Brazil replaces Venezuela as second-largest U.S. trade partner in Latin America, while Colombia passes Chile in U.S. trade.
BY CHRONICLE STAFF
After a slowdown in the first half of 2007, U.S. trade with Latin America picked up steam in the latter half. As a result, U.S. trade with the region ended up growing by 6.2 percent to a record $561.8 billion, according to a Latin Business Chronicle analysis of new data from the US Census Bureau.
The U.S. trade deficit with Latin America fell by 5.8 percent to $100.5 billion. That was lower than the overall US deficit decline of 6.2 percent, but comes after it grew in 2006 by 8.6 percent.
However, U.S. imports from Latin America are clearly slowing down compared to previous years. Last year, eight U.S. trade partners in Latin America registered a decline in their exports to the United States. That compares with seven partners in 2006 and four in 2005.
WINNERS & LOSERS
Paraguay was the country that posted the largest percentage growth in trade with the United States last year - 34.7 percent. Panama followed, with 33.3...
Keywords: ALBA, Andean Community, Argentina, Brazil, CAFTA, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Mercosur, Mexico, Peru, Venezuela