Florida Trade with Summit of the Americas Countries - 2000

 
Florida Exports
Florida exports in 2000 totaled $35.85 billion, 5% over 1999 exports (which had dropped 9%). In spite of the increase, however, Florida imports grew more quickly and the year ended with imports exceeding exports by $2 billion. The state's exports to Summit of the Americas (SOA) countries (the Western Hemisphere minus Cuba), grew 9% to $29.26 billion, but exports to the rest of the world decreased by $0.6 billion. Florida's exports to SOA countries represented an overwhelming 81.6% of total exports.

Florida's five most important export markets last year were all in Latin America: Brazil, $6.95 billion (+19%); Venezuela, $2.67 billion (+2.6%); Dominican Republic, $2.49 billion (+10.7%); Argentina, $1.95 billion (-2.4%); and Colombia, - $1.78 billion (-1.8%). In fact, the top nine export markets for Florida were in Latin America (the UK was tenth), as were 21 of the top 30. The two countries showing a decrease were Argentina, which suffered economic recession in 2000, and Colombia, which continues to be plagued by human and capital flight and uncertainty due to the violence associated with its internal conflict.

Only two other Latin American nations that were among the top 30 destinations for Florida exports showed a decrease in 2000: exports to Panama dropped by 9.9%, and those to Paraguay by 16.9%. Of the Caribbean nations among the top 30 export destinations, only Jamaica and the Netherlands Antilles showed a decrease: -4.7% (-$33 million) and -7% (-$19 million), respectively. Among the smaller SOA destinations, the largest increases were achieved by Belize (39%) and Montserrat (286%). The largest decrease among these smaller countries was recorded for French Guiana (-89%).

Florida exports to the rest of the world decreased, in some cases dramatically. Among the most affected were: China, -34.5% (-$222 million); France, -41.4% (-$49 million); and the Netherlands, -17.8% (-$70 million). Exports to Italy declined by a more modest 2.8%. The largest increase in exports was to Saudi Arabia, +104.7% ($181 million).

Florida Imports
In 2000, Florida imported $37.9 billion, a 7% increase over 1999 imports (which had grown by 12%). Florida's imports from SOA countries grew by 5.2% to $20.33 billion--$1 billion over 1999. Imports from the rest of the world were $17.6 billion, $2.5 billion (16.6%) over 1999. Florida's imports from SOA countries represented 53.6% of total imports.

Florida's five largest import markets were: Japan, $4.22 billion (5.1%); Germany, $3.53 billion (21.5%); Brazil, $3.25 billion (18.2%); Dominican Republic, $2.54 billion (4.2%); and Costa Rica, $2.35 billion (-13.4%). Of the remaining top 10 sources of Florida imports, four were SOA countries (France was tenth). Twenty of the top 30 sources of Florida imports were SOA countries.

Except for Costa Rica, the Central American countries all showed substantial increases in exports to Florida: 6.8% for Honduras, 16% for Guatemala and 16.3% for El Salvador. These countries were in sixth, seventh and ninth place on the top 10 list. Even imports from Nicaragua grew 8.1% to reach a meager $398.5 million. Venezuela came in thirteenth place, with $1.02 billion (6.7%).

Among the SOA countries, the largest decreases in Florida's imports after Costa Rica were: Mexico, -$682.6 million (-15%); Ecuador, -$290.3 million (-16%); and Jamaica, $287.2 million (-22.5%). The largest percentage increases among the SOA countries went to Peru, 32.4% ($397 million); and Argentina, 26.7% ($605 million).

Other countries among the top 30 Florida import sources for merchandise trade were: France (-15% but still in tenth place); Great Britain, in eleventh place with a 20% growth to $1.23 billion; and Italy, in twelfth place despite a 2.8% drop to $1.02 billion. The largest percentage increase, 55.6%, was achieved by South Korea, which ended the year with $789 million (fourteenth place).

Of all the SOA countries, Brazil had the largest share of Florida's import market. Brazilian exports represented 8.6% of total Florida imports and 16% of Florida imports from SOA countries. The next largest shares belonged to the Dominican Republic (6.7% of total Florida imports and 12.5% of Florida imports from SOA countries), followed by Costa Rica (6.2% of total Florida imports and 11.6% of SOA imports). Mexico's exports to Florida continued to drop, reaching only 1.8% of the Florida import market and 3.4% of the state's total SOA imports (Honduras exports three times more to Florida than Mexico does).

Cuba, which is not a SOA country, had insignificant trade with Florida. Florida exported $4 million to Cuba and imported nothing from the island in 2000.

FIU Center for Banking and Financial Institutions www.floridabusiness.com