Cepal: Latin America’s exports keep on growing

by rahul | October 28, 2008 at 01:15 pm

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Amid the global recession and recent drop in US consumer confidence, it comes as a encouraging sign that Latin American and Caribbean Exports keep growing. However, United Nations Economic Commission for Latin America and the Caribbean (CEPAL) predicts such growth would be affected by the world crisis next year.

La Paz, October 28, (ABI) .- Latin America and the Caribbean exportations will keep on growing in what is left 2008, in spite of the financial international crisis, a new report of CEPAL (Economic Commission for the Region).

The high prices of basic products, like metals and oil will help to produce a surplus in the balance of trade of approximately 51.000 million dollars this year.

Nevertheless, CEPAL predicts that the effects of the turbulences in the financial markets will be more intense in 2009 diminishing the growth of the region.

Alicia Bárcena executive secretary of the organism said that she hopes that Latin America should keep on encouraging business with Asian markets to withstand the effects of the crisis.

"We believe that in the exporting basket, some countries especially of South America will have benefits if they keep on supporting China demand. Seemingly China will keep on growing 9 % this year and it is hoped that it should be supported in a quite high growth" she pointed out.

On the other hand, the official member considered positive the increase of the commercial trade between Latin American and the Caribbean countries, as a way of compensating the absence of external demand.
ABI//
Translation:FCC