Regional Meeting Vital for Expanding Arkansas Exports in Latin America

World Trade Center Arkansas joined 25 other World Trade Centers in Pereira, Colombia, on Nov. 14-15 to discuss trade and economic policies at the annual Latin American Regional Meeting.
Photo Submitted

World Trade Center Arkansas joined 25 other World Trade Centers in Pereira, Colombia, on Nov. 14-15 to discuss trade and economic policies at the annual Latin American Regional Meeting.

PEREIRA, Colombia – Melvin Torres, director of Western Hemisphere trade for World Trade Center Arkansas, described this year's World Trade Centers Association Latin American Regional Meeting as a "strong platform" for expanding exports from the Natural State.

"Given that half of our exports go to this region, our presence at these international business events is essential for Arkansas' export growth to continue," Torres said.

Torres, the sole representative from any other country than the Latin America region, joined 25 other World Trade Center members in Pereira, Colombia, earlier this month to discuss trade opportunities in Latin America. Panels focused on an array of economic issues impacting Latin America — from trade and tourism to future development of the region.

"These events also allow us to pinpoint export opportunities — not only at the regional level, but on a global scale," Torres added.

Torres also spoke with chambers of commerce, business owners, local political officials and World Trade Center Association leaders to continue propelling the strong growth between Arkansas and Latin American countries.

Arkansas' top five customers from Latin America in 2018 were Mexico, Haiti, Brazil, Guatemala and Colombia, respectively. Agricultural commodities, machine parts and chemicals accounted for the bulk of the state's overall exports. The Natural State exported $870 million to Mexico last year, up from $851 million during 2017, according to the Center's international trade and jobs summary for 2019.

Mexico is Arkansas' second-largest export customer — behind Canada — and was responsible for 14% of all exports last year. Colombia, meanwhile, accounted for $70 million in trade in 2018, a 10% boost from the prior year.

"Colombia is a key export market for Arkansas and we need to continue growing it for our small businesses who account for approximately 80% of exporters in our state."

In its 2019 overview of Colombia, the World Bank praised the South American country for its "prudent macroeconomic and fiscal management."

"Despite economic downturns (Colombia) has maintained its investment grade rating since 2013," the bank noted, adding, "accommodative monetary policy and favorable financial conditions in the domestic market will also support growth."

"Continuing to grow ties and trade in this area is crucial," Torres said, "for the state's economy through exports, job creation and retention."

The mission of the World Trade Center Arkansas is to grow trade and increase Arkansas exports by connecting Arkansas businesses to the world through international trade services. The center is part of the University of Arkansas and serves as the trade promotion arm for the Arkansas Economic Development Commission. For more information and valuable updates, please follow the center on Facebook and Twitter or subscribe to the World Trade Center Arkansas newsletter.

Contacts

Brandon Howard, communications and social media specialist
World Trade Center Arkansas
479-418-4803, bjhoward@uark.edu

Headlines

Food Scientists Show Rice Malt Has Potential to Play a Bigger Role in Beer

With Arkansas growing about half of the rice in the United States, and shortages of traditional raw materials such as barley, evaluating rice cultivars for use in malted brewing was one goal of U of A researchers.

Electrical Engineering and Computer Science Senior Design Projects Reviewed by Alumni

Students condensed their design work into senior design projects and presented them for department alumni and other industry professionals, gaining insights from peers and faculty members.

An Evening With NWA Soldier Songs and Voices: The Healing Power of Music

Members of the Northwest Arkansas chapter of Soldier Songs and Voices will share their experiences and perform music in the Pryor Center atrium at 6 p.m. on Friday, April 5.

University Not Pursuing Full External Management of Custodial and Grounds Services

Following an evaluation process that provided the U of A with the opportunity to learn more about its current operations compared to the market, the university will maintain its current workforce.

NAHJ UARK: Free Churros and Sodas During J-Days Celebration

 The U of A chapter of the National Association of Hispanic Journalists will offer churros and sodas on the north patio of Kimpel Hall from noon to 2 p.m. Thursday. Stop by and support your local journalist.

News Daily