Latin America and the Caribbean accounted for 22% of U.S. foreign trade in the first half of 2023, according to the recent document United States – Latin America and the Caribbean Trade Developments 2023 published by the Economic Commission for Latin America and the Caribbean (ECLAC).
According to the study prepared by the ECLAC Office in Washington D.C., in the first half of 2023, exports from this region to the United States reached US$ 258 billion, while imports amounted to US$ 308 billion, both figures slightly below their values for the same period in 2022.
In 2022, the United States trade in goods with Mexico represented 68% of total trade with Latin America and the Caribbean. South America represented about 21% of the share, Central America 7%, and the Caribbean 4%.
Trade in services with Latin America (exports and imports) totaled US$100 billion in the first semester of 2023, exports summed US$ 55 billion, and imports US$ 45 billion. The United States services trade surplus with Latin America reached US$ 11 billion in the first semester of 2023. Data for the first half of 2023 show that only four countries (Mexico, the Dominican Republic, Costa Rica, and Panama) maintained a surplus in their trade with the United States. In contrast, Brazil had the most significant deficit in the regional balance of services.
The report also analyzes the impact of tariffs imposed by the United States on China in the context of the trade dispute. In this regard, it is observed that those products that were subject to the highest tariff burden lost share – as expected – in the total basket of Chinese exports to the United States (going from an 11% share of China's total exports between July 2017 and August 2018 to 9% in January to June 2023). On the other hand, for the same time comparison, those products not affected by the tariffs grew their share from 33% to 43%.
Finally, the document also includes data and initiatives related to trade in the field of circular economy and recent information on the trade agreement between the United States, Mexico, and Canada (known as USMCA).