Puerto Rico - International trade

Puerto Rico's economy is highly dependent on imports and exports, both of which doubled between 1987 and 1997. In 1999, the island imported US$25.3 billion in goods, and it exported US$34.9 billion. For a century, the United States has been by far Puerto Rico's largest trading partner, accounting for 60 percent of imports and 88 percent of exports in 1999. The remainder of the island's trade is with various nations from Europe, Asia, and the Americas. The United States has created a variety of incentives for foreign investment in Puerto Rico, including tax incentives and exemptions, the use of U.S. currency, and government-backed startup costs. The island imports chemicals, machinery and equipment, clothing, food, fish, petroleum products, and raw materials; it exports pharmaceuticals, electronics, apparel, canned tuna, rum, beverage concentrates, and medical equipment.