Caudillos, Comrades and Conservatives: the political journey of Latin America

"Caudillos, Comrades and Conservatives: the political journey of Latin America"

This was the topic of my talk at Ashoka University, yesterday..

Some points I made:

Latin America took the Macondo route in its political journey since independence in the 1820s. The 200 years of political journey of the region is like the story of "100 years of solitude" of Gabriel Garcia Marquez..with twists and turns, deviations and diversions, ups and downs..adventures and misadventures..

Caudillos started the journey and ruled the region for about 150 years. The power flowed from the military barracks and oligarchic mansions..

Comrades joined the journey in the 1920s, inspired by the Russian Revolution. MN Roy from India was a co-founder of the Mexican Communist party in 1919.

During the Cold war, the Caudillos joined the US War on Communism and killed, tortured and exiled several thousand Comrades..

The Comrades came to power in Cuba and later in Nicaragua. Che Guevara became an icon for the comrades around the world, besides Latin America.

Military Dictatorships ended in the 1980s. But the transition to democracy was tentative and cautious since the political leaders and people were still scared of the Colonels. At this vulnerale time "neoliberalism" was imposed by the Washington Consensus which increased the poverty and ruined the economies of the region. This was the "Lost Decade".

Real democracy arrived in the 21st century with power shifting decisively from the mansions and military barracks to the masses and the ballot boxes. The empowered masses voted for those who had agenda for them. Obviously, Leftists came to power in 10 countries in this "Pink Tide". The Leftist reduced poverty and increased economic growth. This was known as the "Decade of Growth"

The Left dug its own grave with its hubris, excesses and scandals. Chavez, Morales and Ortega damaged the brand of the left and ruined their countries. Cuba is stuck in an anachronistic dictatorship.

This has triggered the rise of Conservatives.. and some caudillos too inspired by the Big Bad caudillo from the North.

Many Latin American countries (except Nicaragua,Venezuela and El Salvador) have inserted constitutional safeguards against long caudillo rule by limiting the term of presidents. Guatemala does not allow family members of the sitting president to succeed him. Costa Rica had abolished the army in 1948. Mexico has succeeded in achieving gender parity in top executive, legislative and judicial powers.. to restrain the macho caudillos.

Chile and Uruguay have gained democratic maturity by electing left and Right alternately and getting the best out of both in the last three decades.

Lula is not a traditional leftist. His governing and development model is Lulaism/ Brasilia Consensus..which is a judicious mix of pro-poor and business-friendly policies. This is the reason for his election for a record fourth term as president of Brazil.

Small Uruguayan Biotech Start-up finds a Big Global Partner in India

 

Small Uruguayan Biotech Start-up finds a Big Global Partner in India

A Uruguayan biotech startup metaBIX Biotech has entered into an agreement with the Indian biotech company HiMedia Laboratories.

metaBIX was founded in 2022 by Laura Macció, its co-founder and CEO. 

It is a deep-tech startup using biotechnology and AI to predict diseases affecting animals and plants. Its technology detects disease before animals visibly become sick. Instead of taking samples from individual chickens or pigs, metaBIX has developed a small portable air-sampling device. An operator walks through a poultry shed, pig farm or similar facility for about 30 minutes. The device collects airborne dust particles carrying biological material. The sample then goes to a laboratory for molecular/PCR analysis. The resulting data are fed into metaBIX's software and AI models to identify pathogen levels and detect changes that could indicate an emerging outbreak. That gives farmers something resembling a biological early-warning radar. Traditional veterinary diagnosis often begins after animals become ill. metaBIX is trying to move the system from reactive diagnosis to predictive surveillance. Its technology has already detected more than 25 pathogens affecting poultry and pigs. 

metaBIX currently has four main product lines: Sentinel for animal-health surveillance, BioGuard for high-biosecurity environments, FoodGuard for food-industry monitoring, and Intelligence, its AI/data-analysis platform

Mumbai-based HiMedia Laboratories develops and manufactures microbiology and molecular-diagnostic products and has a commercial presence extending to more than 150 countries. 

