By: Staff Writer
February 7, 2025
The Economic Commission for Latin America and the Caribbean (ECLAC) said in their “United States-Latin America and the Caribbean Trade Developments,” report that trade in goods with the region has surpassed pre-pandemic levels.
The report said: “Latin America and the Caribbean’s relative importance in total U.S. trade in goods has surpassed its pre–pandemic levels – in 2023, U.S. trade with the region was 21% of total U.S. trade in goods. Overall, the U.S. is a net importer of goods from Latin America and the Caribbean.
“The U.S. exports of goods to LAC dropped 5% in 2023, from US$527.06 billion to US$501.71 billion, while the U.S. imports of goods from the region rose 3.4% in 2023, from US$596.38 billion to US$617.54 billion. As a result, the trade deficit in goods with LAC deteriorated in 2023, reaching US$122.26 billion.
“The U.S. has a surplus in goods with most of the trading partners of the region, the widening of the trade deficit in goods is driven by the deterioration of the trade deficit with Mexico.”
United States Trade Developments 2024 provides an overview of selected developments in United States trade relations with Latin America and the Caribbean. This is an annual report elaborated by the ECLAC Washington Office.
“Following the global focus on the climate crisis and the specific emphasis on President Biden’s trade policy on advancing a sustainable environment and climate path, the report includes a section on trade in circular economy goods.
“The environmental dimension is an integral part of ECLAC’s proposed new growth strategy, which promotes productive development policies that go beyond traditional industrialization, also focusing on the service sectors, as well as on areas with the potential to contribute to the sustainability of the growth strategy such as the energy transition, electromobility, and the circular economy.”