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Florida Trade with Summit of the Americas Countries Florida's five most important export markets in 1999 were: Brazil, $5.84 billion; Venezuela, $2.61 billion; Dominican Republic, $2.25 billion; Argentina, $2 billion; and Colombia, $1.81 billion. The state's exports to all of these countries decreased compared to a year earlier, except for the Dominican Republic, whose share of Florida exports grew by 2.7%. The five Andean countries showed large percentage drops in imports from Florida, ranging from Venezuela (23.1%) to Ecuador (-39.4%). The two countries with the largest percentage increase in imports from Florida were Nicaragua (15.8%) and El Salvador (11.4%), while Costa Rica's Florida imports grew by 9.2%. Florida's five largest import markets were: Brazil, $2.75 billion; Costa Rica, $2.71 billion; Dominican Republic, $2.44 billion; Honduras, $2.03 billion; and Colombia, $1.49 billion. The state's imports from all of these countries increased over the previous year. The largest increase among the five-64.4%-was recorded by Costa Rica, most likely a result of its computer chip exports. Brazil came in second, with a 16.9% increase, and Colombia in last place, with 1.45%. Of all the SOA countries, Barbados had the largest percentage increase (66%), but its total exports to Florida remained small ($20.5 million). The countries with the largest percentage drop, except for a few small island economies in the Caribbean, were: Mexico, -37.2%; Peru, -32.9%; Jamaica, -19.7%; and Canada, -16.2%. The only country that can be said to have a significant share of total Florida exports is Brazil, with 17.1%. Brazil also accounts for 21.7% of total Florida exports to SOA countries. It is followed in importance by Venezuela, with 7.6% and 9.7%, respectively. Nicaragua, the country with the largest percentage increase in Florida exports, accounted for only 0.65% of total Florida exports and 0.82% of Florida exports to SOA countries. Brazil is also the country with the largest share of Florida's import market. Brazilian exports represent 7.8% of total Florida imports and 14.2% of Florida imports from SOA countries. The second largest share belongs to Costa Rica, which provides 7.7% of total Florida imports and 14% of Florida SOA imports. Mexico, the country with the largest decrease in exports to Florida, represents only 2.3% of the Florida import market and 4.4% of Florida SOA imports, translating into a loss in market share of 1.8% and 3%, respectively. Peru also lost market share, providing only 0.85% of Florida's imports and 1.6 % of its SOA imports-a decline of 0.57% and 0.94% in each category. Cuba, which is not a SOA country, has insignificant trade with Florida. Florida exported $4.6 million to Cuba in 1999, and imported only $5,000 from the island. Florida imported more than it exported in 1999. Fundamentally, this is due to the economic difficulties in Latin America in 1999. Florida depends heavily on the region for its exports (79%), but its imports are diversified among more countries outside the region. At the same time, many Latin American economies were following policies that sought to expand their exports while restricting imports (devaluation of currencies, credit restrictions, etc.), although there were significant differences between subregions. The Andean countries experienced large drops in imports from Florida, while Central America generally saw an increase. Brazil followed the Andean pattern. The economic recovery predicted for most of Latin America in 2000, especially in Brazil, should turn this situation around, allowing Florida to export more than it imports this year. (Note: If asked
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