India in 2018 positioned itself as the seventh largest economy in the world, currently, it is the third country according to gross domestic product by purchasing parity and is the second with the largest population. But the

restriction imposed by their natural resources gives rise to Latin American exports of agricultural products, minerals and energy.

In this sense, trade between India and Latin America has shown significant growth in recent years. In fact, in 2000 there were US $ 2,000 million in the commercial exchange of this country with the Latin region and by 2018 the figure increased to US $ 40,000 million. This shows that investments have increased, multiplied by twenty in the last two decades.

Likewise, Latin American exports to India have registered an average annual growth of 14.7%. On the other hand, imports in this same direction have experienced an annual growth of 16.2%. This exceeds shipments to Japan and South Korea.

The Latin American countries with the greatest commercial relations with India are those specialized in the export of primary goods. In this way, the Asian country has established itself as a firm trading partner of several Latin countries. Such is the case of Argentina, that in 2015 its fifth export market was India. Likewise, for Chile in that year, India was the sixth export destination, and for Brazil it was the eighth. In this way, the region sends 2.1% of its exports to India and receives 1.5% of its imports.

The products with the greatest presence in Indian exports to Latin America are cotton, textiles, medicines, sesame seeds, peanuts, cashew nuts, among others.

On the other hand, the goods that are imported by India from Latin America are vinyl acetate, rubbers, paper, cardboard, vegetable oils, cane sugar, etc.

In this sense, the Latin countries with the greatest commercial relationship with India are Venezuela, Brazil and Mexico; These three nations accounted for two thirds of the exports of the Asian country in 2018.

In addition, it is important to highlight that a sector that increasingly participates in this commercial exchange is the one that corresponds to agricultural products. Which has experienced growth in the last 15 years, especially in exports from Latin America and the Caribbean (LAC), to India.

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Sources:

https://www.iadb.org/es/mejorandovidas/podria-india-convertirse-en-el-proximo-gran-socio-comercial-de-la-region https://repositorio.cepal.org/bitstream/handle/11362/40755/1/S1601196_es.pdf 

https://www.bbva.com/es/india-un-potencial-socio-comercial-para-america-latina/