Zealand, Japan and China are major import partners. It is a member of the Pacific Island Countries Trade Agreement (PICTA) and the South Pacific Regional Trade and Economic Cooperation Agreement (SPARTECA).