United States-Latin America and the Caribbean Trade Developments 2024

Abstract

United States trade in goods slowed in 2023, ending the recovery following the coronavirus disease (COVID-19) pandemic, as goods exports and imports declined by 2.2% and 4.9%, respectively. The decrease in merchandise trade contrasts with significant improvements in services trade, as exports and imports of services rose by 8.2% and 4.8%, respectively. Recently, exports of digitally enabled services have considerably outpaced those of other services and goods, underscoring their growing importance in the global market. The relative weight of Latin America and the Caribbean in United States trade has surpassed pre-pandemic levels, with trade between the region and the United States accounting for 19.3% of that country’s total trade in 2023. The United States is a net importer of goods from Latin America and the Caribbean (the goods trade deficit deteriorated in 2023, to US$122.26 billion) and a net exporter of services to the region (the trade surplus with the region has gradually risen since 2021, to US$ 27.15 billion in 2023). United States-Latin America and the Caribbean Trade Developments 2024 provides an overview of selected developments in United States trade relations with Latin America and the Caribbean. This year’s report includes a section on trade and the circular economy.Introduction .-- I. United States trade .-- II. United States Trade relations with China .-- III. Trade and the circular economy .-- IV. United States‐Mexico‐Canada Agreement (USMCA)