MINNEAPOLIS, MN--(Marketwire - Sep 5, 2012) - Zepol Corporation, the leading trade intelligence company, has partnered with World Trade 100 to launch a unique trade report on the latest U.S. free trade agreements (FTAs). The report, dubbed Breaking Barriers with Free Trade Agreements, covers the latest happenings with the South Korea, Panama, and Colombia FTAs. It reveals U.S. importers' opinions on the new agreements, current data trends from Zepol, and features expert commentary from Perry Trunick, Editor-in-Chief at World Trade 100.
According to Breaking Barriers, since the agreements were signed in October of 2011, U.S. Customs and U.S. Census data from Zepol show a significant drop in the dutiable value (U.S. Customs' value of goods subject to a duty) of imported products from South Korea and Colombia. This tells us that many U.S. importing companies are using the agreements, and taking immediate advantage of them to get duty-free imports.
"Zepol's data adds some powerful insight into what the FTAs have impacted in terms of trade volume, duties, and products, but, what's also fascinating is the survey results," expresses Zepol's CEO Paul Rassmussen, "275 trade professionals gave their own outlook on the agreements, as well as if their companies will use the FTAs or not, and the answers are surprising."
For instance, the South Korea FTA is by far the most popular new agreement used by importing and exporting companies. 31% of Zepol survey respondents currently trade with South Korea and 32% say they will utilize the agreement in some way. As for the other agreements, 16% of respondents state that their companies will utilize the Colombia FTA and 13% will use Panama's.
More Findings from Breaking Barriers:
- The South Korea FTA has already shown an impact on the electronics industry. Electrical machinery products showed the highest drop in dutiable value of goods for U.S. imports from Korea.
- 75% of the products imported to the United States from Colombia are mineral fuels.
- The United States exports nine times more to Panama than it imports. In 2011, exports went up 36% from 2010 and, almost half the U.S. exports to Panama are mineral fuels.
To see the full results of Breaking Barriers with Free Trade Agreements for Free, visit zepol.com and then click free trade reports.
About Zepol Corporation:
Zepol is a Minnesota-based company that works to be the leading provider of online international-trade tools to companies and governments involved in importing into and exporting from North America. Zepol provides competitive intelligence, market research, lead generation, sourcing, and trade compliance to positively impact organizations' profitability. Zepol does all this with its four unique online subscription tools: TradeIQ™ Import and Export, TradeView™, and ComplianceIQ™.
For more information about Zepol's tools call 612-435-2191.