July 31, 2008

In 2007, the United States exported $59 million of cotton to Colombia. Colombia’s WTO tariff bindings on cotton range from 70 to 99 percent, with applied tariff rates of 10 percent. Under the agreement, Colombia will immediately eliminate cotton tariffs. The United States agreed to eliminate all cotton tariffs upon entry into force of the agreement.

Source: Prepared by the U.S. Department of Agriculture

July 30, 2008

In 2007, the United States exported $500 million of yellow corn to Colombia. Colombia’s WTO tariff binding on yellow corn is 194 percent with applied tariff rates subject to Colombia’s prices band system under which tariffs range from zero percent up to the WTO bound rate, depending on world prices. Under the agreement, Colombia will provide immediate duty-free access through a 2.1-million ton tariff-rate quota with 5 percent annual growth. Colombia will phase-out the out-of-quota tariff of 25 percent over 12 years.

Source: Prepared by the U.S. Department of Agriculture

July 29, 2008

In 2007, the United States exported $386,000 of beef and beef products to Colombia. Colombia’s WTO tariff bindings on beef range from 70 to 108 percent, with applied tariffs ranging from 5 to 80 percent. Under the U.S.-Colombia Trade Promotion Agreement, the United States secures immediate duty-free treatment on products most important to the U.S. beef industry: high quality, USDA Prime and Choice beef cuts.

Source: Prepared by the U.S. Department of Agriculture

July 28, 2008

In the first five months of 2008, the U.S. trade balance in manufactured goods moved from a deficit to a surplus as compared to the same period last year. Our trade balance in manufactured goods improved significantly with FTA partners Singapore (up $3.0 billion year-to-date), Chile (up $2.0 billion), and Australia (up $1.3 billion).

Source: Prepared by the International Trade Administration

July 25, 2008

Recent data show that U.S. manufacturing exports have swung from a deficit to a surplus with Free Trade Agreement countries. Nearly half of the $15.0 billion trade balance improvement was due to increasing exports to NAFTA partner Canada. With Canada alone, the U.S. went from a $1.8 billion deficit in manufactured goods year-to-date 2007, to a $5.3 billion surplus in the same period of 2008

Source: Prepared by the International Trade Administration