Composition of Trade in Latin America and the Caribbean

Xiaodan Ding and Metodij Hadzi-Vaskov

No 2017/042, IMF Working Papers from International Monetary Fund

Abstract: This study analyzes composition of goods trade in Latin America and the Caribbean (LAC) along four main dimensions: revealed comparative advantage, product complexity, sophistication, and diversification. After describing some key trade patterns over the last half century, it compares the findings for LAC with other regions. Second, the study investigates how infrastructure quality, education, and tariff levels affect export composition. Third, using an approach based on product proximity, it aims to predict changes in LAC’s future composition of exports. The study concludes that policies to upgrade human capital and infrastructure are essential for increasing LAC’s export share in high-skill products.

Keywords: WP; product proximity; Trade; Export Composition; Economic Complexity; Diversification; Comparative Advantage; Latin America; Caribbean; product diversification; high-skill product; product concentration; product complexity; technology-intensity product classification; concentration index; product sophistication; Exports; Tariffs; Income inequality; Asia and Pacific; Europe; Sub-Saharan Africa; Global (search for similar items in EconPapers)
Pages: 44
Date: 2017-03-09
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Citations: View citations in EconPapers (19)

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