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Peru FTA next in line after Costa Rica vote
October 9th, 2007
With Costa Ricans having approved ascension into the Central America Free Trade Agreement on Sunday, the next step for the Bush Administration’s trade agenda is to win Congressional approval of the Peru-U.S. Free Trade Agreement.
The leading U.S. Customs districts with Peru are Miami, Great Falls, Mont., and Houston, all with more than $1 billion in total trade in 2006, according to WorldCity analysis of the most recent annual Census statistics. Fast-growing Customs districts include Los Angeles and New Orleans.
Of the four pending FTAs, Peru’s looks like the only one sure to pass, with Panama’s a possibility, and Colombia and South Korea mired in controversy and politics and, thus, less likely.
Peruvian President Alan Garcia, opposed to free trade during his first term in the 1980s, is now a firm proponent. “More trade and more investment means less migration, less poverty and less environmental destruction, he is reported to have said during a World Trade Organization meeting held in the capital of Lima in September, before indicating a desire to have more FTAs with other nations.
The Peru-U.S. FTA, signed in April 2006 after agreement was reached at the end of 2005, has won approval of the Senate’s Finance Committee and the House’s Ways and Means Committee recently. Full congressional approval is expected within a matter of weeks, and certainly before the end of the year.
It is possible that it will be the last FTA agreement of the Bush Administration. If the Peru FTA goes into effect, the Andean nation will join Canada, Mexico, Chile, Costa Rica, Honduras, Guatemala, El Salvador, Nicaragua and the Dominican Republic as nations within the Western Hemisphere in FTAs with the United States.
Peru is the United States’ 45th ranked trade partner, the 10th overall in the Western Hemisphere. In 2006, the latest year for which statistics are available, trade increased 18.5 percent, or about 50 percent faster than the U.S. average with the world, according to WorldCity analysis.
Exports grew more quickly than imports, rising 26.8 percent compared to 14.8 percent for exports. The effect was to narrow the U.S. trade deficit with Peru to less than $3 billion.
For more information about U.S. trade with Peru and other nations within the Western Hemisphere, purchase the fifth annual Americas TradeNumbers. It offers leading imports and exports as well as top Customs districts for all 22 nations that exceeded more than $1 billion in U.S. trade in 2006.
| Rank | 2006 Total | Change | |
|---|---|---|---|
| Total, All Exports | $2,927,202,210 | 26.75% | |
| 1 | Oil, not crude | $274,649,623 | 23.69% |
| 2 | Machinery parts | $176,740,959 | 15.07% |
| 3 | Transmission apparatus for cellular phones | $157,888,903 | 94.76% |
| 4 | Computers | $126,969,023 | 20.77% |
| 5 | Computer parts | $120,220,332 | 44.38% |
| 6 | Low value shipments | $71,725,813 | |
| 7 | Self-propelled heavy construction machinery | $69,106,941 | 179.86% |
| 8 | Fertilizers | $63,046,490 | 59.93% |
| 9 | Polymers of ethylene | $58,587,938 | 80.00% |
| 10 | Acrylonitrile, related compounds | $46,791,674 | 25.72% |
| Rank | 2006 Value | Change | |
|---|---|---|---|
| Total, All Imports | $5,876,510,506 | 14.79% | |
| 1 | Gold | $1,408,517,675 | -9.47% |
| 2 | Refined copper, alloys, unwrought | $1,002,373,750 | 80.09% |
| 3 | Oil, not crude | $751,719,546 | 9.25% |
| 4 | Sweaters, pullovers, vest, knit or crocheted | $316,596,479 | 7.85% |
| 5 | Silver | $226,659,485 | 23.49% |
| 6 | Tin, unwrought | $197,578,492 | 31.43% |
| 7 | Men's or boys' shirts, knitted or crocheted | $189,860,189 | 7.41% |
| 8 | T-shirts, tank tops, knit or crocheted | $150,455,949 | -1.73% |
| 9 | Misc. fresh vegetables | $130,237,998 | 18.12% |
| 10 | Zinc ores and concentrates | $121,657,554 | 43.18% |
