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International Trade Outlook for Latin America and the Caribbean 2017

Recovery in an Uncertain Context

image of International Trade Outlook for Latin America and the Caribbean 2017

This first edition of International Trade Outlook for Latin America and the Caribbean, which is the continuation of Latin America and the Caribbean in the World Economy with a new title, covers 2017 and contains three chapters. The first chapter describes the current international context and the recovery of trade in the region. Chapter II reviews the region’s performance in global trade in services in general and in modern services in particular, since 2005. Chapter III provides an overview of Latin America and the Caribbean’s share of the world agricultural trade since 2000 and offers some policy recommendations for increasing the sector’s contribution to regional development.

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The region’s weak performance in modern services trade

In recent years, there has been a growing business, policy and academic interest in trade in services, which has been growing faster than trade in goods since the 1990s. This expansion is driven mostly by information and communications technologies (ICTs), which allow many services to be digitized and traded internationally. The producer and consumer therefore do not need to be in physical proximity for the service to be provided. These “modern services”, as they are termed, include a large range of business, financial, information technology, insurance and pension services, as well as professional services, research and development (R&D), and telecoms. In contrast, more traditional types of services, such as construction, government services, recreational services, and transport and travel (for business and leisure), have expanded at similar rates to goods trade.

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