Mexico, Brazil and Chile lead the ranking of the largest exporters in Latin America and the Caribbean in 2021.
In total, the region’s foreign sales totaled 1.2 billion dollars last year, an increase of 27.6% year-on-year and 14.6% over 2019.
Latin America and the Caribbean is a geopolitical region that includes more than 40 countries and territories from Mexico to Cape Horn, and that can be subdivided into four regions based on their geographical location: South America, Central America, the Caribbean and Mexico. .
In 2021, Mexico’s exports were 494,596 million dollars, an annual growth of 19%.
Then followed those of Brazil (280.815 million dollars, +34%) and Chile (89.842 million, +33 percent).
While Mexico’s exports were headed by cars, computers, trucks, auto parts and oil, those corresponding to Brazil were mainly iron ore, soybeans, sugar and oil, while Chile’s sales were dominated by copper, fish, wine and iron ores.
The Latin American and Caribbean region is on track to recover previous levels of Gross Domestic Product (GDP) and employment.
From the World Bank’s perspective, schools are reopening and businesses are hiring. However, the scars remain and continue to require attention.
The health crisis will have a long-term impact on the economies of the region as it still faces important uncertainties such as the appearance of new variants of the virus, global inflation and the Russian invasion of Ukraine.
In the midst of all this, the World Bank believes that the need to continue with the foundations of dynamic, inclusive and sustainable growth remains paramount, and increasingly urgent.
After a 6.9% rebound in 2021, regional GDP is expected to grow 2.3% in 2022 and a further 2.2% in 2023, with most countries reversing GDP losses stemming from the pandemic crisis.
However, these modest projections place the regional results among the lowest in the world. Furthermore, regional growth projections have been revised down by 0.4% following the Russian invasion of Ukraine.
Other major Latin American exporters in 2021 were Argentina (77.839 million dollars, +42%) and Peru (56.260 million, +45%), according to WTO data.