U.S. trade with Latin America set a new record last year, but December marked the second month of declines.
BY CHRONICLE STAFF
Despite a decline in December, U.S. trade with Latin America set a new record last year, reaching a total of $633.4 billion, an increase of 12.9 percent from 2007, according to a Latin Business Chronicle analysis of U.S. Census Bureau data.
That compares with a 12.5 percent decline in U.S. trade with the region in December, when it reached $41.2 billion.
U.S. exports to Latin America grew by 18.5 percent to $272.6 billion last year, while imports from the area expanded by 9 percent to $360.8 billion. In December, U.S. exports fell by 2.8 percent to $18.6 billion, while imports declined by 19.2 percent to $22.6 billion, our analysis shows.
The U.S. recession hit exports from several countries in Latin America Chile, Costa Rica, the Dominican Republic, Haiti and Uruguay posted declines in their exports to the United States last year.
Meanwhile, the U.S. trade deficit with Latin America is narrowing thanks to the reduced imports. It reached $88.2 billion last year, which was nearly half of the $161 billion registered in 2007. The December deficit of $4 billion was 55 percent lower than the one registered a year earlier.
VENEZUELA: SECOND PARTNER
Last year, Venezuela again became the second-largest U.S. trading partner in Latin America (replacing Brazil), while Ecuador became the seventh-largest partner (replacing the Dominican Republic).
U.S. trade with Venezuela reached...
Keywords: Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, Uruguay, Venezuela