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Latin America and Caribbean’s Foreign Trade Marks its Worst Performance since Global Financial Crisis Due to Pandemic
In a new annual report, ECLAC estimates that the value of regional exports fell -13% in 2020 and calls for deepening regional integration to drive the recovery, as well as to reduce gender inequalities in trade.
Latin America and the Caribbean’s foreign trade in 2020 had its worst performance since the global financial crisis of 2008-2009, above all because of the economic crisis prompted by the global COVID-19 pandemic and the restrictions imposed by governments to stop its spread. According to new projections by ECLAC, it is estimated that the value of regional exports dropped -13% in 2020 while imports shrank by -20%, the United Nations organization indicated today upon unveiling a new edition of its flagship annual report International Trade Outlook for Latin America and the Caribbean 2020.