U.S. exports to Colombia up 20% with FTA
Thursday, May 16, 2013
The White House on Wednesday welcomed growing exports for U.S. businesses, farmers, and ranchers on the first anniversary of the entry into force of the U.S.-Colombia trade agreement.
Via the U.S.-Colombia free trade agreement, U.S. manufacturers have substantially increased their exports to the South American country.
In specific, U.S. exports of transportation equipment, petroleum and coal products, processed food, and computer and electronic products have risen to Colombia, while U.S. farmers and ranchers saw strong growth for soybean, wheat, grape, pork, and dairy product shipments.
U.S. goods exports to Colombia totaled $15.9 billion, up 20 percent ($2.6 billion) for May 2012-March 2013, compared with the same period prior to entry into force. For agricultural exports, Colombia was already the second largest purchaser of U.S. agricultural products in South America, but the improved access afforded by the trade agreement has opened the market even further. From May 2012 through March 2013, U.S. exports of agricultural products to Colombia were up nearly 62 percent from the comparable preceding 11-month period.
The United States and Colombia signed the U.S.-Colombia Trade Promotion Agreement on Nov. 22, 2006. On April 7, 2011, the two countries adopted a Labor Action Plan that included steps for the Colombian government to take in order to address labor concerns. The U.S. Congress approved the U.S.-Colombia pact on Oct. 12, 2011, and the agreement entered into force on May 15, 2012.
Over 80 percent of U.S. exports of consumer and industrial products and more than half of agricultural exports to Colombia are already duty free under the agreement, with remaining tariffs phased out over defined time periods.
“We will continue to work closely with the Colombian government to address issues as they arise and ensure that benefits continue to accrue to both countries,” said Acting U.S. Trade Representative Demetrios Marantis in a statement.