Latin American exports remain on track to reach a projected 26 percent increase over 2010 levels in 2011 to total approximately $1.1 trillion, according to a new report by the Inter-American Development Bank (IDB).
Exports in Latin America grew 24 percent in 2011 while “extra-regional” flows grew 26 percents, read the report by Latin American Preliminary Trade Estimates 2011.
Many countries in Latin America saw exports grow substantially – 45 percent in the case of Venezuela – during the first three quarters of 2011. Rebounding commodity prices from lows in 2009 helped bolster Latin American economies through 2011, the report said, but external factors including the Euro-zone debt crisis and plans to reduce the fiscal deficits in the United States could threaten this year’s continued growth.
The report indicated the potential for both a stronger reliance on trade with China from Latin American countries in the future as well as an overall reduction in the region’s growth rate in 2012 due to uncertainty in global markets.