The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) on Wednesday predicted a 9.7 percent growth in exports for the region, a large part of which will head to China.

At the group's annual international business summit in Mexico City, ECLAC Secretary General Alicia Barcena said that the rise was a result of higher prices for raw materials.

"Oil recovered a lot and, generally, so did food exports, though not so dynamically," Barcena said.

According to ECLAC, goods' prices are forecast to rise 7.6 percent, while the volume of goods is likely to go up 2.1 percent for 2018.

Exports to China, the main trading partner of the region, are predicted to increase 28 percent due to the constant flow of raw materials and goods made from natural resources.

Correspondingly, exports within Latin America could rise 12 percent this year, while exports to the United States will increase by 7.1 percent.