China on Sunday reported a surprise quarterly trade deficit of 1.02 billion US dollars, the first in six years as it settles to rebalance its export oriented economy to boost domestic consumption in the next five years.
Trade between the four member Mercosur block is expected to reach 42 billion US dollars in 2010 revealed Argentine Industry minister Debora Giorgi who on Thursday will be participating of the Mercosur summit in Foz de Iguazu, Brazil.
Even when China's foreign trade hit a historic high in November, boosted by rising demand ahead of the Christmas shopping season, economists forecast a bumpy road next year.
Trade among Latinamerican countries is expected to increase 22% during 2010, which is higher than forecasted, according to the UN Economic Commission for Latinamerica and the Caribbean, Cepal. This follows a drop of 0.9% in 2009 when the full impact of the global crisis.
International trade will expand by an unprecedented 13.5 this year, the World Trade Organization said, revising its forecast because of a faster-than-expected recovery in flows of global commerce.
A historic trade deal between China and Taiwan took effect Sunday signalling improvement in relations between the two countries after they were split by a civil war over 60 years ago.
Following closely on the steps of China but with lesser exposure India is increasing trade, investment and business links with Latin America, the latest of which a Bussiness seminar in Lima, Peru.
Trade among Mercosur full members Argentina, Brazil, Paraguay, Uruguay and Venezuela in the process of incorporation is forecasted to reach 41 billion US dollars said Brazil's ambassador to Argentina Enio Cordero. This is a significant leap from the 9 billion of 2002 and 4.5 billion in 1991 when the block was established.
A report issued by the United Nations Conference on Trade and Development (UNCTAD) puts Chile ahead of Brazil in terms of direct foreign investment so far this year. Brazil had been the regional leader since 2007.
The Indian ambassador to Argentina Rengaraj Viswanathan said his country, currently the fourth largest economy in the world, is looking to “deepen and expand” its accords with the Mercosur and highlighted that Indian businessmen “use Argentina as a platform” to access regional markets.