Natural resources: status and trends towards a regional development agenda in Latin America and the Caribbean. Contribution of the Economic Commission for Latin America and the Caribbean to the Community of Latin American and Caribbean States

The boom in international prices for metals, oil and other commodities was caused by the rising global demand for these items on the back of the extraordinary growth seen in China’s economy and in other emerging economies over the past decade, among other factors. Demand for iron, copper and aluminum, as well as other export minerals, is linked to construction, infrastructure and manufacturing growth (which require inputs such as steel, electrical conductors and industrial metals). These sectors expanded rapidly as emerging economies embarked on a path of accelerated economic development during the last decade. Robust growth in these economies has also fueled global demand for crude oil and other commodities.