A new UN Study has indicated that exports from Latin America and the Caribbean will grow by 21.4 per cent this year, owing mainly to purchases from Asia – particularly China – and the normalization of United States demand.

According to the study, “Latin America and the Caribbean in the World Economy 2009-2010: A crisis generated in the centre and a recovery driven by the emerging economies,” the expected rise in 2010 follows a 22.6 per cent decline in 2009, making the increase even more pronounced.  The increase is driven mainly by South American sales of prime materials.

Produced by the UN Economic Commission for Latin America and the Caribbean, the report indicates, for example, that regional exports to China rose from -2.2 per cent in the first semester of 2009 to 44.8 per cent during the same period this year. However, there are significant differences within the region.

Growth has been much greater in countries that export natural resources, such as agricultural, livestock and mining products – namely, South American nations, the study shows. It has been slower in countries that import basic commodities and depend on tourism and remittances, such as the Central American and the Caribbean economies.