07 October 2011
Though you can’t find Panama or Colombia among the U.S.’s top 20 export-import trade partners the pending free trade agreements with those two countries, fast-tracked earlier this week after the house Ways and Means Committee voted to approve deals, could be a boon to many parts of the South.
In 2010 Colombia was ranked No. 27 with two-way trade worth $27.69 billion, 33.29 percent higher than the previous year. Panama was ranked No. 53 with trade valued at $6.45 billion, 40.31 percent above 2009. The data comes from a WorldCity analysis of U.S. Census Bureau data released monthly and annually at www.usatradeonline.gov.
Through July 2011 Colombia’s trade with the U.S. was worth $20.56 billion, 31.98 percent more than during the same period last year and smashing the $15.58 billion record set that year. Panama’s trade through mid-summer 2011 also set a new record at $4.57 billion, 26.07 percent above last year.
So far this year the top U.S. Customs districts trading with Colombia are No. 1 Houston, No. 2 Miami, No. 3 New Orleans, No. 4 Mobile and No. 5 Port Arthur, Texas. The Houston district has traded more than $1 billion with Colombia, and in some years more than $2 billion, since at least 1992, according to WorldCity data.
Taking a closer look at the leading U.S. gateways for U.S. trade with Colombia:
- Trade with No. 1 Houston rose 27.13 percent to $5.56 billion. Exports rose 18.71 percent to $2.78 billion. Imports rose 36.82 percent to $2.78 billion.
- Trade with No. 2 Miami rose 20.59 percent to $4.6 billion. Exports rose 20.61 percent to $2.74 billion. Imports rose 20.56 percent to $1.85 billion.
- Trade with No. 3 New Orleans rose 77.79 percent to $1.89 billion. Exports rose 43.41 percent to $707.46 million. Imports rose 107.59 percent to $1.18 billion.
- Trade with No. 4 Mobile fell 8.16 percent to $1.56 billion. Exports rose 62.04 percent to $307.82 million. Imports fell 16.97 percent to $1.26 billion.
- Trade with No. 5 Port Arthur, Texas rose 60.96 percent to $1.42 billion. Exports fell 86.59 percent to $32.61 million. Imports rose 116.88 percent to $1.39 billion.
Through July, 13 Customs districts posted trade surpluses with Colombia while 30 had deficits. That compares with 12 surpluses and 32 deficits for the same period one year ago. The top surplus was with Miami at $887.54 million, the largest deficit was with Port Arthur at $1.36 billion.
The top five U.S. exports to Colombia by value through July were refined oil; computers; parts for heavy machinery; landline, cellular phone equipment; and low value shipments, respectively. They accounted for 28.19 percent of total exports to Colombia.
Many of the districts that dominate Colombia’s trade with the U.S. are also strong players in Panama’s trade. Additionally Panama is the only one of the three countries with pending free trade agreements to post a trade surplus so far this year at $4.12 billion.
Looking at the top U.S. gateways for trade with Panama shows:
- Trade with No. 1 Miami rose 12.20 percent to $1.16 billion. Exports rose 13.29 percent to $1.04 billion. Imports rose 3.91 percent to $125.25 million.
- Trade with No. 2 Houston rose 18.67 percent to $1.08 billion. Exports rose 22.24 percent to $1.07 billion. Imports fell 76.83 percent to $7.57 million.
- Trade with No. 3 Mobile rose 80.77 percent to $777.08 million. Exports rose 80.72 percent to $774.23 million. Imports rose 96.34 percent to $2.85 million.
- Trade with No. 4 New Orleans rose 8.92 percent to $275.95 million. Exports rose 8.44 percent to $272.46 million. Imports rose 65.94 percent to $3.49 million.
- Trade for No. 5 Low Value Shipments, parcels valued less than $2,500, rose 26.67 percent to $174.24 million. Exports rose 27.02 percent to $171.79 million. Imports rose 6.15 percent to $2.45 million.
The U.S.’s top exports to Panama so far this year are No. 1 refined oil worth $2.06 billion; No. 2 aircraft worth $213.32 million; No. 3 low value shipments, parcels worth less than $2,500, worth $171.79 million; No. 4 landline and cellphone equipment worth $60.06 million; and No. 5 cars worth $59.23 million.
The top five U.S. imports from Panama by value through July were imports of returned exports, cane and beet sugar, gold, fresh or chilled fish and live crustaceans, respectively.
Passing the long-stalled free trade agreement is expected to grow trade trade between the U.S. and South Korea, Colombia and Panama. It seems, however, the agreement with Panama would be the one to contribute most to U.S. exports without increasing imports.
President Obama upon entering office in 2009 launched the National Export Initiative to double U.S. exports in the next five years. The country’s exports that year were valued at $1.56 trillion. In 2010 they were worth $1.91 trillion. At that rate U.S. exports would top the $3 trillion mark by 2014 at $3.31 trillion.