Regional trade to fall 13% in 2009
SANTIAGO,CHILE. The volume of trade in Latin America and the Caribbean will drop 13 percent in 2009, surpassing the 10 percent decline ...
SANTIAGO,CHILE. The volume of trade in Latin America and the Caribbean will drop 13 percent in 2009, surpassing the 10 percent decline in world trade expected this year, says the Economic Commission for Latin America and the Caribbean (ECLAC) in its most recent report.
The report confirms that the sector most affected by the global economic crisis in the region is trade, which is suffering an unprecedented contraction. The volume of exports from the region will decrease 11 percent, the worst figure in 72 years, while imports will diminish 14 percent, the steepest drop since 1982, according to the report on the World Economic 2008-2009: Crisis and Opportunities for Regional Cooperation, launched today by ECLAC Executive Secretary Alicia Barcena at ECLAC headquarters. "Policies to reactivate trade are urgently needed, because the post-crisis future will continue to reward economies with a greater focus on exports and advances in terms of competitiveness and technological innovation," said Barcena.
ECLAC estimates that after a two to three-year slowdown, trade should become an opportunity again.