U.S. imports from Latin America are starting to fall, while exports are slowing down.
BY CHRONICLE STAFF
Trade between the United States and Latin America fell in November, the first such decline last year. Total trade reached $45.7 billion in November, a 10.4 percent decline from the same month last year, according to a Latin Business Chronicle analysis of data from the U.S. Census Bureau.
U.S. exports to Latin America grew by 2.7 percent to $21.3 billion, while imports from Latin America reached $24.4 billion in November, a decline of 19.3 percent.
The U.S. trade deficit with Latin America reached $3.1 billion in November, a decline of 67.1 percent from the same month in 2007.
MEXICO TRADE FALLS
U.S. trade with Mexico, its top trading partner in Latin America, fell by 12.8 percent to $27.4 billion, thanks to declines in both exports and imports. U.S. exports to Mexico decreased by 1.3 percent to $12.0 billion, while imports from Mexico fell by 20.0 percent to $15.5 billion.
Trade with Venezuela, the second-largest U.S. trade partner in Latin America, fell by 27.1 percent in November, reaching a total of $3.8 billion. The fall was caused by a 40.9 percent decline in U.S. imports from Venezuela to $2.5 billion, mainly due to falling prices and demand for oil. Meanwhile, U.S. export to Venezuela jumped by 40 percent to $1.2 billion.
Trade with Brazil, the third-largest U.S. trading partner in Latin America, grew by 20.3 percent in November, reaching $4.9 billion. U.S. exports to Brazil jumped by 22.9 percent to $2.6 billion, while U.S. imports from Brazil grew by 17.5 percent to $2.3 billion.
In the first 11 months last year, total U.S.-Latin American trade grew by 15.2 percent to $592.2 billion. Exports from the United States to the region increased by 20.4 percent to $254.1 billion, while Latin American exports to the U.S. market grew by 11.6 percent to $338.2 billion.
The deficit for the first 11 months last year reached $84.1 billion, a decline of 8.7 percent from the same period in 2007.
U.S. trade with Mexico grew by 7.2 percent in the first 11 months last year, reaching $343.0 billion. U.S. exports to Mexico increased by 12.2 percent to $141.4 billion, while imports from Mexico expanded by 4.0 percent to $201.7 billion.
U.S. trade with Venezuela increased by 34.9 percent during the first 11 months last year, reaching a total of $60.6 billion. U.S. exports grew by 21.8 percent to $11.5 billion, while imports from Venezuela (mostly oil) expanded by 38.3 percent to $49.1 billion.
U.S. trade with Brazil increased by 29.4 percent during the first 11 months last year, reaching a total of $59.0 billion. U.S. exports grew by 38 percent to $30.4 billion, while imports from Brazil expanded by 21.3 percent to $28.6 billion, according to the Latin Business Chronicle analysis.
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