Statistical Bulletin: International Merchandise Trade in Latin America and the Caribbean

International trade data for the last quarter of 2010 confirmed a recovery in the region exports and imports, which grew by 27% for exports and 31% for imports in 2010 compared to 2009.

Trade has recovered its losses due to the crisis, with the exception of Panama, which registered a drop in exports, and the Bolivarian Republic of Venezuela, where demand for imported goods registered only a slight recovery.

LAC recent export growth is the lowest when compared to other emerging regions, but it is higher than the growth of exports in industrialized countries and the global average.

In many countries, monthly trade flows in December were significantly higher than the monthly average for the previous 11 months, particularly in Brazil, Chile, Colombia, Ecuador and Peru.

Two thirds of the growth of the region's exports are attributed to the increase in the price of the region's export basket (18%), with increases greater than 20% in South America, where it is worth noting that in Chile, while the volume of exports decreased slightly, the prices increased by 31%.

In Mexico and Central America, on the other hand, the recovery in exports was more as a result of increases in volume. This behavior, with less dynamic export prices, follows from an export basket that is more intensive in manufactured products, which experienced slower growth in 2010 in comparison with natural resources, which are more important in the South American export basket.

While the region's exports grew at a slower pace than its imports, in 2010 Latin America and the Caribbean registered a trade surplus of over US$ 16 000 million.

Exports to Asia, in particular to China, grew at very high rates that were much higher than those seen during the pre-crisis period. Despite this, exports to China slowed down in November before recovering in December. China's future demand for primary products will depend in large part on that country's domestic inflation expectations. If Chinese authorities move to reduce such pressure with contractionary fiscal and monetary policies, Chinese economic activity will be reduced marginally, affecting the demand for natural resources.

The data on international prices as of December 2010 show the significant increase in the prices of the main exports of the region. On average, food, drinks and agricultural products grew by slightly more than 17%, with an increase of more than 40% in agricultural products alone. This increase in prices will continue to impact the region's exports through the first months of 2011.

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