India’s exports to Latin America increased to 13.2 billion dollars in 2019

India’s exports to Latin America increased to 13.2 billion dollars in 2019 (January-December) from 13 bn in 2018, according to the just-released trade figures of ITC Geneva. 

Brazil came back to retain its rank as the largest market for India’s exports in Latin America after having ceded that position to Mexico for three years from 2016 to 2018.

The top destination of India’s exports were as follows:

Brazil  4.06 billion dollars,  Mexico 3.68 bn, Colombia 1.03 bn, Chile 869 m, Peru 739 m, Argentina 613 m and Central America(6 countries) 991 m.

Major exports were: vehicles 3.2 bn, chemicals 2 bn, equipments and machinery 1.3 bn, pharmaceuticals 991 m, textiles 865 m and diesel 793 m

Pharmaceutical exports reached a record of 991 million dollars in 2019 from 880 m in 2018. India is the fifth largest global supplier to the region. Main destination of pharma exports were: Brazil 282 m, Chile 99 m, Peru 81 m, Mexico 65 m, Colombia 59 m, Venezuela 46 m, Guatemala 46 m and Dominican Republic 43 m.

Imports had declined to 22 bn dollars in 2019 from 26 bn in 2018. The fall in prices of oil and minerals was the main reason for the decline in imports.

Principal sources of imports were: Venezuela 5.58 bn, Mexico 5.56 bn, Brazil 2.96 bn, Argentina 2.07 bn, Peru 1.88 bn, Chile 1.15 bn, Bolivia 885 million, Colombia 734 m, Dominican Republic 483 m and Ecuador 311 m.

Main item of imports: crude oil 11.35 billion dollars, gold 4.2 bn, vegetable oil 1.9 bn, copper 1.08, equipments and machinery  869 million dollars, wood 343 m and chemicals 294 m

In 2019 most of the oil supply of 11.35 billion came from just two countries: Venezuela 5.6 bn and Mexico 4.4 bn.

The major sources of gold were: Peru 1.75 bn, Bolivia 881 m, Dominican Republic 460 m, Brazil 419 m and Colombia 405 m.

As usual, Argentina was the most dominant supplier of vegetable oil and Chile was the source of copper.

Imports of raw sugar declined steeply to 274 million in 2019 from 1 billion dollars in 2017. Raw sugar is imported from Brazil, refined and reexported to other countries.

India was the 
seventh largest destination for Latin America's global exports. 
#1 market for vegetable oil exports
#3 for crude oil 
#4 for gold

Latin America's imports were 1.07 trillion dollars and exports 1.06 tn in 2019. 
Mexico was the top trader with imports of 467 bn and exports of 472 bn. 
Brazil's imports were 177 bn and exports 223 bn. 
Surprisingly Chile is the third largest trader with imports of 65 bn and exports of 64 bn. Argentina's imports were 65 bn and exports 49 bn
Peru imports 42 bn and exports 45 bn
Colombia imports 40 bn and exports 42 bn

Note: Latin America consists of 18 Spanish-speaking countries  9 in South America, 6 in Central America, 2 in Caribbean (Cuba and Dominican Republic) and Mexico plus the Portuguese-speaking Brazil.