India’s exports to Latin America decreased marginally by eight percent to 12.14 billion dollars in 2020 (January to December) from 13.2 billion dollars in 2019, according to the just-released trade figures of ITC Geneva.
Venezuela has surprised with a spectacular increase. Exports to Venezuela have gone up from 241 million dollars in 2019 to 758 m in 2020. In fact, the annual exports were in double digits around 75 m in the years 2016 to 2018. The reason for the increase is diesel exports which accounted for 662 m.
Exports to Argentina have gone up from 634 m to 739 m in 2020.
Exports to three more countries have increased marginally: Guatemala from 290 to 299 m, Paraguay from 136 to 149 m and Nicaragua from 65 m to 73 m.
The top destination of India’s exports were as follows:
Brazil 3.68 billion dollars, Mexico 3.05 bn, Colombia 830 million, Venezuela 758 m, Argentina 739 m, Chile 738 m and Peru 701 m.
Venezuela has surprised with a spectacular increase. Exports to Venezuela have gone up from 241 million dollars in 2019 to 758 m in 2020. In fact, the annual exports were in double digits around 75 m in the years 2016 to 2018. The reason for the increase is diesel exports which accounted for 662 m.
Exports to Argentina have gone up from 634 m to 739 m in 2020.
Exports to three more countries have increased marginally: Guatemala from 290 to 299 m, Paraguay from 136 to 149 m and Nicaragua from 65 m to 73 m.
The top destination of India’s exports were as follows:
Brazil 3.68 billion dollars, Mexico 3.05 bn, Colombia 830 million, Venezuela 758 m, Argentina 739 m, Chile 738 m and Peru 701 m.
Pharmaceutical exports crossed the billion dollar mark with 1.13 billion dollars in 2020 from 967 m in 2019. India is the fifth largest global supplier to the region. Main destination of pharma exports were: Brazil 321 m, Peru 125 m, Chile 111 m, Mexico 100 m, Colombia 68 m, Venezuela 55 m, Guatemala 45 m and Dominican Republic 46 m.
Imports have declined sharply to 16.7 bn dollars in 2020 from 21.4 bn in 2019. The fall in imports of crude oil and copper was the main reason for the decline in imports.
Principal sources of imports were: Brazil 3.19 bn, Mexico 3.06 bn, Argentina 2.62 bn, Venezuela 2.34 bn, Peru 1.38 bn, Colombia 1.16 bn, Bolivia 1.02 bn and Chile 853 m.
For the first time, Bolivia has joined the billion dollar club of Latin American exporters to India.
Main item of imports: crude oil 6.92 billion dollars, gold 3.57 bn, vegetable oil 2.5 bn, copper 631 m, raw sugar 631 m, equipments and machinery 517 m, wood 293 m and chemicals 283 m
The crude oil suppliers were: Venezuela 2.3 bn, Mexico 2.2 bn, Brazil 1.18 bn, Colombia 694 m and Ecuador 239 m.
The major sources of gold were: Peru 1.33 bn, Bolivia 1.01 bn, Colombia 378 m, Argentina 259 m, Brazil 247 m and Dominican Republic 154 m.
As usual, Argentina was the most dominant supplier of vegetable oil with 2.23 bn. The other supplier was Paraguay with 271 m.
Chile was the main source of copper with 580 m. The copper imports of India have drastically declined by fifty percent from its peak.
India continues to import raw sugar from Brazil, refine and reexport it to other countries.
India was the 8th largest destination for Latin America's global exports in 2020.
The region which had a historic GDP contraction of 7.7% in 2020 is forecast to rebound with a growth of 3.7% in 2021.
The region's external trade declined by 8.6% in 2020. Latin America's imports were 904 billion dollars (down from 1006 bn in 2019) and exports 935 bn in 2020, declining from 1007 bn in 2019.
India’s total trade with Latin America has come down by 17% to 28.8 billion dollars in 2020 from 35 bn in 2019.
The Latin America-US trade had also declined by 14% in 2020.
However, China's trade with the region held steady at 315 billion dollars, the same figure as that of 219. China's exports had gone down to 150 billion from 151 bn while the imports had gone up from 164 bn to 165 bn.
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