Trade to fall 23% in the entire Latin American region

The international trade of Latin America and the Caribbean will decline this year by 23% due to the impact of the COVID-19 pandemic, which forces a 9.1% decline in the regional economy, says a report by the Economic Commission for Latin America and the Caribbean (ECLAC). Both exports, whose value will shrink 23% this year, and imports, which will be down 25%, will be affected—the setbacks in Latinamerica’s shipments of manufactured goods, minerals and fuel. The collapse of tourism (-50%) will drag down service exports, especially from the Caribbean, while intraregional trade will also show a sharp contraction of -23.9%, especially in manufactures.

Source: El Día