MercoPress. South Atlantic News Agency

Record trade of Latin America with India, but mainly commodities for industrial goods

Car exports to Latin America were US$ 2,225bn (up from US$ 1,793bn in 2021-22). This was one-third of India’s global car exports of US$ 6.68bn.

India’s exports to Latin America reached a record high of 22.41 billion dollars in 2022-23 (April-March), according to the latest release from the Commerce Ministry of India. Exports increased by an impressive 19% from US$ 18.89 billion in 2021-22, exceeding the 6.86% increase in India’s global exports.

In effect some of India’s exports to some of the Latin American countries are more significant than those to neighboring countries or traditionally important trade partners. This is a trend of the last several years, not a one-year-wonder.

Some of the examples:

-India’s exports to Brazil (US$ 9.9bn) are higher than to the traditional trade partners such as Japan (US$ 5.46bn), France (US$ 7.6bn), Italy (US$ 8.7bn), and neighbors such as Thailand (US$ 5.7bn), Nepal (US% 8.01bn) and Sri Lanka (US$ 5.11bn)

Car exports

Car exports to Latin America were US$ 2,225bn (up from US$ 1,793bn in 2021-22). This was one-third of India’s global car exports of US$ 6.68bn. Mexico was the second largest global market for Indian cars with US$ 973 million. Other major destinations: Chile. US$ 357million and Peru US$ 203million, Colombia US$ 110m, Ecuador US$ 97m, Panama US$ 75m, and Guatemala US$ 50m. India is also the second largest supplier of motorcycles to Latin America.

Pharmaceuticals exports totaled US$ 1.45bn.

Major destinations of India’s pharmaceutical sales, Brazil US$ 345million; Mexico US$ 130m; Chile US$ 117m; Venezuela US$ 87m; Colombia US$ 75m; Peru US$ 67m; Guatemala US$ 54m; Dominican Republic US$ 53m, and Ecuador US$ 34 million.

India was also the number one 1 global pharma supplier to Nicaragua; number 2 to Guatemala; number 3 to Honduras and number four to Chile.

Regarding India's imports from Latin America they reached US$ 25,59bn, marginally lower than US$ 25,62bn in 2021-22. Major suppliers were: Brazil with US$ 6.67bn; Mexico US$ 3.87 billion; Argentina US$ 3.93bn; Colombia US$ 2.63bn; Bolivia US$ 2.55bn; Peru US$ 2.25bn; Chile US$ 1.44bn; Ecuador US$ 1.02bn and Dominican Republic US$ 360m; Panama US$ 283m and Venezuela US$ 253m

Crude oil imports which reached a peak of around 15 billion dollars in 2013-14 have come down drastically due to US sanctions on Venezuela and the bounty of less expensive Russian crude.

Main sources of crude oil imports: Mexico US$ 2.8 billion; Brazil US$ 1.9bn; Colombia US$ 1.8bn; Ecuador, US$775 million, and Venezuela US$ 123m.

Latin America is the main source of soy oil imports from India. Argentina, as usual, was the main global supplier of soy oil with US$ 3.3 billion dollars, followed by Brazil with US$ 2.4bn.

Chile, the main supplier of copper and other mineral concentrates from the region supplied US$ 1.03bn, followed by Peru 391m, Panama 204m, and Brazil 141m.

Main suppliers of wood from the region: Uruguay US$ 177m; Ecuador US$ 103 million; Brazil US$ 76m; Argentina US$ 53m; Panama US$ 49m, and Costa Rica US$ 25m.

India was the eighth-largest destination for global exports from Latin America. Likewise the region exported more to India than to Germany, the UK, Italy, and France.