In 2021, Latin America and the Caribbean saw an increase in the prices of the main export commodities, mainly as a result of the recovery in global demand following the impact of the COVID-19 pandemic.

Issue No. 3 of the ECLAC Natural Resources in Latin America and the Caribbean Bulletin, prepared by the Natural Resources Division of ECLAC, offers an analysis of the movements in prices of non-renewable natural resources and agricultural products in Latin America and the Caribbean, considering the effects of climate change, the COVID-19 pandemic and sustainable economic recovery in the region.

The international prices of non-renewable natural resources rose significantly in 2021 and contributed to the economic recovery in the region, particularly in hydrocarbon and metallic-mineral-exporting countries. Similarly, agricultural commodity prices rose rapidly in the second half of 2020 and the first half of 2021, which saw agricultural price indices reach 10-year highs. This largely benefited producing countries, however, the combination of high prices and declining incomes is adversely affecting consumers through inflation, particularly the most vulnerable households.