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Andean Nations Report High Export Growth

The General Secretariat of the Andean Community of Nations (CAN) announced on Tuesday that trade between its four member countries—Bolivia, Colombia, Ecuador, and Peru—reached $10.4 billion in 2012. Exports within the bloc grew 12 percent, while exports to countries outside the bloc grew 3 percent in 2012.

The CAN has facilitated intra-regional trade in a number of areas but with the greatest emphasis on manufactured goods, which accounted for 75 percent of exports ($7.5 billion) last year. This includes soybean oil, refined copper wire, ultra-light aircraft, and medication.

Countries within the regional trading bloc have seen tremendous growth despite the global financial crisis. Peru boasts the second-fastest growing economy in Latin America averaging 7 percent growth per year for the past eight years. In comparison to the 3 percent average growth for the region in 2012, other members also saw high relative growth rates: Bolivia grew 5.0 percent last year, Colombia grew 4.5 percent and Ecuador’s economy grew 4.8 percent.  

Any opinions expressed in this piece do not necessarily reflect those of Americas Quarterly or its publishers.
Tags: Andean Community, economic growth

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