An overview of the manufacturing export performance of Latin America and the Caribbean, 1990–2021

This edition of International Trade Outlook for Latin America and the Caribbean covers 2022 and is divided into three chapters. Chapter I examines recent developments in global and regional trade amid the conflict between the Russian Federation and Ukraine, record-high inflation rates, the global economic slowdown, geopolitical tensions and the difficulties faced by China in containing the coronavirus disease (COVID-19) pandemic. The recovery in the regional goods trade in 2021 continued in 2022, albeit with weaker momentum and driven mainly by higher prices for several of the region’s main export commodities, especially oil. The recovery in the regional trade in services has been slower than that of the trade in goods, although it accelerated in 2022 owing to the gradual reactivation of tourism. The outlook for world trade in 2023 is not favourable, given the persistence of the conflict in Ukraine, the tightening of monetary policies, the energy crisis in Europe, and the resurgence of the pandemic in China. The region will not be immune to these external shocks, and therefore a marked slowdown in exports can be expected in 2023. In these difficult conditions, it is urgent to advance in the creation of a large and stable regional market that generates efficient scales of production and fosters intraregional production linkages.

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