• Version
• Download 43
• File Size 6.2MB
• File Count 2
• Create Date 5 December, 2023
• Last Updated 26 August, 2025

Latin America in Figures

Economic activity in Latin America and the Caribbean presents a positive outlook. According to the International Monetary Fund (IMF), GDP growth is expected to reach 2.3% in 2023, following a 4.1% increase in 2022. Recovery remains slow in the region, mainly due to uncertainty surrounding international trading blocs and national policies aimed at boosting the industry. This improvement is largely due to the recovery in raw material prices, following a decline compared to last year.

Therefore, the Latin American steel industry faces a scenario of growing demand. Apparent consumption in the region, which in 2022 was 69.3 Mt (-7.9%), is expected to grow by 2.1% after the first eight months of this year, closing at 70.8 Mt in 2023. This increase is mainly due to the 8.5% increase in finished steel imports in 2023. Crude steel production, in turn, could fall by 7.5% compared to 2022 if the 58.3 Mt forecast for the end of 2023 is confirmed. Finished steel production, which closed 2022 at 54.7 Mt, will experience an estimated decrease of 4.3% in 2023, totaling 52.3 Mt.

After a year of global economic crises, Latin America demonstrated in 2023 that it is possible to maintain high production levels, driven by support from domestic markets and a reduced dependence on extra-regional imports. A contractionary scenario is natural after years of recovery and market instability.

Attached Files