flag Puerto Rico Puerto Rico: Trade Profile

Foreign Trade in Figures

Puerto Rico's economy is highly dependent on foreign trade, and it is extremely open to it, as trade accounts for 98% of GDP (World Bank, latest data available). The country mainly exports petroleum oils (12.3%), petroleum gas (4.7%), motor vehicles (2.8%), and electronic integrated circuits and microassemblies (2.5%); while imports include petroleum oils (6.1%), motor vehicles (5%), telephone sets (3.8%), automatic data processing machines (3.7%), and medicaments (2.7% - data Comtrade 2022). However, if re-exports are not taken into account, pharmaceutical products constitute the bulk of exports.

In 2022, the island’s main export partners (excluding the U.S.) were Canada (17.2%), Mexico (15.7%), China (7.5%), Japan (3.9%), and the United Kingdom (3.7%). Imports came chiefly from China (17.1%), Mexico (13.6%), Canada (13.2%), Japan (4.6%), and Germany (4.5% - data Comtrade 2022). Puerto Rico has the largest non-contiguous Foreign Trade Zone project in the United States, which allows companies to obtain significant financial savings since items can be processed within a zone while eliminating the custom duty rate of such a product. Puerto Rico is subject to trade agreements signed by the United States and while the island has established relations with other countries, particularly in Latin America, the establishment of such relations requires permission from either the U.S. Department of State or the U.S. Congress.

According to the U.S. Bureau of Labor Statistics, Puerto Rico's total exports reached USD 22.5 billion in 2023, marking a 9.2% increase from the previous year. Puerto Rico dominated U.S. exports of pharmaceutical and medicine manufacturing, comprising 16.4% of the total U.S. trade dollar value in 2023. Medical equipment and supplies manufacturing ranked as Puerto Rico's second-largest export, representing 7.1% of total exports. The territory's top three exports collectively made up about 89.7% of its total exports in 2023.

 
Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 1061081049798
Imports of Goods and Services (in % of GDP) 4647434245

Source: World Bank ; International Labour Organization, ILOSTAT database - Latest available data.

Return to top

Main Partner Countries

Main Customers
(% of Exports)
2022
Canada 17.2%
Mexico 15.7%
China 7.5%
Japan 3.9%
United Kingdom 3.7%
See More Countries 52.0%
Main Suppliers
(% of Imports)
2022
China 17.1%
Mexico 13.6%
Canada 13.2%
Japan 4.6%
Germany 4.5%
See More Countries 47.0%

Source: Comtrade, Latest Available Data

Return to top

 

Main Products

2,062.1 bn USD of products exported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 6.6%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 5.7%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 4.7%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.8%
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 2.5%
See More Products 77.8%
3,372.9 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 6.1%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 5.0%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 3.8%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 3.7%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.7%
See More Products 78.7%

Source: Comtrade, Latest Available Data

 

To go further, check out our service Import controls and Export controls

To go further, check out our service Import Export Flows

 

Return to top

 

List of tariffs and local taxes that apply to your product on our service Customs duties

 

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
Member of the Organisation for Economic Co-operation and Development (OECD)
Party to the Washington Convention on International Trade in Endangered Species of Wild Fauna and Flora
Party to the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal
Party to the Montreal Protocol on Substances That Deplete the Ozone Layer
Party to the Wassenaar Arrangement on Export Controls For Conventional Arms and Dual-Use Goods and Technologies
Party to the International Coffee Agreement
International Economic Cooperation
Because Puerto Rico is part of the U.S. customs territory, it belongs to a number of agreements signed by the United States. For more details on the trade agreements signed by the United States, please refer to this site.

Puerto Rico is part of the free-trade agreement between the Dominican Republic and Central America; the trade agreement signed with the Andean countries (ATPA); the Asia-Pacific economic cooperation treaty (APEC); the Caribbean Basin Initiative (CBI); the Economic Commission for Latin America and the Caribbean (ECLAC); and it has the status of observer within the Caribbean common market (CARICOM).

Useful Resources
Department of Homeland Security, US Customs and Border Protection
National Organisation of Intellectual Property
Puerto Rico Secretary of State, U.S. Patent and Trademark Office, U.S. Copyright Office.
 
 
 

Return to top

Any Comment About This Content? Report It to Us.

 

© eexpand, All Rights Reserved.
Latest Update: April 2024

Return to top