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Economy, Trade

refined petroleum, Manufactured goods, crude oil, needlework, Imports

The islandís economy has become increasingly integrated into the U.S. economy. In 1998 about 90 percent of Puerto Ricoís exports went to the mainland and 60 percent of imports came from there. Other significant markets are the Dominican Republic, Japan, Germany, and Venezuela, which provides much of the crude oil imported to the island.

The volume of trade soared and the makeup of exports changed drastically in the late 20th century. In 1940 exports were valued at $92 million and were largely made up of traditional agricultural products, such as sugar and tobacco, and handicrafts, such as needlework. In 1999 exports were valued at $28 billion and consisted chiefly of chemical products, a wide variety of manufactured articles, refined petroleum and derivatives, and agricultural products. Imports were valued at $21 billion in 1998. Manufactured goods, chemical products, transport equipment, and food were the leading imported commodities.

Article key phrases:

refined petroleum, Manufactured goods, crude oil, needlework, Imports, transport equipment, handicrafts, Venezuela, tobacco, Dominican Republic, sugar, mainland, chemical products, Japan, century, derivatives, Germany, food


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