CaribWorldNews, SANTIAGO, Chile, Weds. Aug. 26, 2009: Exports and imports in Latin American and Caribbean countries are expected to fall 13 percent in 2009.
That`s according to the U.N. Economic Commission For Latin America and the Caribbean, or ECLAC.
The report said the drop this year is due to the impact of the economic crisis and is greater than the 10 percent drop seen in global trade this year.
Trade is the sector most affected by the crisis, suffering an `unprecedented` slowdown as a result, the report said.
According to ECLAC, the global crisis has affected the region`s economy in four main ways: lower foreign investment; lower remittances from migrant workers abroad; lower prices for basic products; and reduced trade volume.
Foreign investment in Latin America and the Caribbean is also expected to fall up to 45 percent in 2009 due mainly to a slowdown in the manufacturing sector.
The report said exports will fall 11 percent, their worst drop since 1937 in the midst of The Great Depression and imports will plummet 14 percent, their worst drop since 1982.