BRASILIA – The new trend in Latin American trade has a country name: India.
In 2017, total trade (imports and exports) of India with the region grew by 30 percent, driven mainly by the import of Latin American goods to the Asian country.
Brazil was the nation that posted the largest figure of sales to India, according to Latin Trade Daily. It exported US$4.7 billion, from US$3.1 billion in 2016. Mexico reached US$3.3 billion from US $ 2.1 billion in 2016.
This significant growth in commerce allowed India to overtake the Netherlands and Italy in the ranking of Latin America’s top trade partners.
India also made a conspicuous entrance in Venezuela, joining older partners and investors from China and Russia.
The second country with the highest growth of commerce in 2017 was Spain. Total trade with the European nation grew by 20 percent, to $30.1 billion, from $25.4 billion. As in the case of India, growth was driven by increased imports of Latin American goods. Spanish imports increased by 25 percent.
Trade was reduced in only two countries, France and the United Kingdom. In both instances, the fall in total trade value reached 3 percent. In the French case, the change was due to a similar decline in exports and imports. In the United Kingdom, imports of Latin American goods fell by a drastic 11 percent, while British exports to the region grew at a healthy 7 percent.