We discussed the importance of learning Spanish given all of the US-Latin America trade and commerce.
Our special emphasis was Chile, one of the most exciting economies in the world.
According to the US government, we do a lot of business with Chile:
"U.S. goods and services trade with Chile totaled $29 billion in 2011 (latest data available for goods and services trade). Exports totaled $19 billion; Imports totaled $10 billion. The U.S. goods and services trade surplus with Chile was $9 billion in 2011.
Chile is currently our 27th largest goods trading partner with $28.3 billion in total (two ways) goods trade during 2012. Goods exports totaled $18.9 billion; Goods imports totaled $9.4 billion. The U.S. goods trade surplus with Chile was $9.5 billion in 2012.
Trade in services with Chile (exports and imports) totaled $4.2 billion in 2011. Services exports were $3.0 billion; Services imports were $1.2 billion. The U.S. services trade surplus with Chile was $1.8 billion in 2011.
Exports
Chile was the United States' 19th largest goods export market in 2012.
U.S. goods exports to Chile in 2012 were $18.9 billion, up 18.1% ($2.9 billion) from 2011, and up 624% from 2002. U.S. exports to Chile are up 596% from 2003 (Pre-FTA).
The top export categories (2-digit HS) in 2012 were: Mineral Fuel (oil) ($6.0 billion), Machinery ($3.1 billion), Vehicles ($1.9 billion), Aircraft ($1.4 million), and Electrical Machinery ($1.2 billion).
U.S. exports of agricultural products to Chile totaled $698 million in 2012. Leading categories include: feeds and fodders (excluding pet foods) ($128 million), red meats, fresh/chilled/frozen ($97 million), wheat ($79 million), and dairy products ($63 million).
U.S. exports of private commercial services* (i.e., excluding military and government) to Chile were $3.0 billion in 2011 (latest data available), 23.4% ($572 million) more than 2010 and 120% more than 1994 levels. It was up 193% from 2003 (Pre-FTA). Other private services (business, professional, and technical services and financial services), and travel categories accounted for most of the U.S. exports in 2011.
Imports
Chile was the United States' 39th largest supplier of goods imports in 2012.
U.S. goods imports from Chile totaled $9.4 billion in 2012, up 3.4%, ($307 million) from 2011, and up 148% from 2002. U.S. imports from Chile are up 153% from 2003 (Pre-FTA).
The five largest import categories in 2012 were: Copper ($3.2 billion), Edible Fruit and Nuts (grapes, blueberries) ($1.4 billion), Fish and Seafood (salmon fillets) ($988 million), Wood ($564 million), and Inorganic Chemicals ($424 million).
U.S. imports of agricultural products from Chile totaled $2.5 billion in 2012, the 9th largest supplier of Ag imports. Leading categories include: fresh fruit ($1.2 billion), wine and beer ($344 million), planting seeds ($338 million), and processed fruit and vegetables ($243 million).
U.S. imports of private commercial services* (i.e., excluding military and government) were $1.2 billion in 2011 (latest data available), up 7.3% ($84 million) from 2010, and up 40% from 1994 levels. It was up 98% from 2003 Pre-FTA). Other private services (business, professional, and technical services), other transportation (freight services), and travel categories accounted for most of U.S. services imports from Chile.
Trade Balance
The U.S. goods trade surplus with Chile was $9.5 billion in 2012, up 37.5% ($2.6 billion) from 2011.
The United States has a service trade surplus of $1.8 billion with Chile in 2011 (latest data available, up 37.7% from 2010.
Investment
U.S. foreign direct investment (FDI) in Chile (stock) was $34.2 billion in 2011 (latest data available), a 12.1% increase from 2009.
U.S. direct investment in Chile is reported mostly in the finance/insurance and manufacturing sectors.
Chile FDI in the United States (stock) was $362 million in 2011 (latest data available), down 5.5% from 2010.
There was no information on the distribution of Chile FDI in the United States.
Sales of services in Chile by majority U.S.-owned affiliates were $8.4 billion in 2010 (latest data available), while sales of services in the United States by majority Chile-owned firms were $398 million in 2010."
The bottom line is that there are great business opportunities for US companies in Latin America, and specially Chile.
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