Now, it is one of every five. But the fact remains Latin America has been responsible for almost half of all U.S. export growth since 1995. I'd like to suggest three reasons why I think this is so, and mention some steps the Department of Commerce is taking to help U.S. firms and workers take advantage of it. But let me begin by noting that for the immediate future, U.S. trade with the region confronts some difficult times. You all know this.
Regional economies are clearly in a downturn.
This slowdown will be visible in our trade. Excluding Mexico, last year marked the first time since the early '80s that U.S. total trade with Latin America declined. Our exports to the region were flat and falling commodity prices depressed our imports. This year, austerity programs in many countries will further reduce the demand for our exports. It would be a mistake, however, to draw too many conclusions from what is likely to be a temporary slowdown.