The Inter-American Development Bank said yesterday that the value of goods exports from Latin America and the Caribbean declined by 2.7 per cent year-on-year in the first half of 2023 after expanding 17 per cent last year.
In a new report, the IDB found that the figures mark the end of the post-Covid recovery and that the decrease is due to falling prices and lower growth in export volumes.
The IDB said during the same period, world trade went from 11.9 percent growth to a five per cent year-on-year decline.
The report finds that growth of service exports from Latin America and the Caribbean slowed slightly in the first quarter of 2023, reaching 27.8 per cent, compared to 37.7 percent in 2022.
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