Latin American foreign trade will collapse by 23% in 2020, according to ECLAC | Economy America Edition

Latin America’s foreign trade will plummet 23% in 2020, a number higher than that recorded during the 2009 financial crisis (21%), as a result of the economic effects derived from the coronavirus pandemic, ECLAC said on Thursday.

The 50% drop in tourism will drag service exports, especially from the Caribbean, while intra-regional trade will also show a strong contraction of 23.9%, mainly in manufacturing, according to a new report by the UN regional body.

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