Puerto Rico: Visió econòmica i política
Puerto Rico's economy is highly dependent on foreign trade, and they are extremely open to it, which accounted for 96.7% of GDP in 2021. The country mainly exports petroleum oils (8.8%), petroleum gas (3.9%), motor vehicles (3.1%), electronic integrated circuits and microassemblies (3%), and human and animal blood prepared for therapeutic, prophylactic or diagnostic uses (2.5%), while imports include motor vehicles (5.1%), petroleum oils (4.7%), automatic data processing machines (4%), telephone sets (3.8%), and medicaments (2.9%).
Besides the United States, Puerto Rico's main trade partners are Mexico, China, Canada, Japan, Germany, and the South Korea. The island has the largest non-contiguous Foreign Trade Zone project in the United States, which allows companies to obtain significant financial savings, since items can be processed within a zone while eliminating the custom duty rate of such product. Puerto Rico is subject to trade agreements signed by the United States and while the island has established relations with other countries, particularly in Latin America, the establishment of such relations requires permission from either the U.S. Department of State or the U.S. Congress.
According to the last available data from the World Bank, Puerto Rican exports of goods and services in 2018 totalled USD 60.5 billion, while imports amounted to USD 46.4 billion - resulting on a trade surplus of USD 14.1 billion. While imports increased when compared to the previous year, exports decreased during the same period - mainly due to the impacts of hurricane Maria. Nevertheless, exports still accounted for a larger share of GDP (60%), while imports were 46%.
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 113.1 | 106.0 | 107.6 | 103.6 | 96.7 |
Imports of Goods and Services (in % of GDP) | 44.4 | 46.0 | 47.0 | 43.2 | 42.3 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Volume of imports of goods and services (Annual % change) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Puerto Rico is part of the free-trade agreement between the Dominican Republic and Central America; the trade agreement signed with the Andean countries (ATPA); the Asia-Pacific economic cooperation treaty (APEC); the Caribbean Basin Initiative (CBI); the Economic Commission for Latin America and the Caribbean (ECLAC); and it has the status of observer within the Caribbean common market (CARICOM).
Main Customers (% of Exports) |
2021 |
Canada | 17.5% |
Mexico | 15.8% |
China | 8.6% |
Japan | 4.3% |
South Korea | 3.8% |
Germany | 3.7% |
United Kingdom | 3.5% |
Netherlands | 3.1% |
Brazil | 2.7% |
India | 2.3% |
Singapore | 2.0% |
Belgium | 1.9% |
France | 1.7% |
Hong Kong SAR, China | 1.7% |
Australia | 1.5% |
Switzerland | 1.4% |
Italy | 1.2% |
Chile | 1.0% |
United Arab Emirates | 1.0% |
Colombia | 0.9% |
See More Countries | 50.1% |
Main Suppliers (% of Imports) |
2021 |
China | 18.5% |
Mexico | 13.2% |
Canada | 12.4% |
Japan | 4.8% |
Germany | 4.7% |
Vietnam | 3.7% |
South Korea | 3.4% |
India | 2.6% |
Ireland | 2.5% |
Switzerland | 2.2% |
Italy | 2.1% |
Malaysia | 2.0% |
United Kingdom | 1.9% |
France | 1.8% |
Thailand | 1.7% |
Netherlands | 1.2% |
Brazil | 1.1% |
Russia | 1.0% |
Singapore | 1.0% |
Indonesia | 1.0% |
See More Countries | 46.4% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
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Actualitzacions: May 2023
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