Trade Fact of the Day
Korea is a $1 trillion economy and the 7th largest U.S. trading partner.
About Trade
"Trade fosters human opportunities that build hope and give people a stake in their society's success."
John D. Negroponte
Deputy Secretary of State
September 18, 2007
Facts Of The Day
February 29, 2008
Colombians have enjoyed one-way preferences into the U.S. market under the Andean Trade Preference Act (ATPA), enacted 16 years ago. ATPA has been renewed numerous times with bipartisan support over the past 16 years. Once the U.S.-Colombia Trade Promotion Agreement is approved most U.S. exports to Colombia would immediately enter duty free, thus leveling the playing field for American companies and workers.
Source: Prepared by the International Trade Administration
Total trade among the NAFTA partners more than doubled in the first 13 years of NAFTA. Combined trade is $2.5 billion a day among NAFTA partners, $1.7 million per minute. U.S. exports to Canada and Mexico increased from $142 billion in 1993 to $365 billion in 2006, representing over one-third of total U.S. exports
Source: International Trade Administration
February 27, 2008
NAFTA demonstrates the benefits trade can bring to all countries. When NAFTA was implemented in 1994, it created the world’s largest free trade area, which now links 439 million people in an area that produces $15.3 trillion worth of goods and services. During the past decade, NAFTA partners have been conducting business within a framework that is extremely open, governed by clear rules and enforcement mechanisms, with the goal of greater economic integration and cooperation.
Source: Prepared by the International Trade Administration
February 26, 2008
Medical equipment accounted for 3.2 percent of total U.S. industrial exports to Colombia in 2006, totaling $160 million. The top U.S. exports in this sector included diagnostic and laboratory reagents, medical needles, diagnostic apparatus, MRIs, and x-ray apparatus. Colombian tariffs range between five and 15 percent, with an average of 8.8 percent in 2006. For medical equipment, 96 percent of U.S. industrial exports will receive duty-free treatment immediately upon implementation of the U.S.-Colombia Trade Promotion Agreement.
Source: Prepared by the International Trade Administration
February 25, 2008
Aircraft and related equipment accounted for 9.4 percent of total U.S industrial exports to Korea in 2006, totaling $2.85 billion. The top U.S. exports in this sector included turbojets, aircraft parts, and helicopters. Korean tariffs range between zero and eight percent, with an average of 3.7 percent. Ninety-three percent of U.S. aircraft and related equipment exports will receive duty-free treatment immediately upon implementation of the Agreement.
Source: Prepared by the International Trade Administration
