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The Cartagena port, the largest in value in Colombia.  Colombia is expected to lead export growth this year among the top economies in Latin America after also leading exports to the US last year. (Photo: SPRC)
Thursday, March 16, 2023
Special Reports

Latin America: The Trade Outlook

US trade in goods with Latin America grew 20.6% last year to $1.1 trillion.


Latin America is expected to increase exports of goods and services by 3.2% this year – a slowdown compared with last year’s estimated 5.2% growth, according to the International Monetary Fund (IMF).

Meanwhile, imports will halt – only inching up by a mere 0.2% after growing 2.5% last year, the fund projects.

Mexico, by far the largest exporter and importer in Latin America, will likely suffer a 0.46% decline in exports this year, while its imports will only grow by 0.5%, the IMF estimates.

Among Latin America’s top six economies, Colombia will lead the way in export growth – an estimated 11.8%, followed by Brazil (4.4%) and Argentina (3.9%), according to a Latinvex analysis. On the imports side, Peru and Colombia will lead among the top six, albeit at low growth levels, the IMF predicts.


US trade with Latin America has outperformed the region’s overall trade.

US trade in goods alone with Latin America grew 20.6% last year to $1.1 trillion. US exports of goods to the region increased 21.9% to $550 billion, while imports expanded by 19.5% to $604.4 billion, according to a Latinvex analysis of data from the US Census Bureau. Meanwhile, the US trade deficit inched up 0.04% to $54.4 million.

Colombia led the way in overall growth in percentage terms as well as the fastest growth in US imports among the top US trading partners in Latin America. Trade with Colombia grew 31% last year to $39.1 billion, while imports from Colombia grew 40.9% to $18.6 billion. US exports to Colombia expanded by 23.3% to $20.6 billion.

Mexico remains the top US trading partner in Latin America. Last year it also was the top US trade partner in the world and top source of imports worldwide. US trade with Mexico grew 17.8% to $779.3 billion, while US imports from Mexico increased 18.3% to $454.9 billion. US exports to Mexico expanded by 17.3% to $324.4 billion.

© Copyright Latinvex




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