Automotive Exports to Latin American Free Trade Agreement Partners on the Rise
Created on August 20, 2014
This post originally appeared on the Tradeology, the ITA Blog
Leif Anderson recently completed an internship in the International Trade Administration’s Office for Export Policy, Promotion, and Strategy.
The DISCOVER GLOBAL MARKETS: Free Trade Agreements Conference in Detroit will be a premier event for any business looking to expand exports in free trade markets.
This is especially true for U.S. auto exporters who are looking for new opportunities in increasingly attractive free trade markets in Latin America.
Mexico is the largest growing U.S. auto/auto parts export market in the world, with growth of $8.2 billion from 2009 to 2013 – that’s a 13 percent annual increase.
Mexico recently passed Brazil as the top Latin American car producer, increasing demand for automobile parts from the United States.
The DISCOVER: Free Trade Agreements forum will be a great event for U.S. auto exporters.
Auto parts/supplies exports to other Latin American markets have also grown since 2009:
Chile - 15.3 percent,
Colombia - 14.7 percent,
Peru - 16.2 percent,
Dominican Republic - 10 percent, and
Panama - 9.2 percent.
This growth can be largely attributed to strengthening free trade agreements in the region which have reduced or eliminated most import taxes on U.S. products. These markets also have vibrant middle classes and industrial demand.
The DISCOVER: Free Trade Agreements event will be a great event for U.S. auto exporters looking to expand in these markets.
The event features insights from some of the most successful exporters in the industry, including:
Mustafa Mohatarem, Chief Economist at General Motors, and
Michael S. Sheridan, Director of Global Trade Strategy with the Ford Motor Company.
The Federal Government is also supporting U.S. exporters expanding into Latin American free trade markets through the Look South campaign.
Businesses can find best prospect automotive industry market snapshots cutting across eight of our eleven Look South free trade agreement partner countries – along with similar market research on 20-plus industry sectors.
Looking forward, growing demand and fewer trade barriers have made this region an ideal destination for any the products of any U.S. business. We encourage you to start taking advantage of this great opportunity.