The commercial activities between Latin America and Asia have shown an accelerated and important growth during the last years, which has greatly benefited the economy of both regions. But this alliance does not intend to slow down or stop, as demonstrated by a report by the Inter-American Development Bank (IDB) and the Bank of Exports and Imports of India, entitled “A bridge with India: political alternatives to deepen the economic relations between Latin America and India”

This study showed results that show a growth of the commercial exchange between these two regions, multiplied by 20. Going from 2,000 million dollars in the year 2000, up to 40,000 million dollars registered in the year 2018. Concluding this analysis, in which Asia and Latin America, more than competitive, are very complementary in them.

Within the report, it was highlighted that the Asian country with the greatest economic relationship with Latin America and the Caribbean is India. Likewise, it was explained that exports from LAC bound for India could increase to 42%. Similarly, Indian exports to the mentioned region could increase to 46%. In fact, from 2008 to 2018, Latin America registered investments of 704 million dollars from Indian companies.

The research was published during a meeting on trade between India and LAC; held on June 11 and organized by the IDB and the Federation of Chambers of Commerce and Industry of India. Where David Rasquinha, general director of the Bank of Exports and Imports of India, indicated that, Latin America has a young and qualified work force, and is an area rich in reserves of natural and agricultural resources, which represents excellent business opportunities for the Asian continent.

Main exports from LAC to India according to the IDB report

• Petroleum oils (41.9%).
• Copper minerals (12.8%).
• Crude gold (12.1%).
• Vegetable oils (11.1%).
• Cane sugar (4.2%).
• Transmission and reception devices (1.5%).
• Telephone devices (1.1%).

Main exports from India to LAC according to the IDB report

• Motor vehicles (19.9%).
• Medications (3.5%).
• Motorcycles (2.1%).
• Synthetic filament yarn (2.0%).
• Insecticides (1.4%) and fungicides (1.1%).
• Aluminum (1.7%).
• Petroleum oils (1.2%).

Lea también: La agricultura como potencia económica gracias al comercio exterior

Countries where India has greater participation with its exports

Mexico: With a population of almost 130 million, it ranks 54 out of 190 countries in the Ease of Doing Business Report and acquires 29% of exports from Asia.
Brazil: With the 109th position in the Ease of Doing Business Report of 2019. This country is a popular destination for foreign investors, for which it takes 28% of exports from the Asian continent.
Colombia: It ranks 65th in the Ease of Doing Business Report and is considered the most friendly country for business in Latin America. In this country, India has a 7% share with its exports.

Get more data on trade between Asia and LAC

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Fuentes de información:

https://www.americaeconomia.com/economia-mercados/comercio/informe-del-bid-america-latina-podria-subir-su-comercio-anual-con-la 

https://www.iadb.org/es/noticias/america-latina-podria-subir-su-comercio-anual-con-la-india-un-42-por-ciento-informe-bid