June 6, 2024
According to Caribbean News Global, in the first quarter of 2024, goods exports from Latin America grew by 1.3% year-on-year, rebounding from a 1.3% decline in 2023, reported by an Inter-American Development Bank (IDB) study. This growth was mainly driven by increased export volumes from South America, despite falling commodity prices. The IDB report, led by economist Paolo Giordano, indicates a neutral risk balance for future trade performance, with moderate growth and high uncertainty.
Subregional export performance varied significantly. South America’s exports rose by 1.9%, reversing a 4.5% decline in 2023, with significant volume increases. Mesoamerican exports grew by only 0.7%, slowing from a 2.3% growth rate in 2023, with Mexico seeing a 1.7% increase and Central America experiencing a 7.1% decrease.
Commodity price volatility continued, with coffee, sugar, iron ore, and oil prices rising, while soybean and copper prices fell. Despite historically high prices, the overall trend is downward but less intense than in 2023.
Latin American imports fell by 6.3% in 2023 and continued to decline by 2.1% year-on-year in the first quarter of 2024.
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