[Congressional Record Volume 153, Number 23 (Wednesday, February 7, 2007)]
[Extensions of Remarks]
[Page E283]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   UNITED STATES CARIBBEAN ECONOMIC RELATIONSHIP--ACKNOWLEDGMENT OF 
                               IMPORTANCE

                                 ______
                                 

                         HON. CHARLES B. RANGEL

                              of new york

                    in the house of representatives

                      Wednesday, February 7, 2007

  Mr. RANGEL. Madam Speaker, I stand before you today to acknowledge 
the importance of the economic relationship between the United States 
and the Caribbean and to enter into the Record an article from the 
Carib News by Tony Best entitled ``A Picture of U.S.-Barbados Trade.''
  For many years, the United States has cultivated a trade relationship 
with the Caribbean that goes far beyond rum. As a result, both the U.S. 
and the Caribbean have benefited. In recent years, trade in the areas 
of natural gas, garments, seafood, sodium hydroxide, peroxide, and 
textiles are noteworthy.
  A focus on Trinidad and Tobago is particularly important because 
Trinidad and Tobago is an abundant energy producing nation with 60 
percent of the oil reserves in the Caribbean. The U.S. receives the 
majority of its natural gas imports from this resource rich nation and 
imported over $1.7 billion of various energy commodities in 2005. That 
is remarkable.
  In turn, the U.S. has exported approximately $491 million in 
industrial commodities such as computers, cell phone transmission 
equipment, and lab furnaces, just to name a few, to Trinidad and 
Tobago.
  Another key trade area is with textiles. The nation of Haiti exported 
$169 million in garments, while the U.S. reciprocated with imports of 
$124 million.
  The Caribbean U.S. trade relationship continues to grow and provide 
mutually beneficial benefits for both the U.S. and the Caribbean 
nations.

                    A Picture of U.S.-Barbados Trade

                             (By Tony Best)

