Competitividad Del Sector Manufacturero En América Latina Tendencias Y Determinants (Competitiveness of the Manufacturing Sector in Latin America Trends and Determinants)

BBVA Working Paper, No.14/10

80 Pages Posted: 17 May 2018  

Alicia García-Herrero

Natixis ; BBVA Research; Bruegel

Enestor Dos Santos

Grupo Banco Bilbao Vizcaya Argentaria (BBVA) - Research Department

Pablo Urbiola

Independent

Marcos Dal Bianco

Independent

Fernando Triana Soto

Triana, Uribe & Michelsen

Mauricio Hernandez

Independent

Arnulfo Rodriguez

Independent Scholar

Rosario Sánchez

University of Valencia - Department of Economic Analysis; University of Valencia

Date Written: March 1, 2014

Abstract

Spanish Abstract: Tras analizar conjuntamente la evolución de las exportaciones de los principales países latinoamericanos en la última década y examinar caso a caso los determinantes del desempeño de cada país, este estudio concluye que la competitividad del sector manufacturero en la mayoría de los países de la región ha disminuido a partir de 2007 hasta el 2012, después de evolucionar de manera relativamente favorable entre el 2002 y el 2007. Este deterioro reciente, que ha sido más marcado en países como Brasil y Colombia, está relacionado con el mantenimiento de un tipo de cambio real apreciado, elevados costes laborales y un insuficiente avance de la productividad de la mano de obra. La principal excepción a estas tendencias regionales es México, donde las ganancias de competitividad en el sector manufacturero continuaron más allá de 2007, en parte porque el tipo de cambio se mantuvo relativamente depreciado y los costes laborales, así como la productividad del trabajo, presentaron un desempeño más favorable que en los países de América del Sur. Sin embargo, a partir del 2011 la reversión de estas tendencias está dificultando las ganancias de competitividad del sector manufacturero mexicano. El estudio de caso de cada uno de los principales países de la región muestra que en general el tipo de cambio, los costes laborales y la productividad del trabajo fueron los principales determinantes de la evolución de la competitividad manufacturera en la última década. De hecho, los países y períodos donde estas variables presentaron un desempeño desfavorable coinciden con pérdidas de cuota de mercado en el comercio internacional y deterioro de la competitividad. Sin embargo, el impacto de las demás variables que afectan la competitividad del sector manufacturero tampoco es despreciable. De hecho, las ganancias de competitividad han sido mayores (y las pérdidas de competitividad menores) en Chile y Perú, donde se ha logrado mejorar el entorno institucional y reducir o mantener bajo control los costes logísticos y los costes energéticos.

English Abstract: After analyzing together the evolution of the exports of the main Latin American countries in the last decade and examining the determinants of the performance of each country on a case-by-case basis, this study concludes that the competitiveness of the manufacturing sector in most of the countries of the region has decreased. from 2007 to 2012, after having evolved relatively favorably between 2002 and 2007. This recent deterioration, which has been more marked in countries such as Brazil and Colombia, is related to maintaining a real appreciated exchange rate , high labor costs and an insufficient progress in the productivity of the workforce. The main exception to these regional trends is Mexico, where gains in competitiveness in the manufacturing sector continued beyond 2007, partly because the exchange rate remained relatively depreciated and labor costs, as well as labor productivity, presented a performance more favorable than in the countries of South America. However, as of 2011, the reversal of these trends is hindering the competitiveness gains of the Mexican manufacturing sector. The case study of each of the main countries of the region shows that, in general, the exchange rate, labor costs and labor productivity were the main determinants of the evolution of manufacturing competitiveness in the last decade. In fact, the countries and periods where these variables presented an unfavorable performance coincide with losses of market share in international trade and deterioration of competitiveness. However, the impact of the other variables that affect the competitiveness of the manufacturing sector is not negligible either. In fact, the competitiveness gains have been greater (and the losses of competitiveness less) in Chile and Peru, where it has been possible to improve the institutional environment and reduce or keep under control the logistic costs and energy costs.

Note: Downloadable document is in Spanish.

Keywords: competitividad; América Latina; manufacturas; exportaciones

JEL Classification: F10, L60, O14, O54

Suggested Citation

García-Herrero, Alicia and Dos Santos, Enestor and Urbiola, Pablo and Dal Bianco, Marcos and Triana Soto, Fernando and Hernandez, Mauricio and Rodriguez, Arnulfo and Sánchez, Rosario, Competitividad Del Sector Manufacturero En América Latina Tendencias Y Determinants (Competitiveness of the Manufacturing Sector in Latin America Trends and Determinants) (March 1, 2014). BBVA Working Paper, No.14/10. Available at SSRN: https://ssrn.com/abstract=3160573 or http://dx.doi.org/10.2139/ssrn.3160573

BBVA Research ( email )

C/ Azul,4. Edificio La Vela. Planta 4
Madrid, 28050
Spain

Bruegel ( email )

Rue de la Charité 33
B-1210 Brussels Belgium
Belgium

Enestor Dos Santos

Grupo Banco Bilbao Vizcaya Argentaria (BBVA) - Research Department ( email )

Paseo de Recoletos, 10
Madrid
Spain

Pablo Urbiola

Independent ( email )

No Address Available

Marcos Dal Bianco

Independent ( email )

No Address Available

Fernando Triana Soto

Triana, Uribe & Michelsen ( email )

Bogota, D.C,
Colombia

Mauricio Hernandez

Independent ( email )

No Address Available

Arnulfo Rodriguez

Independent Scholar ( email )

Mexico City, DF 06100
Mexico

Rosario Sánchez

University of Valencia - Department of Economic Analysis ( email )

Campus de los Naranjos
46022 Valencia
Spain

University of Valencia ( email )

Avda. de los Naranjos s/n
Valencia, Valencia E-46022
Spain

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