Latin America and the Caribbean only show significant surpluses in the automotive and food, drink and tobacco sectors and its manufacturing exports are heavily concentrated by origin: only one country (Mexico) accounts for 57% of the total between 20. In addition, the region shows a persistent, growing trade deficit in manufacturing exports, which grew from 3% of GDP in 1995 to 6% in 2021. According to the report, the region as a whole performed weakly in manufacturing exports: after a slight increase between 19, its share in global manufacturing exports has not surpassed 5% in the last 20 years. In its 2022 edition, International Trade Outlook includes a chapter that examines the performance of manufacturing exports from Latin America and the Caribbean in the 1990-2021 period.
The only countries to see a positive impact on their terms of trade were net fuel-exporter countries. This situation reflects the rise in food, fuel and fertilizer prices since 2021, which rose even higher in 2022 due to the conflict in Ukraine.
On the other hand, 25 of the 33 countries of the region suffered a negative shock on their terms of trade in 2022 i.e., the price of imported products increased more than that of the products they export. Meanwhile, intraregional trade is estimated to have expanded by 22% – which is good news for manufacturing exports in the region.Īccording to the report, the largest estimated increases in exports were in fossil-fuel exporting countries: Trinidad and Tobago (69%), Venezuela (63%), Colombia (49%) and Guyana (45%). For the first time since 2015, exports to China were less robust, growing by just 8%. The report warns that in a context marked by the conflict in Ukraine, high inflation, slowed growth, geopolitical tensions and the persistence of the pandemic, world trade experienced strong deceleration in 2022, which will worsen in 2023: after expanding by 9.8% in 2021, the volume of world trade in goods is projected to grow by 3.5% in 2022, and just 1% in 2023.Īmong the region’s main trade partners, exports to the European Union are estimated to have been more dynamic in 2022, with growth in value of 26%. This is mainly due to the reactivation of tourism, followed by “other services”, which include the so-called “modern services.” In contrast to the slowdown in goods commerce, services trade in the region showed a significant recovery, growing by 45% in the first half of 2022 compared to the same period in 2021. However, just like in 2021, the expansion was driven mainly by external factors (the rise in prices of raw materials, particularly fuel), and not by the capacity to increase export volumes or to diversify regional export supply toward new sectors.
Like exports, the bulk of the increase in regional import value is attributable to the price component.Īccording to the report, regional goods exports had their second year of double-digit growth in 2022, after growing by 27% the previous year. In the report International Trade Outlook for Latin America and the Caribbean 2022, the Commission also indicates that the value of regional goods imports increased by 24%. These are the figures reported by the United Nations organization in its latest flagship annual report published today in a press release. The Economic Commission for Latin America and the Caribbean (ECLAC) estimates the growth in the value of regional exports at 20% in 2022, driven by a 14% rise in prices and an expansion of 6% in exported volumes.
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