Port Tampa Bay continues its economic expansion at an unprecedented rate. Recently, it was announced that this southern Florida port would be partnering with a sister port in Colombia, South America. The Port of Baranquilla is widely regarded as a key Latin American port and the commercial relationship that will be fostered between Tampa Bay and Baranquilla is highly prized by both authorities. The Chief Executive Officer of Port Tampa Bay – Paul Anderson and his Colombian counterpart Rene F. Puche are excited at the prospect of working together for the common good. The agreement was signed on 1 April 2014. Many in the Tampa Bay region have long been calling for stronger economic ties with Latin American countries. As part of the ongoing economic development of Port Tampa Bay, this particular subject has gained tremendous traction in recent times. Of equal importance is the rapid growth and development of the Panama Canal -a key economic waterway for trade with Latin America.
Port of Baranquilla
The Port of Baranquilla – otherwise known as La Puerta de Oro de Colombia - serves as that country’s first port. It is also the biggest industrial Caribbean Sea ports and ranks as the third in the Colombia in terms of sheer cargo volume. As the major commercial and industrial hub for the Caribbean region, the Port of Baranquilla covers the Magdalena River and the Caribbean Sea. It is an important and substantial gateway for tourism in the Caribbean islands. Baranquilla is a major economic hub for financial services, commerce, industry, logistics and fishing activity. The main industrial products include dairy products, beverages, construction materials, cement, metal working, pharmaceuticals, garments, boats and petrochemical products. Colombia is widely known for its massive exports of coffee, cotton and petroleum. Port Tampa Bay is naturally excited about partnering with such an important partner in the region. The sheer volume of traded materials between Colombia, the Caribbean and Tampa Bay is reason enough for celebration.
Trading Possibilities with the Sister Ports Agreement
Investors are able to trade in a wide range of markets, including the aforementioned commodities. As the most heavily traded commodity in the world, coffee is a major export from Columbia and the new partnership agreement between these two ports will generate a keen interest in trading activity. Other exports from Latin America include cocoa, petroleum, sugar and wheat. Futures contracts are one such trading option where commodities brokers and casual traders will be able to enjoy the newfound sister port relationship with Port Tampa Bay. These types of contracts expire at a future point in time and the prices are derived from the underlying product and the costs to expiry are factored in. They can be closed at any point before expiry. Other options to consider are rolling contracts. These are ideal for traders looking for short to medium term trading solutions in respect of commodities.
Mutually Beneficial Trade Agreement
The agreement that is now in place is an important one for the Port of Baranquilla since Port Tampa Bay is 4th on the list of Florida’s largest ports with waterborne cargo valued at over $5 billion in 2012 and over $2 billion in containerized cargo value for 2012. The port is the ranking economic powerhouse in West Central Florida with over 100K jobs created and over $15 billion in sheer annual economic impact alone. Some 8 million consumers are served by the activities at Port Tampa Bay.
Author’s Bio: Brett Chatz is a graduate of UNISA University where he earned his Bachelor of Commerce degree. He completed post-graduate studies at the University of Haifa. He is a financial analyst, published medical-fiction author and syndicated columnist. Nowadays Brett contributes his expertise and knowledge for Intertrader - spread betting and CFD trading provider