A drop of 23% in 2020 is expected for Latin America and the Caribbean’s foreign trade. That exceeds the 21% decline from the 2009 financial crisis – and is a a result of the the coronavirus (COVID-19) pandemic.
In a wider, global context in which the decline is taking place, the international trade counted a 17% drop in volume from January to May 2020. Since Latin America and the Caribbean are still developing, they are the most affected by this situation.
The collapse of tourism (-50%) is the main culprit here reducing service exports, especially from the Caribbean
Source: Economic Commission for Latin America and the Caribbean
