Compare the South American and Central American countries. Which of following explains the relationship between belonging to the Mercosur and trade balances in Latin America, and how does this compare with trade balances in Central America?

More countries in Central America have a positive trade balance than countries in South America.

If Brazil were a full member of the Mercosur, it may have benefitted more from the membership and seen a better trade balance.

Some countries in South America such as Argentina with membership to the Mercosur have a positive trade balance, but almost all the countries in Central America have a negative trade balance.

Belonging to a trade bloc does not make a major difference for exports in Central and South America.