       How solid is your knowledge of U.S.-Caribbean trade? To 
     find out take the trade test.
       First question: Name the Caricom state which has a whopping 
     $6 billion trade surplus with the U.S.?
       Second query: Identify the country which exports tens of 
     millions of dollars in live crustaceans--mostly aquatic 
     species with a hard shell and many legs, such as lobsters, 
     crabs and shrimp--every year but ends up with a $1 billion 
     deficit with the U.S.
       How about the nation whose beer exports went through the 
     roof but its garment exports have fallen sharply in recent 
     years. At the same time, this country bought large amounts of 
     sodium hydroxide and peroxide from the U.S.
       Then there is the coastal state, which often sells more 
     sweaters, pullovers, vests and other garments to the U.S. 
     than it buys American made T-shirts and tank tops?
       Finally, list the island whose Cricket World Cup 
     construction could boost its trade with the U.S.
       If you identified Trinidad and Tobago as the Caribbean 
     nation, one of the 16 Western Hemisphere nations with a 
     healthy trade balance with the economic giant next door, you 
     would be right on the money. But if your answer about the 
     exporter of $45 million in lobsters and crabs to Florida and 
     other parts of the U.S. as the Dominican Republic you would 
     be away off base. Actually, the country was the Bahamas.
       On the other hand Jamaica's textile industry was not a 
     strong exporter in 2005, the latest year for which there was 
     trade data. Exports of Jamaica-made garments plunged to $55.5 
     million down from $82 million the year before. However, it 
     did export $23.5 million in beer, up by 82 percent over 2004 
     but bought $113 million in sodium hydroxide and peroxide, a 
     119 percent jump. It exported 60 percent more aluminum ores 
     and concentrate to the U.S. in 2005 than it did in 2004. 
     Those exports amounted to almost $69 million.
       Like Jamaica, Haiti exports large amounts of textiles but 
     unlike its Caricom partner, the French-speaking republic 
     exported almost $100 million more in garments to the U.S. 
     than it bought, $169 million in exports as compared with $124 
     million in imports of T-shirts, tank tops and knit or 
     crocheted items. But the U.S. turned around and sold an extra 
     $52.4 million in miscellaneous knitted or crocheted fabrics 
     to Haiti.
       Barbados, which will play host to the Cricket World Cup 
     final in April, is experiencing a construction boom and 
     analysts believe the major sporting event could trigger more 
     trade with the U.S.
       The picture of Caribbean-U.S. trade was sketched from U.S. 
     Census Bureau data and published in a guide on U.S. trade in 
     the Western Hemisphere distributed by World City, a journal 
     that emphasizes global trade.
       What the figures and analyses show, according to trade 
     specialists, is that as Caribbean nations continue their 
     efforts to diversify their economies, export trade with 
     the U.S. hasn't come close to reducing the dominant role 
     played by the U.S.
       Energy-rich Trinidad and Tobago is by far the most 
     successful Caribbean exporter and that's attributed to the 
     fact that the twin-island nation is the largest natural gas 
     supplier to the U.S., which bought $3.3 billion in liquefied 
     natural gas from the ethnically diverse country. Trinidad 
     controls 60 percent of Caribbean's oil reserves. In 2005, for 
     instance, it sold $3.3 billion in petroleum gases to the 
     U.S.; $1.2 billion in ammonia; $1.2 billion in crude oil; 
     $972 million in non-crude oil; $714 million in acyclic 
     alcohols; and $101 million in nitrogenous fertilizers.
       On the other side of the trade ledger, the U.S. exported 
     almost $250 million in machinery to Trinidad, over $46 
     million in electrical equipment for line telephony; $36 
     million in computers; and $29 million in ``transmission 
     apparatus for cellular phones. Add another $28 million in 
     industrial or lab furnaces and ovens; $84 million in low 
     value shipments; and $18 million in iron or steel tubes and 
     pipefittings and it would become clear that Trinidad and 
     Tobago's industrial base is expanding.
       In much the same way that Jamaica's oil imports from the 
     U.S. skyrocketed to unbelievable levels in 2005, Barbados saw 
     its refined oil imports rise by 127 percent, going to almost 
     $18 million.
       In the end, Barbados sold a mere $32 million in goods to 
     the U.S. while it imported close to $400 million. Its deficit 
     with the economic colossus in the north was $360 million. 
     Between them their trade rose by 10 percent, reaching $424.7 
     million.
       Guyana was another Caribbean state whose trade with the 
     U.S. rose in 2005. Exports went up marginally, by less than 
     two percent but the amount of U.S.-made goods jumped by 26 
     percent, reaching $175 million, less than half of what 
     Barbados bought and close to 10 percent of Jamaica's imports 
     of American commodities, which were valued at $1.6 billion.
       Guyana's key exports were aluminum ores and concentrate 
     valued at just under $50 million; $32 million in live 
     crustaceans; and $11 million in diamonds. Interestingly, the 
     top U.S. commodity exported to Guyana was listed as 
     ``charitable items,'' with a value of about $42 million.
       As for Guyana's neighbors, the Census Bureau's data stated 
     that in 2005:
       St. Lucia-U.S. trade rose by almost 40 percent in 2005, 
     reaching $167 million. The U.S. had a surplus of $107 
     million.
       U.S. trade with Antigua jumped by almost 50 percent, 
     reaching $149 million. U.S. export went up by 51 percent and 
     Antigua's by less than two percent.
       St. Kitts-Nevis exported $49 million to the U.S.
       That was more than the combined totals of Dominica $3.3 
     million, Grenada $5.8 million; St. Antigua's $4.4 million and 
     Vincent's $15.6 million.
       It exported more than Barbados did to the U.S. Electrical 
     supplies, transformers and other power supplies, electric 
     motors, generators and sets accounted for more than $36 
     million of the total.
       The Bahamas, whose negative trade picture of $1 billion 
     made it Caricom's largest, was third on the list of Western 
     Hemisphere countries with large trade deficits.
       Barbados was fourth on the trade deficit ridden partners of 
     the U.S. followed by Haiti, Antigua, Belize, St. Lucia, 
     Suriname, Grenada, Guyana, St. Kitts-Nevis, and St. Vincent.

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