Chapter 83: Latin America's Trade Performance in the New Millennium

Maritza Sotomayor

Latin America's trade performance in the new millennium Latin America has witnessed impressive economic growth since 2003. The average annual growth of the gross domestic product (GDP) for Latin America has been 5% for the 2003–2007 period, the highest in three decades. Trade performance has been one of the essential factors in explaining this growth. The purpose of this article is to analyze the main elements of Latin America's trade performance from the 1990s until recent years and to explain whether global demand and economic reforms of the 1990s helped strengthen the role of the region's trade sector. Latin American countries have had both a positive and negative relationship with the global economy. After their independence around the beginning of the nineteenth century, most of them were involved in the first period of globalization. During this first era of globalization, Latin America based its economic growth on trade of basic ...

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