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While smaller markets saw growth, trade with the region’s major economies saw declines.

Our neighbor at the north of the hemisphere saw declined commercial activity with Latin America last year, with bilateral trade down 1.8 percent over 2011 to $52.1 billion. Exports to the region fell 3.7 percent to a little over $12 billion, while imports from the region fell 1.2 percent to a little under $40 billion. This marks a reversal after years of strong gains: in 2010, the last year for which the index was published, year over year trade had grown a whopping 26.2 percent.

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