The U.S. Commercial Service

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1 The U.S. Commercial Service Briefing for Americas Business Forum, UCLA, Los Angeles, California U.S. Embassy, Santo Domingo

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3 The Caribbean Region: A Sizeable Export Market Caribbean US$17.39 Italy US$16.01 Chile US$15.99 Brazil India US$21.51 Malaysia US$14.22 Australia US$27.54 Source: U.S. Import and Export Merchandise trade statistics. December 2011

4 The Caribbean region imports $17.39 billion of US products and services Jamaica US$1.91 billion The Bahamas US$3.42 billion Haiti US$1.06 billion Dominican Republic US$7.09 billion Barbados US$1.46 million 23 Markets, 41 million people Total imports: $42 billion Regional GDP growth: 4.0% US import market share: 38% Trinidad & Tobago US$2.45 billion Source: U.S. Import and Export Trade Statistics July 2012/ World Bank Economy Report

5 Why Export to the Caribbean Region? Close proximity to the United States Third largest market in Latin America for U.S. exports Cooperative trade relationship Free trade Regional integration

6 The Caribbean s Diversity The Caribbean islands are very diverse in terms of : Population size. Cultures British, Spanish, French and Dutch. GDP and GDP per capita Ease of doing business

7 Population - Partner Posts in the Caribbean DR million (Spanish) Haiti (French/Creole) Jamaica ( English) Trinidad&T 1.3 ( English) Bahamas (English) Barbados (English) Total million

8 GDP and GDP per capita (PPP) GDP DR $98.74bn T&T 24.83bn Jamaica 14.3 bn Bahamas 8.25 bn Haiti 7.9 bn Barbados 9.9 bn GDP Per capita $ 9,600 $ $ 5,000 $28,500 $ 1,180 $23.870

9 World Bank Ease of Doing Business Index Ranking out of 185 countries surveyed (1 = easiest) Trinidad & T - 70 Bahamas - 71 Barbados - 84 Jamaica - 85 DR Haiti - 173

10 The Caribbean islands share many similarities. Transportation challenges all goods either shipped or air freight Energy security challenges Limited range of exports mainly agricultural (except T&T) Subject to frequent hurricanes demand for infrastructure/water management. Strong tourism sectors.

11 Caribbean Tourism Market Destination Arrivals The Caribbean Tourism Organization (CTO) is forecasting a continued rebound in visitor arrivals in Dominican Republic 5,000,000 Jamaica 1,951,792 Cancun (Mexico) 1, Puerto Rico 1,449,433 Bahamas 1,344,189 Aruba 871,316 U.S. Virgin Islands 680,447 Barbados 567,724 Martinique 410,958 Source: Caribbean Tourism Organization. Estimated statistics from January to December 2011

12 Dominican Republic HIGHLIGHTS Population: 10 million GDP 2012 (ppp): $98.74 billion GDP growth: 4.5 % Per Capita Income (PPP) $ 9,600 Bilateral Trade US/DR: $11.46 billion Imports from US: $ 7.10 billion US Imports Market Share: 44% Ranking for US Exports to WH: 9th largest Foreign Direct Investment: $23.71 billion Sources: U.S. Import and Export Merchandise trade statistics- December 2011 / 2011 Economy Report DR Central Bank

13 Why Export to the Dominican Republic? CAFTA-DR in effect since March 1, 2007 On-going market liberalization 70% of consumer goods imported into the DR are from the U.S. Tariffs were removed on 80% of U.S. goods under CAFTA-DR Growing use of English in business U.S. Standards widely recognized and accepted Few import restrictions Labeling and testing not typically a problem

14 DR s Trade Partners 2011 Imports to DR USA % China % Venezuela 6.81 % Mexico 6.98 % Trinidad 4.60 % Colombia 4.00 % Exports from DR USA % Haiti % China % Korea % U.K % Venezuela %

15 Bi-Lateral Trade U.S./DR - $11,462 million in 2012 U.S. Exports to DR ($m) , , , , , , ,350 Imports from DR ($m) 4,365 4,191 3,672 3,330 3,978 4,216 4,532

16 Dominican Republic CHALLENGES Lack of transparency (eg government procurement) IPR protection issues Non-tariff and technical barriers Lack of institutional continuity (after elections) Uneven dispute settlement. Electrical power issues.

17 Law 173 Agent/Distributor Protection Law No. 173 Exceptions to Law No. 173 Introduced by CAFTA-DR Practical Advice

18 The Dominican Republic Market Best prospects for U.S. exports in US$ Millions: Mkt US Imports Automobile Parts and Services Medical Equipment (inc FTZs) Telecoms Equipment Building Products Printing Equipment And Supplies A/C and Refrigeration Equipment Hotel and Restaurant Equipment Renewable Energy - incentives available Travel and Tourism Services 230K visitors/yr 26 th top mkt to the U.S.

19 Best Prospect Travel & Tourism Services Each year over 230,000 tourists from the Dominican Republic visit the United States. The DR is the 26 th largest provider of tourist s to the United States. In addition, around 1 million Dominicans live in the United States.

