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

1) During the first quarter of 2011, exports of goods continue to increase, though at a slower pace relative to the same quarter in 2010. The growth rate of exports and imports during the quarter was 25%.

2) In most countries in the region, trade statistics during the first quarter of 2011 show two-digit growth rates. The only exceptions were Panama, where the growth rate was negative, and Costa Rica and Paraguay, where the growth rates were lower.

3) In March 2011, the region's exports reached a new 12-month high point, surpassing the value in December 2010 and recovering from the January and February 2011 decreases. The countries with the largest increases were the exporters of primary products, particularly Chile, the members of Mercosur and the Andean countries.

4) The growth of the region's exports during the first quarter of 2011 greater than the average growth for the world as a whole. It was similar to the growth of exports in Asia, and was smaller than the growth rate of African and Middle Eastern exports.

5) High price levels were the main reason for the high growth of exports during the first quarter. The growth rate in of export prices was twice that of export volumes (17% and 8%, respectively). There are significant differences within the region, however. South America benefitted from high prices due to the higher proportion of primary products in its export basket. In the case of Central American countries, the increase in exports was mostly due to volume growth.

6) According to trading partner, the region's exports to the European Union and to Asia were relatively larger than to the rest of the world. Nonetheless, exports increased to every region. The greater increase of exports to the European Union in the first quarter of 2011 relative to the same quarter in 2010 is notable. During this quarter the region had a trade surplus with this partner. 7) The growth of intra-regional exports in the first quarter of 2011 was 19.8% relative to the same period in 2010. However, this growth was smaller than the rate of growth of the region's total exports to the world. The led to a slight decrease in the coefficient of intra-regional trade during the first three months of 2011.

8) Intra-regional exports for each integration area were less dynamic than their exports to outside the region in the first quarter of 2011, especially the intra-group component. By group, the intra-Mercosur trade had the smallest rate of growth in the quarter.

9) The composite index of the main exports of the region registered a 20% increase, with notable increases in drinks, food and agricultural products.