Of the countries of Latin America that experienced a slowdown in exports worldwide in the first quarter of 2023, Dominican Republic was the one with the least variation.
This is how the report explains it “Estimates of trade trends in Latin America and the Caribbean”2023 edition, where it also states that the Caribbean country contracted 1.5% year-on-year during January-March in the exports towards the United States, the European Union and China.
This drop, according to the Inter-American Development Bank (IDB) in its report, is due to the contraction of TAG sales (–7.8%).
Likewise, in Quisqueya sales of electric materialclothing accessories, garments and pharmaceuticals.
However, there was an increase in sales to Asia, excluding China. Also, exports increased under rspecial trade regimes (REC) by 2.2%.
In the case of shipments of foundry products iron and Steelas well as precious metals, increased.
Countries that fell more in exports than the Dominican Republic
The Dominican Republic, in the year-on-year slowdown in exports in the first quarter of 2023, specify the IDB data, followed by Uruguay (-3.5%), Honduras (-3.7%), El Salvador (-4.6%), Colombia (-4.7 %), Guatemala (-4.8%).
Bolivia, Belize, Venezuela and Argentina obtained the highest percentages in export drops in the referred period, represented in -23.5%, -20.6%, -20.2% and -17.9%, respectively.
According to the report, this slowdown is due to lower prices and the weakening of export volumes, a deterioration that was more marked in South American nations.
Latin America and the Caribbean, however, performed better than world trade (-2.8%) in the value of exports of goods, growing 2.9% year-on-year in January-March 2023, the document highlights.
Guyana (89.5%), Paraguay (23.4%), Costa Rica (14.1%), Chile (10.7%) and Barbados (6.5%) obtained positive results in their exports worldwide.
Mexico, Nicaragua and Brazil also grew in the first quarter of 2023 compared to the same period in 2022, standing at 6.8%, 5.8 and 4.8%, respectively.
Latin American exports slow down in the first quarter of 2023