The company’s  revenue is around 120 million dollars with exports of around 30 million. It is privately owned by the Warke family. A dozen members of the family control the business through their top positions in the company. 

Dr GM Warke, Founder, Chairman and Managing Director

Himedia manufactures  microbiological media through indigenous in-house R&D technology. It has established expertise across diverse domains of life sciences, including molecular biology, cell biology plant tissue culture, diagnostics, and laboratory chemicals, catering to the needs of fermentation, biopharmaceutical, and cell culture industries worldwide. 

Under the technology/data licensing arrangement, metaBIX will provide its technology, data and know-how, while HiMedia will use them to develop diagnostic products. The Uruguayan company will receive royalties from sales estimated to exceed US$40 million over seven years. The agreement is due to take effect in October 2026. 

The partnership did not happen overnight. metaBIX spent around 18 months developing the Indian market, carried out about 20 pilot projects in different parts of India and made several visits to the country before the agreement materialized.

What makes the agreement potentially significant is HiMedia's distribution reach. HiMedia products are used in more than 150 countries, so a technology originating in the tiny Uruguayan startup could potentially reach a global market through the Indian company.

HiMedia is reportedly exploring Uruguay as a possible base for expanding its presence in Latin America.

Uruguay has a small population of only around 3.5 million. The number of employees of metaBIX is also small, less than 20. 

This is not the first time that the little Uruguay has made big splash for Indian business.

Gabriel Rozman of Uruguay had established TCS in his country first and from there expanded it to the whole of Latin America with revenue of about a billion dollars. 

Here is my blog

https://businesswithlatinamerica.blogspot.com/2009/07/gabriel-rozman-uruguyan-wizard-of-tcs.html

Uruguayan architects Carlos Ott and Carlos Ponce de León designed TCS's spectacular Siruseri campus near Chennai—one of India's largest corporate IT campuses, spread over about 70 acres with around 5 million sq ft of built-up space and designed to accommodate tens of thousands of IT professionals.

My blog on this..

https://businesswithlatinamerica.blogspot.com/2015/01/uruguayan-touch-to-indian-tech.html

Ecuador has overtaken India as the largest supplier of prawns to the US

 Ecuador has overtaken India as the largest supplier of prawns to the US.

Thanks, in part, to Trump.

He increased tariff on Indian shrimps to 60% in 2025. It was just 10% for Ecuador. This made the US importers shift from India to Ecuador.

But tariff advantage is only the latest chapter in Ecuador's remarkable prawn story.

In 2020, Ecuador overtook India as the world's largest shrimp exporter. In 2025, it exported more than $8 billion worth of prawns — more than India, Vietnam and Indonesia combined.

Ecuador did not achieve this simply through cheap labour or favourable geography. Its shrimp industry has become globally competitive through technology, economies of scale, improved genetics and disease control, automation, and the emergence of large, vertically integrated companies.

The result is extraordinary efficiency. A kilogram of Ecuadorian prawns costs about $2.40 at the farm gate, compared with $2.99 in India and $5.32 in China.

The industry now provides employment equivalent to about 1.6% of Ecuador's population and generates around 6% of GDP — a larger share of the national economy than automobile manufacturing contributes in Germany.

And Ecuador has crossed a symbolic economic threshold.

In 2025, the country exported about $8.4 billion of shrimp, compared with roughly $7.75 billion of petroleum.

The Economist describes this as a transition to pesco-state from petro-state. Pescar is fishing in Spanish.

A fascinating transformation of a small Latin American economy.

https://www.economist.com/the-americas/2026/09/02/a-prawn-superpower-rises?utm_campaign=r.the-economist-today&utm_medium=email.internal-newsletter.np&utm_source=salesforce-marketing-cloud&utm_term=9/2/2026&utm_id=2227727

The Mastermind - Guatemalan novel by David Unger

This novel is based on the extraordinary real-life story of Rodrigo Rosenberg, a prominent Guatemalan lawyer who, in 2009, arranged his own assassination after recording a video in which he accused Guatemala’s president, Alvaro Colom, of responsibility for his impending murder.

