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June 28, 2005
CAFTA Countries: A Major U.S. Export Market
The National Association of Manufacturers points out (pdf) that the six CAFTA countries, taken together, represent the tenth largest U.S. export market. These countries imported almost $16 billion of U.S. goods last year, making this market more important than Australia ($14.2 billion, and with whom the U.S. has a free trade agreement) and Brazil ($13.9 million).
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Comments
That all sounds great, but what about the critical U.S. sugar industry? To paraphrase this Heritage Foundation article, is providing increased opportunities for so many other farmers and businesses across the U.S. economy worth dashing 1.2 percent of an industry that contributes less than 1 percent to total U.S. farm earnings?
Now, I not generally a fan of the Heritage Foundation or the Bush administration, but in this case I think they both have it right, and I hope the President will spend some of his vaunted capital on this. According to this NPR story from yesterday, current sugar policy makes U.S. sugar prices 2-3x prices on the world market. The same story also notes that the sugar industry gives about as much money to political campaigns as the dairy industry—which is 10 times larger.
Give that last fact, I probably shouldn't get my hopes up.
Posted by: Coty at June 29, 2005 11:44 AM
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