Agrifood Exports From Latin America, Caribbean More Than Doubled In 2023

Agricultural produce and food accounted for a quarter of total exports from Latin America and the Caribbean in 2023.

The Inter-American Development Bank (IDB) says the export of this category of goods more than doubled compared to the world average of 10 percent.

The sector also accounts for about 6.1 percent of the region’s Gross Domestic Product.

Agricultural produce and food account for 4 percent of global gross domestic product.

In its latest trade monitor, the IDB said the post-COVID period has brought challenging external circumstances that are particularly affecting the agri-food sector.

These include less dynamic demand, greater geopolitical fragmentation, more active industrial policies among global competitors, and new regulatory requirements dictated by the climate and environmental agenda.

The study says governments in Latin America and the Caribbean must work alongside the private sector to increase productivity and regain competitiveness through integrated public policies.

These policies must address multiple objectives and contribute to tackling the trade-off between increasing production and reducing the impact of agriculture on climate change.

Readers Bureau, Contributor

 Edited by Jesus Chan

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