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- Posted by: medium
- Category: International
Covid-19 caused a 6.8% contraction of regional GDP in 2020.
The value of exports of goods from Latin America and the Caribbean will experience a25% increasein 2021, after falling 10% in 2020, the Economic Commission for Latin America and the Caribbean (ECLAC) reported this Tuesday.
In the annual report in which it analyzes the prospects for international trade in the region, the organization explained that the increase is driven by the17% increase in export pricesand an 8% expansion of exported volume.
Meanwhile, the value of imports of goods would increase by 32%, with an expansion of 20% in volume and 12% in prices.
South America would record thelargest increase in exported value in 2021 (34%)since, given its export specialization, it would especially benefit from higher raw material prices.
The Caribbean subregion will benefit from the high prices of oil, gas and bauxite exported by Guyana, Trinidad and Tobago and Jamaica, respectively.
The value of Mexican exports, which consist mainly of manufacturing, would grow 17%, driven mainly by the expansion of their volume. A similar situation can be seen in the case of Central America.
For its part, the value of the Imports would grow more than 25% in all subregions and Mexico.
Among the region's main trading partners, the greatest dynamism in 2021 is projected in flows with Asia, with a 35% increase in the value of exports to China, and within the region itself.
The region as a whole is expected to register a surplus of 24 billion dollars in its trade in goods in 2021, a figure lower than that recorded in 2020 (64 billion dollars), which ECLAC explains by theconsiderable recovery of imported volume.
Regarding services, the value of regional service exports had a year-on-year contraction of 9.9% in the first half of 2021 and its performance in the coming months will be determined by the evolution of the reopening of tourism.
Covid-19 caused a contraction of 6.8% of regional GDP in 2020 - the largest in 120 years - and raised the levels of poverty and extreme poverty to 33.7% and 12.5%, respectively.