April 1, 2015

US agri sector sees growing importance of Central America market 

The US is sending a trade mission to Panama and the Dominican Republic in June to expand export opportunities for US agriculture and agribusinesses in Central America.

The trade delegation, composed of Department of Agriculture officials and representatives of US agri companies, will be led by Agriculture Undersecretary for Farm and Foreign Agricultural Services Michael Scuse.

The USDA said the Dominican Republic is one of the largest Central American markets for US food and agricultural products, with sales reaching a record $1.3 billion in fiscal year 2014.

Soybean meal and oil, wheat, corn, dairy, and processed food products were among the top US agricultural exports to the Dominican Republic last year. Since the CAFTA-DR [Dominican Republic-Central America Free Trade Agreement] trade agreement went into effect there in 2007, US exports to the Dominican Republic have seen substantial growth.

On the other hand, Panama is one of the fastest-growing economies in Latin America, and the US exported a record of nearly $667 million in agricultural products there last fiscal year.

Top exports included soybean meal, corn, dairy, wheat, and processed food products. The 2012 US-Panama Trade Promotion Agreement, coupled with the pending completion of the Panama Canal expansion project, points to strong future trade and economic growth in Panama, according to the USDA.