Among the countries that registered a clear improvement in shipments abroad were Argentina (+18.1%), Venezuela (+18.7%), Uruguay (+14.6%) and Guyana (+59.6%).
The value of goods exports from Latin America and the Caribbean grew by 4.1% in 2024 compared to the previous year, after falling by 1.6% in 2023, according to a report by the Inter-American Development Bank (IDB) published on Tuesday. This increase was mainly due to the volumes exported, the organization explains in its report 'Estimates of trade trends in Latin America and the Caribbean'.
The IDB sees no signs that this growth will continue over time. "The balance of risks for regional trade remains balanced and projections point to limited growth, in a context of high uncertainty about the global economy," explained Paolo Giordano, coordinator of the study, quoted in a statement. "For foreign trade to continue contributing significantly to economic growth, the region must focus on reforms and investments that increase productivity," he added.
The results vary widely from country to country. Among those that experienced a marked improvement are Argentina (+18.1%), Venezuela (+18.7%), Uruguay (+14.6%) and Guyana (+59.6%). Among the countries that showed a decline compared to the previous year are Brazil (-0.8%), Paraguay (-6.5%), Costa Rica (-9.3%) and especially Panama (-73.3%).
In 2024, prices for the main products exported by Latin America and the Caribbean fell significantly. The exceptions were coffee, which increased by 57.7% compared to 2023, and copper, which rose by 9.4%. The organization expects this downward trend to continue "in a framework of high volatility."
Mexico, for its part, experienced an acceleration in the pace of expansion of its shipments, thanks to better export prices, according to the document. The increase was almost exclusively due to demand from the United States, although Japan, India and Singapore also made positive contributions. The main exports from Mexico to these countries were mechanical devices and land vehicles and their parts.
