The import, and export trade policies and practices in Puerto Rico alternate the island’s economic strategy. Puerto Rico participates in The Jones Act toward the import and export policies that can be significantly beneficial if halted and end truck traffic congestion (Reforming US Import/Export Policies, 2022) along the Eastern and Western coasts of the United States. Moreover, Puerto Rico established that one of the cons of the Jones Act involved the inflated transport double level costs for imports within neighboring islands (All at sea; American shipping) and causing a disruption to the imports in Puerto Rico that decreased the economic strategy in the island. Yet, Puerto Rico remains a positive economy with the high tariffs on the oil imports from a barrel that once was $9.25 to $15.50 (Hernandez, 2015) which alters the economy’s strategy in the right direction. The International Trade Administration discovered that in 2022 Puerto Rico’s merchandise that was exported reported a growth of twenty-one billion dollars made in several markets in the Netherlands, Spain, and China boosting Puerto Rico’s export potential (Seeking to boost exports in Puerto Rico, 2023) that positively alternates the island’s economic strategy.
The import and export trade policies, as well as practices, define the economic strategy Puerto Rico uses to ship goods that interrelate with neighboring countries. The economy in Puerto Rico has surpassed the total exports and imports by 18 billion dollars in comparison with other Caribbean countries, including Central America’s combined trade. Therefore as a result it has supported Puerto Rico’s CBI outreach program that supplies financing for new manufacturing operations with Puerto Rico and assigned Caribbean countries (Colorado, 1985) which defines the economic strategy Puerto Rico uses to ship goods within the Caribbean. In addition, the apparel exports in Puerto Rico were a total of 32.2 million in 2023 in comparison to the year of 2013 with a decrease in the apparel exports’ total of 127.4 million. However, the total textile imports in Puerto Rico have increased over time to a total of 407 million dollars and as a result, manufacturing prices in Puerto Rico are higher than in the Dominican Republic and China (The sewing profession plummets). Which has since created a competition that ultimately led to an alternative economic strategy for Puerto Rico. In addition to the apparel exports in the Caribbean, Puerto Rico imported 48 percent of goods such as apparel, food, chemicals, petroleum products, and fish from the United States (Imports and exports in Puerto Rico) which define the growth in the economic strategy in Puerto Rico that interrelates with the United States. To conclude, the imports and export trade policy, along with practices in Puerto Rico define the growth in their economy that was caused by the innovative methods that were used to ship goods within the Caribbean and the United States. Overall, it demonstrated how the use of modernized ideas could improve the economic status throughout these neighboring countries.
