Exports slowdown fromA1

policies on global growth, uncertainty surrounding the war in Ukraine, the depletion of the expansionary effect of the reopening of the Chinese economy, and the reversal of the upward trend in commodity prices

Guyana’s export value increased to 89 5 percent this year as against 24 3 percent for the comparable period last year, while there were no figures for Jamaica, Suriname and Trinidad and Tobago this year, even as they had registered 28 4, 13 2 and 46 2 percent, respectively, last year

The IDB report said that the slowdown affected the entire region but was especially pronounced in the economies of South America, where the impact of falling prices was also greater due to the weight of commodities in their export baskets

According to the report, the prices of Latin America and the Caribbean’s main export commodities were extremely volatile between January and April 2023

It said year-on-year growth rates were negative for the prices of oil (-18.2 percent), coffee (-12 6 percent), iron ore (11 9 per cent), copper (-11 1 percent), and soybeans (-5 2 percent) Sugar prices increased by 15 1 percent year-on-year

The report expects that “the main adjustment to prices took place in the first quarter of 2023” and that “prices will remain largely stable for the rest of the year, at historically high levels”

However, “the forecast includes risks of different natures that may unfold against a backdrop of uncertainty regarding the evolution of interest rates and the value of the dollar, which tend to have a direct impact on commodity prices ”

The region’s total imports are estimated to have grown by 0 6 percent in the first quarter of 2023 after expanding by 21 1 percent in 2022