Florida Latin Connection: South Florida Market
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The Latin America and Caribbean Hub
Well established as the main U.S. gateway to Latin America, South Florida from time to time gets challenged by other U.S.and non- U.S. markets looking to depose South Florida, and Miami in particular, as the gateway to Latin America and the Caribbean. It is not likely that this could happen. There is no other city in the U.S.or Latin America that has the assets which have made South Florida the preferred Latin American gateway and business hub. There are 3 vital components that have contributed to this status.
3 Top Components That Make South Florida the Leading U.S. – Latin American Gateway
- The proximity and access to Latin American and Caribbean countries
- The concentration of multi-lingual and highly educated Hispanics
- The vast representation of professionals and companies from Latin American and Caribbean nations
Difference between a Gateway and a Hub
Although you will see the words gateway and hub used interchangeably to describe South Florida, there is a difference. A gateway is used as a place that easily allows the transfer of goods or services. A hub is a place that draws resources because of the added value it provides. South Florida happens to be both a gateway and a hub for Latin America and the Caribbean nations.
Proximity to Latin American and Caribbean Countries
If we are to believe that “Geography is destiny” as Napoleon said, then South Florida may be destined to become the center of the Americas. Even with its North America location, South Florida is closer to more Latin American and Caribbean countries than any other city including Mexico City.
This is a great advantage to the region and is demonstrated by the vast volumes of international trade and non-stop flights from South Florida. The Miami district’s total merchandise trade with Latin America for 2009 was nearly $55 billion and is expected to increase by 18% for 20101. Florida-origin* exports to Latin American and the Caribbean account for 53.4% of all Florida exports. Moreover, Florida-origin exports to Latin American and the Caribbean make up 23% of all U.S. exports to the region with South Florida accounting for the majority .