In T&T: We lead region in exports to U.S.

4 January 2012


Petro-chemicals, apparel pave the way according to 2010 figures  for preferred tarriff trade, under CBI.

Trinidad and Tobago has become the leading source of United States imports entering under the Caribbean Basin Initiative (CBI) tariff preferences while Jamaica is the third leading source of US imports under CBI tariff preferences in 2010, according to the latest report issued by the Office of the United States Trade Representative.

In the “Ninth Report to Congress on the operations of the Caribbean Basin Economic Recovery Act 2011”, the US imported US$2.2 billion under CBI tariff preferences from Trinidad and Tobago in 2010, an increase of 43.8 per cent from 2009.

“Imports under CBI tariff preferences from Trinidad and Tobago are dominated by petroleum and methanol, and 75 per cent of imports of these two goods entered under CBI provisions in 2010.

The report noted that Haiti became the second leading source of US imports entering under CBI tariff preferences in 2009 after Costa Rica left CBI.

It said apparel accounts for over 90 per cent of US imports from Haiti, and almost all imports of apparel from Haiti enter under CBTPA or the two HOPE Acts.

Imports of apparel from Haiti at preferential tariff rates increased nearly 26 per cent in 2009 as utilisation of preferences under the HOPE Acts became established.

The report noted the January 2010 earthquake in Haiti slowed the growth of imports of apparel under preferential tariffs to 0.7 per cent in 2010, but such imports surged 46 per cent in the January to August 2011 period, compared to the same period in 2010.

Since Costa Rica left the CBI in 2009, Haiti has become the source of virtually all imports of apparel from CBI countries.

Source

Comments are closed.