edf40wrjww2CF_PaperMaster:Desc
Latin America 2004
While exports to Latin America and the Caribbean from Canada continued a prolonged slide through 2003, signs of improvement in many Latin American countries' economies have experts in the trade and transportation community predicting good things for the Latin American trade in the near future.
Major Latin Economies
Thanks to stronger exports and the recovery of some of its largest economies, the region's GDP grew by 1.1 per cent in 2003 and is expected to grow 3.8 per cent in 2004.
In Brazil, high unemployment and credit costs caused South America's biggest economy to shrink for the first time in 12 years in 2003. Thanks to strong exports and expected growth in foreign investment, it is expected to grow by 3.5 per cent in 2004. Brazilian exports hit a record high in March 2004. Argentina's economy continues to grow slowly but steadily as it recovers from its worst ever recession. On the strength of surging exports, South America's second-biggest economy is expected to grow by 5.5 per cent in 2004 and another 4 per cent the following year. Imports rose 54 per cent in 2003 as the recovery saw Argentine companies increase spending on equipment to boost their output. Political instability and high unemployment continue to wreak havoc in Venezuela, where the economy shrank by over 10 per cent in 2003. The devalued currency may stimulate exports and 7 per cent growth in expected for 2004. Chile's economy grew by 3.2 per cent in 2003 with 4.3 per cent growth predicted for 2004. Chile is home to Latin America's most open economy. The country recently signed a free trade agreement with the U.S. to go along with similar agreements it ha ...