The Inter-American Development Bank (IDB) says exports from Latin America and the Caribbean hit their highest level in six years as a result of a 9.9 per cent increase in 2018, albeit amid growing downside risks in the future.
A new IDB report noted that the region exported US$1.08 trillion last year.
“While this is the highest level since record exports in 2012, the rise fell short of the 12.2 per cent growth rate for 2017. The region’s performance also lagged a worldwide trade increase of 11.6 per cent for the January-September period compared to the same period the previous year,” the IDB said.
Mexico and the Caribbean region were above-average regional export performers, with South America lagging, according to the latest version of the series Trade Trends and Estimates: Latin America and the Caribbean, which analysed the region’s trade performance as well as its main sub regions and countries.
The IDB report noted that a decline in mineral and agricultural product prices hurt export performance, which was only partially offset by higher oil prices.