Driven by a combination of favorable factors, Latin American exports rose by 21 percent this year to a record $656 billion, according to estimates released by the Inter-American Development Bank.
A periodic note prepared by the IDB's Integration and Regional Programs Department highlighted the fact that the region's exports posted their fourth consecutive year of growth. Exports between Latin American countries themselves also saw a strong increase, rising by 25 percent to $108 billion.
According to IDB trade specialists, this year's strong export performance was largely the result of robust economic growth in the United States and the demand for commodities from rapidly expanding Asian economies, particularly China and India.
Other factors influencing the increase were the continuing recovery of trade among sub-regional blocs such as the Andean Community (Bolivia, Colombia, Ecuador, Peru and Venezuela) and Mercosur (Argentina, Brazil, Paraguay and Uruguay), as well as the implementation of agreements between Chile and the United States and between Mercosur and the Andean Community.
However, the outlook for Latin American exports is mixed, the analysts noted, due to several negative and positive factors that will probably influence future flows.
“Looking forward, the region's prospects of sustaining such an impressive performance seem to hang on the complex interplay between the challenges and opportunities looming in the horizon,”the report said.
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