Mexico will increase its exports by 2.0%: ECLAC
By 2023, it is estimated that 12 of 33 countries in Latin America and the Caribbean will increase the value of your exportsamong them Mexico and Brazilthe largest economies in the region, announced the Economic Commission for Latin America and the Caribbean (ECLAC).
According to the executive secretary of the organization, José Manuel Salazar-Xirinachshe value of the region's exports will fall two percent at the end of 2023faced with a weakness in world trade, mainly due to China.
Mexico will be one of the countries that managed to overcome this slowdown of commerce, since ECLAC The value of exports is expected to grow two percent.
“Exports from South America and the Caribbean will have the largest drops in value terms, of -5.0% and -6.0, respectively.”
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For its part, Shipments from Central America and Mexico would grow 2.0%, due to its lower dependence on raw materials and its greater connection with the United States market.
*Source: Source: ECLAC / Graphic: Jesús Sánchez.
When presenting the International Trade Outlook for Latin America and the Caribbean 2023, he mentioned that “Central America and Mexico are going to have the best export performance due to their lower dependence on raw materials and their link with the North American hegemony, which is having a "better than expected."
On the contrary, the countries that will register the greatest falls in exports are mostly net exporters of hydrocarbons or agricultural products. As Argentinawhich will drop 22% in the value of its exports, and Uruguayby 20 percent.
Regarding trade in services, the ECLAC He highlighted that these will grow 12 percent in 2023, thanks to the recovery of tourism and the modern services category, which explains half of the growth in total service exports.
Modern services include a wide range of digitally delivered services, such as IT, financial and business services.
Salazar-Xirinachs mentioned that services barely represent 13% of total exports, while merchandise represents 87 percent, hence the challenge of diversifying and sophisticating the export basket to reduce excessive dependence on raw materials persists, especially in South America.
For this, it is crucial to implement productive development policies with a cluster approach in strategic sectors,” said the manager.
Regarding the projections to 2024, the secretary general of the ECLAC mentioned that the World Trade Organization (WTO) projects a recovery in world trade in goods, with a growth of 3.3 percent in terms of volume, if materialized, it would be an element that helps boost exports in Latin America.
Finally, it was mentioned that, in a context of growing regionalization of the world tradeit is crucial to deepen regional integration, since this would reduce vulnerability to a more uncertain global trade environment and generate efficient production scales for the region's industries.
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