International trade and in particular global value chains have provided many economies with new opportunities to participate in international trade and access new technologies. The COVID-19 pandemic has brought to the fore specific vulnerabilities in some supply chains and ignited a discussion about future lessons to be learned from these events. This paper reviews patterns of integration into trade and global value chains among Latin American economies, traces some recent developments, including during the pandemic, and provides a look at future trade risks and opportunities for Latin American economies through model simulations.