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Latin America’s exports grow in first quarter of 2024

Washington, Jun 5 (Prensa Latina) The value of Latin America's goods exports grew 1.3 percent year-on-year during the first quarter of 2024, according to a report from the Inter-American Development Bank (IDB).

According to estimates on trade trends in Latin America and the Caribbean, the boost in regional shipments responded mainly to growth in volumes exported by South America with a 1.9 percent increase.

The outlook improved notably, the text assured, and forecast that the balance of risks for trade performance in Latin America appears neutral, although with a moderate growth and high uncertainty.

The increase in Latin America’s exports in the first quarter comes after a contraction of 1.3 percent in 2023, as a consequence of the sharp drop in external sales in South America, which recorded a 4.5 percent decline, it explained.

Much of the responsibility for this decline in 2023 lies with Argentina, according to the IDB, whose exports fell 24.5 percent in 2023, although they recovered to 9 percent in the first quarter of the year.

In the case of Mexico, shipments dropped from 2.6 percent in 2023 to 1.7 percent in the first quarter of 2024, a decrease driven by prices.

Exports from Central America contracted 7.1 percent and thus deepened the decline that began the previous year, with a drop of 0.8 percent.

The IDB noted that although export prices are at historically high values, they are on a downward trend.