Through this gripping and bizarre story, Unger paints a vivid picture of Guatemalan society—scarred by violence and criminal gangs, corruption, glaring inequality, poor governance, and the longstanding discrimination and suppression of the country’s indigenous people.

The protagonist, Guillermo Rosensweig, is a successful lawyer who gradually ruins his life and hurts his family through his insatiable sexual appetite and numerous affairs. After his family leaves him and his lover is murdered, he sinks into depression and alcoholism. A crooked fixer proposes an extraordinary solution: Rosensweig should arrange his own death and leave behind a video blaming the president for his murder and, more broadly, for the problems afflicting both himself and Guatemala.

An assassin is hired to carry out the elaborate suicide scheme. But the plan goes wrong: the killer shoots the wrong man, and Rosensweig survives. He then escapes to neighbouring El Salvador.

His reflections after crossing the border provide an interesting comparison between Guatemala and El Salvador:

“While Guatemala prides itself on being the beautiful queen of Central America, its smugness is a bit dated, like that of an English dowager... In Guatemala City, the armed conflict was abstract because it mostly took place in a countryside only the Indians thought to inhabit. Here in San Salvador, the craterous wounds of the conflict are visible and palpable, and this makes the citizens more honest, unwilling to hide behind any sort of delusion or distortion.”

The Mastermind* is therefore more than the story of one man's crazy self-destruction. It is also a dark and revealing portrait of Guatemala—a country struggling with the legacies of civil war, entrenched inequality, racial divisions, violence and dysfunctional institutions. Unger combines political commentary with black humour in weaving the story in a poignant way

A new biography of Mario Vargas Llosa by Gerald Martin

 A new biography of Mario Vargas Llosa by Gerald Martin

Some highlights:

Llosa crossed a shorter ideological distance than is often imagined. He never truly belonged to the left. His brief flirtation was not with socialism so much as with a socialist: the dazzling, unattainable Lea Barba.. Vargas Llosa never ceased to be a “Lima posh boy

At first a declared socialist, he changed his mind about the meaning of 'freedom', made the long march through the ideologies and renounced collectivism of every kind until he ended up as a fiery and provocative supporter of Margaret Thatcher and Ronald Reagan and the neoliberal individualism they espoused. He wrote on the encounter with Margaret Thatcher as a fanboy adoration in a piece titled The Lady Among the Wild Beasts.

Llosa’s greatest novels were written under Jean-Paul Sartre’s spell, before the French philosopher’s indulgence towards revolutionary regimes finally alienated him.

I have read almost all his books including his autobiography "A fish in the water".

Llosa is not just a writer. He is a writer´s writer. In his book ¨letters to a young novelist¨ he gives advice to aspiring writers how to write novels. He gives a Latino definition of writing novels saying that it is the equivalent of reverse striptease.

In another book, A writer´s reality he explains what provoked or motivated him to write some of his novels. He describes in detail the process of his writing the novels and the influences and inspiration behind them.

https://www.theguardian.com/books/2026/jul/30/mario-vargas-llosa-by-gerald-martin-review-the-passions-and-politics-of-perus-nobel-laureate

Keiko Fujimori's victory: Peru's best chance for political stability

 Keiko Fujimori's victory: Peru's best chance for political stability

Peru has endured one of the most turbulent political periods in Latin America over the past decade. Since 2016, the country has had six presidents. Four former presidents have either been impeached, removed from office or forced to resign, while three have spent time in jail.

Against this backdrop, the election of Keiko Fujimori offers Peru its strongest opportunity in years to restore political stability.

Unlike her immediate predecessors, Fujimori is a seasoned political insider. She has spent nearly two decades at the centre of Peruvian politics and understands the complex relationship between the presidency, Congress and Lima's political establishment. This stands in sharp contrast to Pedro Castillo, the left-wing rural schoolteacher who unexpectedly won the presidency in 2021. Castillo entered office with little political experience and struggled to manage Congress or build alliances within the political establishment. Surrounded by poor advisers, he made a series of disastrous political decisions that culminated in his impeachment and arrest. Such political missteps are far less likely in Fujimori's case. She knows the rules of Peru's political game and has often been one of its principal players.

