US-Colombia trade down 19% since free trade deal
Source: Colombia Reports
US-Colombia trade down 19% since free trade deal
Posted by Adriaan Alsema on Feb 10, 2016
Instead of increasing, trade between the United States and Colombia dropped 19% following the implementation of a controversial free trade agreement between the two countries, the US confirmed.
According to the US Census Bureau, which publishes international trade figures, Colombian exporters paid the cost of the deal, seeing their exports to Colombia’s biggest trade partner drop a staggering 39.4% from $23.1 billion in 2011 to $14 billion in 2015.
US exports to Colombia did not perform as badly; they actually increased 15.1% from $14.3 billion to $16.6 billion.
While part of Colombia’s plummeting export figures are due to global oil prices that have drastically reduced the value of Colombia’s main export product, the FTA appears to have been a breaking point in trade between the two countries.
Read more: http://colombiareports.com/us-confirms-drop-in-trade-with-colombia-following-free-trade-deal/
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