The Economic Crisis in Latin America and the Caribbean

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(CC) Baltar/stock. Xchng

(CC) Baltar/stock. Xchng

The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) has released a new study titled “International Trade in Latin America and the Caribbean 2009: Crisis and Recovery.” The report estimates that the value of total exports for the region fell by 24 percent in 2009 – though the drop slowed over the course of the year – and that imports also decreased by 25 percent. Although both exports and imports diminished significantly, the drop is milder than that experienced during the first semester of 2009, implying a better outlook for 2010. The economic recovery is due, among other reasons, to the partial rise in the prices of several commodities such as copper, zinc, oil, wheat and soya, and strong demand from China.

However, there were significant differences between sub-regions and countries.

The study is available online in Spanish.