Ironically, however, her own party, Fuerza Popular, bears considerable responsibility for the very political instability that has plagued Peru. Although Fujimori narrowly lost the presidential elections in 2011, 2016 and 2021, her party remained the largest force in Congress throughout those years. It repeatedly used its parliamentary strength to weaken governments that lacked legislative majorities, contributing to the collapse of successive administrations. Had Fujimori lost once again, Peru might well have faced another cycle of confrontation and instability.

Fujimori has learnt important lessons from her three presidential defeats. She is acutely aware that her latest victory was hard fought and achieved by the narrowest of margins. Although she finished first in the opening round of this year's election, she secured only 17 percent of the vote, underscoring the fragmented nature of Peruvian politics. Such a limited electoral mandate is likely to encourage pragmatism, coalition-building and moderation rather than ideological confrontation.

She has also learnt hard lessons from the dramatic rise and equally dramatic fall of her father, Alberto Fujimori. His presidency restored macroeconomic stability and defeated the Shining Path insurgency, but it ultimately collapsed under the weight of authoritarianism and corruption. Having witnessed both the achievements and failures of that era at close quarters, Keiko Fujimori is likely to adopt a more mature  and institutionally cautious style of governance.

Her political position is considerably stronger than that of most recent presidents. In the congressional elections held alongside the presidential poll, Fuerza Popular emerged as the largest party in both chambers. It won 22 of the 60 seats in the Senate and 43 of the 130 seats in the Chamber of Deputies. Although short of an outright majority, these numbers place Fujimori in a strong position to build legislative coalitions with other centre-right and centrist parties.

These political advantages give her a better chance than any recent Peruvian president of completing a full five-year term. If she succeeds, Peru could finally regain the political stability that has eluded it for much of the past decade.

One of her most pressing challenges will be tackling the surge in crime and violence. Drug trafficking organisations and criminal gangs have expanded their influence during years of political uncertainty and weak governance. Restoring public security will be among the first and most important tests of her administration.

Ironically, while Peru's politics has been highly unstable, its economy has remained one of Latin America's strongest performers. Despite repeated political crises, the economy has demonstrated remarkable resilience, consistently outperforming its political system. Sound macroeconomic management has kept inflation below three percent, public debt at around 33 percent of GDP—low by Latin American standards—and international reserves at comfortable levels.

The country's independent central bank has been a pillar of stability under Julio Velarde, who has served as governor since 2006. Remarkably, he has outlasted ten Peruvian presidents and has been reappointed by governments of both the Left and the Right. His continuity has provided an institutional anchor rarely seen elsewhere in the region.

Peru has retained its investment-grade credit rating despite prolonged political turmoil. The economy grew by 3.4 percent in 2025, driven by robust mining exports and favourable international prices for copper and other minerals. Peru is the world's third-largest producer of copper and a major producer of gold, silver, zinc and molybdenum. Mining contributes around 10–15 percent of GDP, generates about 60 percent of export earnings and accounts for a significant share of government revenue.

Some Western commentators, including The Economist, have interpreted Keiko Fujimori's victory as part of a broader "Trumpification" of Latin America. This is simplistic and misleading. The comparison overlooks the distinct domestic factors behind Fujimori's victory as well as those of  other right wing leaders in Latin America in recent years. Fujimori has neither cultivated close political ties with Donald Trump nor sought to emulate his confrontational style of politics. Her election was driven exclusively by Peru's internal political dynamics.

More importantly, Peru's political environment leaves little room for Trumpian extremism. Governments that ignore the concerns of poorer rural populations have repeatedly faced mass protests and political upheaval. Fujimori is therefore more likely to govern pragmatically than ideologically, balancing market-oriented economic policies with the political necessity of maintaining social stability.

