Publish in Special Reports - Wednesday, February 17, 2016
Venezuelan President Nicolas Maduro with PDVSA workers. The oil decline has led to a plunge in exports to the United States. (Photo: VTV)
Trade with Venezuela plummets by 42 percent.
BY LATINVEX STAFF
After several years of setting new records, US trade with Latin America fell 8 percent last year after growing by 2.5 percent in 2014, according to a Latinvex analysis of data from the US Census Bureau.
Trade fell with all but two countries, with Venezuela, Brazil and Colombia particularly pulling down the region’s total trade with the United States.
Venezuela lost a whopping $17.7 billion in trade with the US last year, while Brazil lost $13.7 billion, and Colombia nearly $8 billion.
As a result, Colombia replaced Venezuela as the third-largest US trade partner in Latin America after Mexico and Brazil.
US trade with Latin America reached $776 billion last year.
“Most of the region’s main customers are experiencing slow growth, as China, or bordering on recession, as Japan and the European Union,” says Isaac Cohen, president of Inverway and a former Washington director for the United Nations Economic Commission for Latin America and the Caribbean (ECLAC). “The only exception is ...
Article Keywords: Brazil, Chile, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Peru and Venezuela.
Table Keywords: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Uruguay and Venezuela.
US-Latin America Trade (2015)