Export boom and re-primarisation: determining factors of a new export era in Latin American economic history

Abstract The objective of this article is to explain the characteristics of the agri-food exporting boom experienced by the Latin American countries between 1994 and 2019 and its determining factors. In so doing, we analyse the evolution of exports, their composition by product, the principal origins and destinations, the importance of regional trade agreements and the behaviour of export prices. Furthermore, a series of gravity models are estimated, using the agri-food exports of nineteen Latin American countries to their 186 main trading partners between 1994 and 2019. These models are estimated for total agri-food exports and for their breakdown into three product groups. Among the main determinants identified, our results suggest that external demand and the proliferation of regional trade agreements were the primary reasons for this export boom. Finally, we evaluate these results within the context of the region's economic history.