20 Foreign Direct Investment in DR Cumulative US$ million Source: Central bank of the DR $ % United States 5, Canada 4, Spain 3, Mexico 1,8, UK

21 Other business opportunities: Free Trade Zones The National Free Trade Zones Council of the Dominican Republic has 48 industrial parks operating. There are a total of 555 companies operating in Free Zones, which generate 121,001 jobs. 40% are from the U.S. 24% of the companies are in the Textile Industry, the largest industry sector followed by medical equipment and products; % of the companies provide Services. Source: National Free Trade Zones Council of the Dominican Republic. Statistics Report 2010

22 CAFTA-DR Benefits for the United States Comprehensive, Reciprocal Trade Agreement 80% Of U.S. Manufactured Exports Enter Duty-Free Low Tariffs (1-17%) For Products For Remaining Products Equal Access To Services Market, Such As Telecommunications & Insurance Improved Business & Investment Climate Fewer Import Restrictions, Standards Are Similar To The U.S., & Labeling/Testing Greatly Simplified

23 The Bahamas HIGHLIGHTS Population: GDP: 330 thousand $8.25 billion GDP growth: 2.5% Per Capita Income $28,500 Bilateral Trade US/Bahamas: Imports from US: $4.2 billion $3.42 billion US Imports Market Share: 89% Labor Force 192,000 Sources: U.S. Department of State Bureau of Public Affairs. December 2012 & US Embassy Nassau 2013

24 The Bahamas AREAS OF OPPORTUNITY The best U.S. export opportunities remain in the traditional areas of : foodstuffs and manufactured goods vehicles and automobile parts; hotel, restaurant, and medical supplies computers and electronics franchises and energy efficient products. Bahamian tastes in consumer products roughly parallel those in the United States. Merchants in southern Florida have found it profitable to advertise in Bahamian publications. Most imports are subject to high but nondiscriminatory tariffs.

25 Jamaica HIGHLIGHTS Population: GDP: 2.86 million $14.3 billion GDP growth: 0.6% Per Capita Income $5,000 Bilateral Trade US/Jamaica: Imports from US: $2.48 billion $1.91 billion US Imports Market Share: 40% Sources: U.S. Department of State Bureau of Public Affairs. December 2011

26 Jamaica OVERVIEW 1.92 million visitors (2010), 65 percent from the US. GDP is US$14.3 billion and growth hovers at about 1.5% per year on average. 20% of GDP comes from tourism and 15% from remittances from Europe and North America. Services account for 60% of the GDP. Trend of significant investment in the hotel and tourism sector. New highways, increased energy production and port modernization will likely lead to higher GDP growth.

27 Haiti HIGHLIGHTS Population: GDP: 10 million $7.9 billion GDP growth: 2.8% Per Capita Income $1,180 Imports from US: Bilateral trade US/Haiti: $1.06 billion $1.85 billion US Exports Market Share: 40.0% Sources: U.S. Department of State, Central Bank of Haiti

28 Haiti OPPORTUNITIES The telecommunications sector is growing. The rapid expansion of the telecommunications market has been accompanied by a growing demand for diversified telecommunications services. Approximately 10 firms offer Internet access and data transmission services, which is leading to the growth of a computer culture. Tourism development is booming. Improvement in basic infrastructure, such as roads, health services, and power supply, as well as construction, is essential for hotel and other tourism development. A spare parts market for new and used vehicles (including trucks and buses) exists. Used vehicles are often valued at higher prices in Haiti than the United States.

29 Barbados and the Eastern Caribbean HIGHLIGHTS Population: 897, 908 (total est.) Language: English GDP: $9.9 Billion (total est.) Per Capita Income $23,870 (Barbados) $8, 542 (EC avg) Total Bilateral Trade US/Barbados and EC: $1.31 Billion Imports from US: $1.46 Billion US Imports Market Share: Barbados 35.9% EC 41% Sources: Central Bank of Barbados; Eastern Caribbean Central Bank; U.S. Department of Commerce

30 Barbados and the Eastern Caribbean OPPORTUNITIES Barbados and the Eastern Caribbean countries have liberalized its telecommunications market. New opportunities have arisen in the area of information communication technologies (ICTs). There are increasing opportunities for renewable energy technologies in the region in areas such as wind, solar, geothermal, wave and waste to energy. The Eastern Caribbean market is open to investment through franchise development and small scale manufacturing. Tourism Authorities are looking to diversify their product through medical, spa, conference tourism and cuisine tourism and attracting smaller but recognized U.S. hotel brands.

31 Trinidad & Tobago HIGHLIGHTS Population: GDP 2012: 1.3 million $24.83billion GDP growth: 1.2% Per Capita Income $20,400 Imports from the U.S. $2.45 billion US Imports Market Share: 33.% Sources: U.S. Department of State Bureau of Public Affairs. December 2010

32 U.S./T&T Trade Relationship The US is T&T s #1 trading partner $2.45 billion US exports to T&T in 2012 US exports make up 33% of T&T s imports $8.16 billion imports from T&T in 2012

33 Trinidad & Tobago OPPORTUNITIES Best prospects for U.S. exports exist in the following sectors which have been targeted for growth: Information Communications Technology (ICT) Clean Energy Technology Creative Industries (fashion, film) Light manufacturing Maritime Industries. Other opportunities exist in: Tourism Yachting Food & beverage, Fish and Fish Processing.

34 Contact us! U.S. Commercial Service Caribbean Office Dominican Republic Office Tel: (809) Fax: (809) Office.

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