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Haiti apparel exports to US soar on tariff benefits
24 Dec '11
2 min read
Apparel exports from the Caribbean nation of Haiti to the US surged by 46 percent during January to August this year, mainly due to the tariff concessions earned by the country under the US Caribbean Basin Initiative (CBI).
Over the past few years, Haiti has gained from several relaxations in US tariffs. It became the second largest import destination for the US under the CBI tariff preferences in 2009, after Costa Rica left the CBI.
Apparel comprises over 90 percent of Haiti's overall exports to the US, majority of which benefit from the US legislation on tariff reduction.
The 46 percent rise in apparel exports from Haiti at concessional tariff rates, is a significant jump from a meagre growth of just 0.7 percent noted in 2010, which was greatly impacted by January 2010's earthquake.
The US imports from Haiti grew by 26 percent during 2009 when beneficial acts from the US Congress came into effect.
Currently, almost all US apparel imports from CBI nations are contributed by Haiti.
During 2010, US imports from CBI nations grew by 7.4 percent to US$ 10.1 billion, but it was lower than the imports worth US$ 19.5 billion recorded in 2008.
Costa Rica's withdrawal from CBI's beneficiary country status in 2009 contributed US$ 3.9 billion of the US$ 10.1 billion decline in 2009 over 2008.
The CBI is an important element in US economic relations with its neighbouring countries in Central America and the Caribbean. It is intended to facilitate the economic development and export diversification of the Caribbean Basin economies.
Over the past few years, Haiti has gained from several relaxations in US tariffs. It became the second largest import destination for the US under the CBI tariff preferences in 2009, after Costa Rica left the CBI.
Apparel comprises over 90 percent of Haiti's overall exports to the US, majority of which benefit from the US legislation on tariff reduction.
The 46 percent rise in apparel exports from Haiti at concessional tariff rates, is a significant jump from a meagre growth of just 0.7 percent noted in 2010, which was greatly impacted by January 2010's earthquake.
The US imports from Haiti grew by 26 percent during 2009 when beneficial acts from the US Congress came into effect.
Currently, almost all US apparel imports from CBI nations are contributed by Haiti.
During 2010, US imports from CBI nations grew by 7.4 percent to US$ 10.1 billion, but it was lower than the imports worth US$ 19.5 billion recorded in 2008.
Costa Rica's withdrawal from CBI's beneficiary country status in 2009 contributed US$ 3.9 billion of the US$ 10.1 billion decline in 2009 over 2008.
The CBI is an important element in US economic relations with its neighbouring countries in Central America and the Caribbean. It is intended to facilitate the economic development and export diversification of the Caribbean Basin economies.
Fibre2fashion News Desk - India
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