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Comercio Internacional 56 6(5,( comercio internacional Export promotion policies in CARICOM: Main issues, effects and implications Esteban Pérez Caldentey Division of International Trade and Integration Santiago, Chile, November 2005 This document was prepared by Esteban Pérez Caldentey, Economist of the Subregional Headquarters for the Caribbean at Port of Spain, in collaboration with the Division of International Trade and Integration at the Regional Headquarters of the Economic Commission for Latin America and the Caribbean (ECLAC). Both offices consider it pertinent to make this publication available in the public domain. The views expressed in this document, which has been reproduced without formal editing, are those of the author and do not necessarily reflect the views of the Organization. United Nations Publication ISSN printed version 1680-869X ISSN online version 1680-872X ISBN: 92-1-121570-6 LC/L.2424-P Sales No.: E.05.II.G.171 Copyright © United Nations, November 2005. All rights reserved Printed in United Nations, Santiago, Chile Applications for the right to reproduce this work are welcomed and should be sent to the Secretary of the Publications Board, United Nations Headquarters, New York, N.Y. 10017, U.S.A. Member States and their governmental institutions may reproduce this work without prior authorization, but are requested to mention the source and inform the United Nations of such reproduction. CEPAL - SERIE Comercio internacional N° 56 Table of contents Abstract...............................................................................................7 I. Introduction................................................................................9 II. Size and geography: the context for export promotion policies and its implications................................................13 III. Export promotion main objectives.....................................17 A. Securing market access for non-traditional products: niche- market orientation ................................................................17 B. Securing market access in traditional products: preferential market access .......................................................................20 C. Ethnic niche-marketing for agricultural products: the case of Guyana.....................................................................25 D. Securing export markets at the regional level......................26 E. Export diversification objectives: the case of Jamaica........27 F. Export promotion policies and the quest for foreign exchange...............................................................................28 G. Product recognition..............................................................31 IV. Export promotion actors and instruments ......................33 A. Trade policy in CARICOM..................................................34 B. Fiscal incentives...................................................................41 C. Government capital expenditure..........................................45 D. Export financing schemes ....................................................46 E. Trade diplomacy ..................................................................49 V. Export promotion policies: outcomes and implications.. 51 A. A preliminary overview .......................................................51 B. CARICOM: Extra-regional export performance .................52 C. CARICOM: Export performance and the foreign exchange constraint..............................................................................56 D. CARICOM: Intra-regional trade stylized facts....................63 3 Export promotion policies in CARICOM: Main issues, effects and implications VI. Conclusion..............................................................................................................................65 References......................................................................................................................................67 Serie Comercio internacional: números publicados...........................................................71 Tables Table 1 Commodities exported, diversification and concentration indices – selected Caribbean countries, 2003........................................................................................14 Table 2 Far touristic destinations in Caribbean Region – Internacional Corporation,2001........18 Table 3 Barbados: Tourism Development Act (selected) targets, 2000-2010......................19 Table 4 CARICOM: Exports to the European Union and NAFTA as a percentage of the total, 1991-2004 .......................................................................................................21 Table 5 CARICOM: Ttrade intensity index for selected member states, 2003....................22 Table 6 Cotonou agreement: Utilization and coverage of preferences by countries, 2000.........22 Table 7 CARICOM: Exports to the United States by special program as percentages of the total, 1996-2002 .............................................................................................23 Table 8 Tariff conditions for the main products exported by CARICOM Caribbean countries to the United States that are not included into any special programmed, 2002 ...................................................................................................24 Table 9 Migration indicators in CARICOM by country, 2000-2005....................................25 Table 10 Ethnic community market studies for Guyanese products ......................................26 Table 11 Jamaica: New Trade Policy, 2002: Objectives and strategies to achieve the export diversification goal .................................................................................28 Table 12 Foreign exchange flows, 2003 .................................................................................30 Table 13 Composition of net financial flows for CARICOM economies, 1990-2000...........30 Table 14 Structure and evolution of the Common External Tariff (CET)..............................36 Table 15 Basic tariff schedule parameters, 1998, 2000 and 2002 ..........................................36 Table 16 Average weighted tariff by sector and economic activity, 1998-2002....................38 Table 17 Average tariff rate by country, sector and economic category, 1999-2002.............39 Table 18 Distribution of tax incentives by economic sector: The case of Dominica, 1996-2000 ................................................................................................................42 Table 19 Guyana: Special incentives for firms exporting non-traditional products, 2003.....43 Table 20 Barbados: Tax incentives in the financial sector, 2002 ...........................................44 Table 21 Structure of public sector investment programmes, 2002-2004..............................46 Table 22 Barbados: Number of Export Grant Incentives Scheme (EGIS) beneficiaries and value of average grants received,1998-2003.....................................................47 Table 23 National Export-Import Bank of Jamaica: Programmes and activities related to export promotion, 2003........................................................................................48 Table 24 CARICOM: Import market share in goods in regional trading blocks....................53 Table 25 Market share of tourist arrivals for the English and Spanish speaking Caribbean, 1996-2003..............................................................................................53 Table 26 Revealed comparative advantage index for commercial services for selected countries (ranked according to the average for 1980-2000) ....................................54 Table 27 Banana export performance indicators, 1990-2002 .................................................55 Table 28 Ratio of the balance of non-factorial services to the trade balance, 1990-2003......58 Table 29 Foreign Direct Investment, 1990-2002 ....................................................................59 Table 30 OECS: Share Foreign direct investment per economic sector, 1997-2004 .............59 Table 31 Intra-regional trade orientation and shares in total (imports and exports), 1980-2003 ................................................................................................................64 4 CEPAL - SERIE Comercio internacional N° 56 Figures Figure 1 Barbados: GDP growth and tourist arrivals, 1989-2005 .........................................19 Figure 2 OECS: Current account, fiscal deficit and overall balance of payments 1990-1995 and 1996-2003 .......................................................................................29 Figure 3 Histogram of weighted tariff rates for CARICOM (2002)......................................37 Figure 4 CARICOM: Share of requests for the application of the suspension of the CET, May/Dec-2004 .........................................................................................................40 Figure 5 Export performance ratio average for CARICOM 1991-2003................................52 Figure 6 Jamaica and Mexico: Relative tariff rate and market shares, 1990-1999................56 Figure 7 CARICOM Current account, 1991-2003.................................................................56 Figure 8 Ratio of the balance of non-factorial services to the trade balance, 1990-2003......58 Figure 9 CARICOM: Foreign direct investment (1991-2000) and Gross Domestic Investment (1981-1990)...........................................................................................60
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