The addition of political stability under Presidency of Fujimori to the already strong economic fundamentals means that Peru could enter a new phase of higher economic growth and prosperity.

That would also benefit India, whose economic relationship with Peru has expanded rapidly. India's exports to Peru reached US$1.15 billion in 2025–26, with considerable potential for further growth. Peru's exports to India amounted to US$8.87 billion, led by gold (US$8 billion) and copper (US$730 million). Bilateral trade reached US$10.02 billion, making Peru India's second-largest trading partner in Latin America after Brazil. India has also emerged as Peru's third-largest export destination globally, after China and the United States.

Yet India's trade policy has not kept pace with the growing importance of Peru. India's exports to Peru, at US$1.15 billion, are more than double its exports to New Zealand (US$567 million), while total bilateral trade with Peru (US$10.02 billion) is nearly nine times larger than that with New Zealand (US$1.16 billion). Despite this, India concluded a Free Trade Agreement with New Zealand through rapid conclusion of negotiations in 2025–26, while negotiations for the India–Peru Trade Agreement, which began in 2017, are still dragging on despite nine rounds of talks. On 5 July 2026, India's Commerce Minister, Piyush Goyal, remarked that the agreement was "unlikely to conclude soon.” It is a pity. Given the scale of bilateral trade and potential, the India-Peru FTA deserves far greater attention and urgency.

“Undiscovered” - novel by Peruvian writer Gabriela Wiener

Discovered a new Peruvian writer Gabriela Wiener through her novel Undiscovered. 

The story is about her own surname, Wiener, inherited from her ancestor, the Austrian-French explorer and ethnographer Charles Wiener, whose life and legacy form the novel's central thread.

Charles Wiener was among the earliest European explorers to introduce Peru to French audiences, carrying home a trove of Indigenous Peruvian artefacts that now reside in museums in Paris. Yet his reputation is clouded by embellished accounts and dubious claims about his expeditions, raising unsettling questions about how colonial history was written.

Standing before these artefacts in a Paris museum, Gabriela Wiener embarks on an excavation of her own life. Descended from both the colonizer and the colonized, she confronts the contradictions of her identity as a woman with Indigenous ancestry who is often looked down upon by whites and even by lighter-skinned mestizos.

With courageous candour and honesty, Wiener interweaves history with autobiography, exploring racism, desire, love, infidelity and family through the lens of her own polyamorous relationships. The result is an intensely personal yet profoundly sociopolitical novel

Latin America: India's Most Undervalued Export Market

 Latin America: India's Most Undervalued Export Market

India’s exports to Latin American countries now exceed exports to several neighboring markets and traditional trade partners, underscoring the region’s emergence as a strategically important destination for Indian goods.

In 2025–26, India’s exports to Brazil reached 7.02 billion dollars—higher than exports to Japan (6.04 bn), Vietnam (6.6 bn), Spain (6.96 bn), South Korea (6.01 bn), South Africa (7 bn), and Malaysia (6.82 bn).

Exports to Mexico totaled 5.73 billion dollars, exceeding exports to Sri Lanka (5.52 bn), Thailand (5.06 bn), Indonesia (4.49 bn), Russia (4.49 bn), Canada (4.67 bn), Egypt (3.93 bn), and Turkey (4.54 bn).

Exports to Chile reached 1.22 bn, exceeding exports to neighboring Myanmar at 808 m.

Exports to Guatemala at 656 m were more than the exports of 567 m to New Zealand.

Exports to the Dominican Republic totaled 411 m, which were higher than the exports to Cambodia at 280 m. Dom Republic has a population of about 11.5 million, compared with Cambodia’s 18 million.

Exports to Honduras totaled 257 m, exceeding exports to Kazakhstan at 185 m, despite Honduras having roughly half Kazakhstan’s population.

This is not a one-year wonder; it is the continuation of a decade-long trend. Latin America has clearly emerged as an important destination for India’s exports, with significant room for further growth in the coming years.

