This edition of the International Trade Outlook for Latin America and the Caribbean analyses how the complex global context, marked by increased protectionism, geopolitical tensions and shipping disruptions, is affecting the region’s international trade. It examines the role of international trade in regional food security —and the lack thereof, especially in the Caribbean— despite the region being the world’s leading net food exporter. It also analyses the role of modern services as a driver of exports. Recommendations for the development of modern services include reducing restrictions, harmonizing regulations, developing sectoral policies, advancing digital transformation and attracting foreign direct investment. The importance of productive integration cannot be overstated if the region is to strengthen food security, increase trade in modern services and, at the same time, improve the diversification of the region’s export basket.