Exports Rise 3.2% In Latin America and the Caribbean

• The value of goods exports from Latin America and the Caribbean (LAC) have increased by 3.2% year-on-year in the first half of 2024, after recording a 1.6% decline last year according to the Inter-American Development Bank (IDB).
• In its latest report, the IDB noted that this improvement was the result of an increase in export volumes and the stabilisation of prices relative to 2023. The recovery in goods exports was fueled mainly by extra-regional demand, while trade with partners within the region continued to decline.
• Despite the improvement in goods exports, the most recent indicators do not yet confirm a sustained recovery in the region's overall exports according to the report. Notably, service exports slowed slightly in the first quarter of 2024, growing at 9.5% compared to the average of 12.2% last year. Nevertheless, this growth remains well above the global average of 7.1%.
• For the Caribbean, exports are estimated to have recovered significantly in the first half of 2024 (20.0%), after declining in the average for 2023 (-13.7%). This growth, however, was driven almost entirely by Guyana, as preliminary data for the Bahamas, Barbados, Belize, Jamaica, and Trinidad and Tobago point to a decline in export performance.
• Looking ahead, the external environment still holds significant uncertainty and downside risks, mainly due to geopolitical tensions, industrial policies, rising protectionist measures, and the impact of climate change.

(Source: IDB & Trinidad Express Newspaper)