ECLAC estimated that the region’s exports grew by 20% the previous year, when analyzing the results for the first half of 2022 and the projections for the second.
This was based on the 14% rise in export prices and a 6% expansion in the volume exported, in the midst of a situation in which the prices of raw materials rose after the start and permanence of Russia’s war in Ukraine.
In addition, ECLAC said that the value of regional imports of goods increased 24% in 2022, a result that, as in exports, the bulk of the increase in value is due to the price component.
Despite the results, attention was drawn to the high regional dependence on the external supply of strategic products such as medicines, medical devices and fertilizers, a situation that was reflected especially with the Covid-19 pandemic and Russia’s war in Ukraine.
The UN organization specified that when breaking down the variation in regional exports of goods based on price and volume, a significant loss of dynamism can be seen in the volumes exported since April 2021, which has been maintained throughout 2022.
With information from Bloomberg