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Historically, Latin America has depended significantly on the income generated by exporting its goods to other countries. It exports sugar and silver in large quantities. Latin America is also a source of raw materials and minerals for the rest of the world. The over dependence on exports places the economy at risk due to the fluctuation in currency prices, competition from other nations, and the high bargaining power of its trade partners. Given that the export dependence poses a huge risk to economic stability, it is important to explore other areas of national income and in order to strengthen the country’s economy.