ECLAC: Value of Exports in LAC Expected to Drop by 2% This Year

According to a report released on October 2nd by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) in Santiago, Chile, the value of goods exports from the region this year is expected to decline by 2% due to the weakness seen in global trade.

The report indicates that despite the increase in the volume of goods exported from the region, falling product prices will impact trade value. On the other hand, the value of imports is expected to drop by 6%, reflecting the weak economic growth in this region.

José Manuel Salazar-Xirinachs, the Executive Secretary of ECLAC, stated that the main challenge faced by the region, especially South America, is to diversify its export products and reduce excessive reliance on raw materials.

Regarding the development of trade cooperation between the region and China, the report revealed that between 2000 and 2022, bilateral trade in goods increased by 35 times, while trade between the region and the rest of the world only saw a fourfold increase. In 2022, the volume of goods trade between China and Latin America and the Caribbean (LAC) reached nearly $500 billion.

Source: China Plus

To read the original news publication, see: https://portuguese.cri.cn/2023/11/03/ARTINIiIBVWFnppY8YVmr6Du231103.shtml

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