Analysis and Studies - Country Analysis
Puerto Rico: a look at the market
October 9th 2023
Puerto Rico is a Caribbean island between the Caribbean Sea and the North Atlantic Ocean. Populated by indigenous populations and colonized by the Spanish Empire since the 15th century, Puerto Rico was ceded to the United States of America in the 19th century following the Spanish-American war. Puerto Ricans were granted US citizenship in 1917. In many referendums voters chose not to alter the existing political status with the US, but the results of a 2012 vote left open the possibility of American statehood.
A look at the market
Puerto Rico is a US Caribbean island which was hit hard by COVID-19 pandemic and recurring hurricanes. Its economy is heavily reliant on energy imports and tourism, especially from the USA and European countries. Puerto Rico has experienced a long period of declining labor force and job growth due to a decade of continuous recession. Its main industries are all based in the capital city which is San José.
In February 2023, the top exports of Puerto Rico were Packaged Medicaments ($847M), Vaccines, blood, antisera, toxins and cultures ($422M), Hormones ($312M), Orthopedic Appliances ($86.6M), and Nitrogen Heterocyclic Compounds ($71.1M). Its main export partners were Spain ($420M), Netherlands ($395M), Austria ($266M), Japan ($174M), and Belgium ($154M)
On the other hand, in February 2023 the top imports of Puerto Rico were Nitrogen Heterocyclic Compounds ($813M), Refined Petroleum ($200M), Cars ($139M), Nucleic Acids ($127M), and Vaccines, blood, antisera, toxins and cultures ($114M). its major import partners were Ireland ($823M), Switzerland ($254M), South Korea ($105M), China ($81.9M), and Canada ($76.1M).
In February 2023, the increase in Puerto Rico's year-by-year exports was explained primarily by an increase in exports to Spain ($99.6M or 98.8%), South Korea ($42.6M or 247%), and Mexico ($18.8M or 69.2%)
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