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Exports from Latin America and the Caribbean contract as trade opportunities emerge – IDB
Kaieteur News – After climbing by 8.8% in 2022, the region’s export prices fell by 4.7% year-on-year in the first half of 2023, while export volumes grew by 2.9%.
Although volume growth was above the global average (-1.3%), it was lower than the previous year and concentrated in a handful of Latin American and Caribbean economies. Import prices fell by 1.5%, less than export prices, causing the region’s terms of trade and trade balances to deteriorate. This is according to a report by the Inter-American Development Bank (IDB).
The report notes that goods exports to every destination market fell. However, the decline of intraregional sales (-0.6%) was less than that of extra regional sales (-2.2%), and the share of intraregional trade increased to 15.2%.
The report concludes that Latin America and the Caribbean is facing a challenging external environment marked by less dynamic demand, greater geopolitical fragmentation, more active industrial policies among global competitors, and new regulatory requirements dictated by the climate agenda.
As the world’s leading net exporter of agricultural products, the region has an opportunity to expand supply and contribute to global food security.
To make the most of this potential, governments need to work alongside the private sector to increase productivity and regain competitiveness through integrated public policies that address multiple objectives and help find a way around the trade-off between increasing production and reducing the impact on the environment and climate change.
The Trade and Integration Monitor report was prepared by the IDB’s Integration and Trade Sector and its Institute for the Integration of Latin America and the Caribbean (INTAL).
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