For Central America, Panama's a decent place to go.. they have the largest duty free zone outside of Hong Kong there in Colon, which is something like 50 miles N of Panama City. I was there for a couple of days and the prices were fairly good i'd say. As a whole the country has very low tariffs.

For Leather goods, Argentina's a good spot for them. City also has a few malls. So does Rio de Janeiro.. not sure about smaller bazzars and markets and such in either city though. Both are fairly commericalized and most of the shopping is on the streets or in the malls.