China has become one of Latin America’s most important trading partners in recent decades. The relationship is characterized by growing commercial exchange, significant investments and strong mutual dependence.
Chart of the day: China’s trade partners in Latin America
China’s sustained economic growth has boosted demand for natural resources, such as oil, minerals and agricultural products, which are abundant in several Latin American countries. As a result, China has become a major destination for the region’s exports.
In turn, Latin America has been the recipient of significant Chinese investments in various sectors, from energy to infrastructure and technology. These investments have contributed to economic development and job creation in several Latin American countries.
However, this business relationship is not without challenges and criticism. Some observers point to concerns about overdependence on raw material exports to China, as well as unfair competition in certain industrial sectors.
Chart of the day: China’s trade partners in Latin America
The main products exported from Latin America to China mainly cover materials such as oil, copper cathodes, beef, soybeans and copper and iron minerals, representing 72% of the total.
Precisely, trade in goods between Latin America and China reached a record figure last year, exceeding up to 480 billion dollars, according to data compiled by BBC Mundo from the Customs Administration of the People’s Republic of China.
Although, it is not surprising that Brazil leads among Latin American countries that export to the Asian giant, with an export value of 122 billion dollars in 2023, thus contributing to a bilateral exchange that totals 181 billion dollars. Brazilian exports focus mainly on soybeans, iron and oil. Chile follows Brazil with 43 million dollars, followed by Peru with 25 million. Therefore, Mexico is in fourth place with a figure of 19 billion dollars.
Source: merca20
