International trade in Latin America and the Caribbean will drop sharply by 23% in 2020, more than that recorded during the 2009 financial crisis – when it decreased by 21% – as a result of the economic effects derived from the coronavirus pandemic, shows the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) in a new report entitled The effects of COVID-19 on international trade and in logistics.

According to the report, the value of regional exports would contract -23% this year and that of imports -25%, a number slightly worst than the -24% recorded during the 2008-2009 financial crisis.

The decrease occurs in a global context in which world trade accumulates a 17% drop in volume between January and May 2020. Latin America and the Caribbean are the developing region most affected by this situation and will be marked mainly by the setbacks in sales of manufactures, mining, and fuels.