UN body forecasts Caribbean trade surge

SANTIAGO, Chile (CMC) — A new United Nations study says that regional exports will grow by 21.4 per cent this year primarily because of purchases from Asia and increased demands from the United States.

The study, 'Latin America and the Caribbean in the World Economy 2009-2010: A crisis generated in the centre and a recovery driven by the emerging economies', says the expected rise in 2010 follows a 22.6 per cent decline in 2009.

The UN Economic Commission for Latin America and the Caribbean (ECLAC) which produced the report said, for example, that regional exports to China rose from minus 2.2 per cent in the first semester of 2009 to 44.8 per cent during the same period this year.

But it said there are significant differences within the region with growth being greater in countries that export natural resources, such as agricultural, livestock and mining products.

It said growth has been slower in countries that import basic commodities and depend on tourism and remittances, such as the Central American and the Caribbean economies.

"The best performance is seen in countries that export raw materials, while the recovery is slower in countries that import basic products and are dependent on tourism and remittances," says the report, which was released here last Thursday.

According to ECLAC estimates, exports from Mercosur countries -- South America's 'Southern Common Market' -- are expected to increase 23.4 per cent this year and those from Andean nations by 29.5 per cent.

The report says the "most notable upswing" from the worst period of the crisis in 2009 is expected in the Caribbean Community, whose exports are estimated to leap from minus 43.6 per cent in 2009 to 23.7 per cent in 2010.

The report also examines trade developments in the region over the past decade, concluding that export growth during those 10 years was slower than in the 1990s and lower than in other developing regions, both in value and volume.

"The region has been unable to improve the quality of its international insertion, and the expansion of natural resource-related sectors does not seem to have contributed sufficiently to the creation of new technological capacities," the report said.

"The diversification of exports, a strong boost to competitiveness and innovation, and greater regional co-operation will allow Latin America and the Caribbean to improve the quality of its insertion in the global economy, close productivity gaps, and capitalise the opportunities of international trade in order to grow with more equality," said ECLAC Executive Secretary Alicia Bárcena.

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  11 comments

  21 comments

  1 comments

  7 comments

  0 comments

  0 comments