The bilateral trade between the United States and Chile appears to be rising at a rapid pace. U.S. exports to the South American country increased by nearly 600 percent ($16.2 billion), growing from $2.7 billion in 2003 to $18.9 billion in 2012, according to a press release from the White House.
“Chile has been on a remarkable growth trajectory,” President Obama wrote in the White House blog this week after meeting his Chilean counterpart Sebastian Pinera.
The U.S. signed a free trade agreement with Chile in 2004, and since then the bilateral merchandise trade has grown by 340 percent. The U.S. imports from Chile grew from $3.7 billion in 2003 to $9.4 billion in 2012.
In addition, Chile has risen from the 35th largest market for U.S. exports in 2003 to the 19th largest market in 2012.
U.S. exports of private commercial services to Chile grew 193 percent and U.S. imports of Chilean private commercial services grew by 98 percent between 2003 and 2011.
According to the White House, small and medium–sized enterprises in the U.S. are ‘an important part of the trade relationship’ with Chile, because SMEs export to Chile represented 88 percent of all U.S. export to the Chilean market.
The United States and Chile are negotiating with nine other nations to form ‘Trans-Pacific’ trade partnership (TPP).