| Rank | 2006 Total Trade | Change | Exports to Peru | Imports from Peru | Surplus/(Deficit) | |
|---|---|---|---|---|---|---|
| All Districts | $8,803,712,716 | 18.51% | $2,927,202,210 | $5,876,510,506 | ($2,949,308,296) | |
| 1 | Miami | $1,629,939,566 | 25.73% | $1,173,030,016 | $456,909,550 | $716,120,466 |
| 2 | Great Falls, Mont. | $1,339,363,761 | -15.83% | $155,346 | $1,339,208,415 | ($1,339,053,069) |
| 3 | Houston | $1,196,790,335 | -10.67% | $817,854,670 | $378,935,665 | $438,919,005 |
| 4 | New York | $839,901,942 | 9.77% | $109,833,921 | $730,068,021 | ($620,234,100) |
| 5 | Los Angeles | $652,198,839 | 39.13% | $82,885,009 | $569,313,830 | ($486,428,821) |
| 6 | New Orleans | $506,579,287 | 49.02% | $211,622,408 | $294,956,879 | ($83,334,471) |
| 7 | Providence, R.I. | $456,288,669 | 312432.91% | $- | $456,288,669 | ($456,288,669) |
| 8 | Baltimore | $421,076,120 | 76.86% | $57,831,549 | $363,244,571 | ($305,413,022) |
| 9 | Tampa | $379,213,818 | 440.73% | $66,784,684 | $312,429,134 | ($245,644,450) |
| 10 | San Francisco | $173,004,235 | 28.11% | $13,344,974 | $159,659,261 | ($146,314,287) |
| 11 | Charleston | $163,425,136 | -19.22% | $100,577,833 | $62,847,303 | $37,730,530 |
| 12 | Philadelphia | $151,090,515 | 162.84% | $674,689 | $150,415,826 | ($149,741,137) |
| 13 | Savannah | $146,160,824 | 74.79% | $57,844,049 | $88,316,775 | ($30,472,726) |
| 14 | Cleveland | $112,053,008 | 33.99% | $4,064,388 | $107,988,620 | ($103,924,232) |
| 15 | Norfolk | $78,340,249 | 51.00% | $44,288,974 | $34,051,275 | $10,237,699 |
| 16 | Port Arthur, Texas | $75,326,330 | 310.25% | $34,552,073 | $40,774,257 | ($6,222,184) |
| 18 | Mobile | $63,761,138 | 131.66% | $13,300,468 | $50,460,670 | ($37,160,202) |
| 19 | Boston | $57,339,439 | -81.90% | $684,452 | $56,654,987 | ($55,970,535) |
| 20 | Chicago | $52,952,070 | 14.02% | $8,619,554 | $44,332,516 | ($35,712,962) |
| 21 | Seattle | $47,989,267 | -17.44% | $17,401,908 | $30,587,359 | ($13,185,451) |
| 22 | San Juan, P.R. | $38,942,182 | 5.91% | $7,616,940 | $31,325,242 | ($23,708,302) |
| 23 | Columbia-Snake | $21,142,690 | 28.06% | $9,574,834 | $11,567,856 | ($1,993,022) |
| 25 | St. Albans, VT. | $19,200,092 | 14430.33% | $- | $19,200,092 | ($19,200,092) |
| 26 | St. Louis | $17,079,609 | 46.45% | $10,698,473 | $6,381,136 | $4,317,337 |
| 27 | U.S. Virgin Islands | $12,934,423 | -67.55% | $54,929 | $12,879,494 | ($12,824,565) |
| 28 | Dallas | $12,682,780 | 141.89% | $8,496,330 | $4,186,450 | $4,309,880 |
| 29 | Ogdensburg, N.Y. | $9,790,685 | 3036.23% | $60,497 | $9,730,188 | ($9,669,691) |
| 30 | Buffalo | $4,996,871 | 31.90% | $311,276 | $4,685,595 | ($4,374,319) |
| 31 | San Diego | $4,985,352 | -32.21% | $489,873 | $4,495,479 | ($4,005,606) |
| 32 | Honolulu | $4,760,941 | 79.60% | $- | $4,760,941 | ($4,760,941) |
| 33 | Detroit | $4,512,238 | 37.66% | $672,072 | $3,840,166 | ($3,168,094) |
| 34 | Portland, Maine | $3,166,231 | -80.33% | $- | $3,166,231 | ($3,166,231) |
| 35 | Wilmington | $3,128,898 | -30.01% | $279,429 | $2,849,469 | ($2,570,040) |
| 36 | Minneapolis | $2,468,936 | -47.17% | $258,392 | $2,210,544 | ($1,952,152) |
| 37 | Nogales, Ariz. | $2,315,943 | -64.71% | $5,882 | $2,310,061 | ($2,304,179) |
| 38 | El Paso | $1,583,810 | 217.83% | $36,114 | $1,547,696 | ($1,511,582) |
| 39 | Milwaukee | $1,383,783 | 25.32% | $27,236 | $1,356,547 | ($1,329,311) |
| 40 | Washington, D.C. | $1,366,738 | 95.72% | $425,378 | $941,360 | ($515,982) |
| 41 | Laredo | $1,358,160 | -51.34% | $995,850 | $362,310 | $633,540 |
| 42 | Pembina, N.D. | $427,120 | 407.74% | $- | $427,120 | ($427,120) |
| 43 | Anchorage | $225,153 | 167.83% | $24,938 | $200,215 | ($175,277) |
Peru FTA next in line after Costa Rica vote (10/09/2007)
Costa Rica vote benefits Miami, Philadelphia, Houston, Los Angeles (10/08/2007)
5th annual Americas TradeNumbers published (07/10/2007)
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