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Friday, 18 December 2015

IDB urges region to step up trade as exports decline

Exports from Latin America and the Caribbean will drop about 14 per cent in 2015 due to a steep decline in prices and weak demand for the region’s main exports from key trading partners, according to a new report from the Inter-American Development Bank (IDB).The IDB’s “Latin American and Caribbean Trade Trend Estimates 2016” annual report notes that exports dropped for the third year in a row, with the decline intensifying and spreading to virtually all nations in the region. Only two countries posted positive, albeit moderate growth, while in most of the economies the drop in overseas shipments exceeded that of the rest of the world. “This trade contraction, which is the worst since the 2009 collapse, is a wake-up call on the need to implement export diversification policies,” said Paolo Giordano, Principal Economist of the Bank’s Integration and Trade Sector and coordinator of the report.

Source: Caribbean 360