Mexico reported the largest dollar increase in exports throughout Latin America this year and grew more than the global average, said a recent study from the Inter-American Development Bank (IDB) published last week.

Mexico’s exports in 2014 totaled $397 billion, representing a 5 percent increase of $17.8 billion from 2013, said the "Estimates of Trade Trends in Latin America" report.

"The increase in exports from Mexico was the most relevant," said the document. "Now that economy represents almost 40 percent of the sales in the region."

The increase was attributed to a 6 percent increase in sales to the United States, which represents 80 percent of the Mexican export market.

Petroleum exports from Mexico accounted for around 10 percent of the total, but fell 10 percent in 2014 while non-petroleum exports increased by 7 percent, led by the manufacturing sector, especially the automotive sector, said the IDB.

Mexico’s sales to Europe grew by 4 percent but fell in other markets, including an 8 percent drop in exports to other Latin American countries, attributed to a decline in shipping to Argentina, Brazil, Colombia, and Venezuela.

According to percentages, Nicaragua increased outside sales the most with a 10 percent increase, followed by Ecuador (8 percent,) Bolivia (7 percent,) Guatemala (7 percent,) and the Dominican Republic (7 percent.)

In contrast, the collective exports of Latin America registered a decline of 1.4 percent in 2014, a decline of $1.49 billion, said the IDB.

This year marks the first time that the bank has recorded a decline in total Latin American exports since the economic collapse of 2009. While 10 of the 20 Latin American countries recorded an increase in exports, according to the IDB, their growth was not enough to offset the decline.

According to region, Andean countries saw a 2 percent drop in exports totaling $210 billion and a 2 percent drop in regional exports.