Figure 7. Trends in the index of the real effective exchange rate (REER),
2002=100 in commodity and non-commodity exporters, 2002-8 (a decline
denotes an appreciation)
Source: authors’ elaboration on the basis of ECLAC data. Notes: Argentina (which recorded a
huge real depreciation in this period), as well as El Salvador, Costa Rica and Nicaragua (which
maintained a broadly constant REER) were omitted to render Figure 6 more legible.
Trade and external indebtedness
The free trade policies adopted in the past have not been
overturned. In contrast, the trend towards international trade
integration points to some reorientation. The Free Trade Area of
the Americas seems to have stalled while regional trade integration