India’s exports to the 19 Latin American countries were 21.55 billion dollars in 2025-26, doubling from 10 bn in 2015-16.

Exports could scale to 50 billion dollars if Indian exporters and the Commerce Ministry pursue this underexplored market through a systematic, long-term strategy.

Latin America is a large market of 19 countries, 620 million people, 8 trillion dollars of GDP with per capita income of around 12,000 dollars. The region’s total imports in 2025 were 1.75 trillion dollars.

Motorcycles ride the wave of export boom to Latin America

India’s motorcycle exports to Latin America totaled 1.64 billion dollars, accounting for 41% of India’s global motorcycle exports.

Colombia ranked as the top global destination for India’s motorcycle exports in 2025–26, at 578 million dollars.

Mexico ranked second at 320 million dollars.

Other major markets included Brazil (174 m), Guatemala (141 m), Argentina (90 m), Peru (85 m), and Honduras (56 m).

India is the second-largest supplier of motorcycles to Latin America, after China.

Car exports

Car exports to Latin America totaled 2.25 billion dollars, representing 25% of India’s global car exports of 9 billion dollars.

Major destinations were Mexico (1,125 m), Chile (279 m), Peru (251 m), Colombia (150 m), Panama (77 m), Costa Rica (74 m), Guatemala (58 m), Uruguay (52 m), and Ecuador (50 m).

Pharmaceuticals

Pharmaceutical exports totaled 1.6 billion dollars. India was the 5th largest supplier of pharmaceuticals to the region after US, Germany, Switzerland and Ireland. China ranked 11th.

Major destinations for India’s pharmaceutical exports were Brazil (530 million dollars), Mexico (219 m), Chile (179 m), Colombia (112 m), Guatemala (95 m), Venezuela (79 m), Peru (72 m), the Dominican Republic (72 m), Ecuador (37 m), and Honduras (33 m).

Major items of exports of India to Latin America in 2025-26

Vehicles: 5.5 bn

Chemicals: 3.2 bn

Machinery: 3 bn

Pharmaceuticals: 2 bn

Textiles, including apparel, fabrics, and fibre: 1.3 bn

Petroleum products: 1.07 bn

Aluminum products: 560 m

Plastics: 446 m

Rubber products: 469 m

Cotton: 451 m

Ceramic products: 383 m

Iron and steel: 352 m

Indian companies are also doing well in Latin America

Here are two inspiring examples:

UPL, the largest Indian multinational agrochemicals company got 37% of its revenue from Latin America as against 12% from India.

For Financial Year 2025-2626, UPL Limited reported total consolidated revenue of ₹51,839 crore.

Revenue from Latin America was ₹19,358 crore which is three times more than their turnover of ₹6,343 crore in India.

Kalpataru power transmission company of Mumbai has secured around a billion dollars of EPC contracts in Latin America. This includes the single largest contract of 430 million dollars in Chile

In January 2026, Welspun Corp, an Indian steel pipe manufacturer, has won a 203 million dollar contract from Argentina, which is building the infrastructure for exports of shale gas and oil.

 

India's imports from Latin America:

Gold - 14.7 billion dollars

Crude oil 5.7 billion dollars

Vegetable oil (mostly soya oil) 4.8 bn 

Raw sugar 1.24 bn

Copper concentrate   4.6 bn 

Machinery and equipment  1 bn

Iron and steel 514 m

Wood        487 m

Chemicals 485 m

Fresh Fruits and vegetables 467 m

Cotton 405 m

Wood pulp 244 m

Aluminium products 212 m

Raw gold import has doubled to 14.7 bn from 6.8 bn last year. Peru was the top source of gold imports with 7.99 bn (up from 4.6 bn last year) followed by Chile 1.8 bn, Dominican Republic 1.5 bn, Bolivia 1.25 bn,Colombia 808 m,  Argentina 902 m, Brazil 232 m and Mexico 174 m.

Crude oil imports which reached a peak of around 15 billion dollars in 2013-14 has come down drastically due to US sanctions on Venezuela which had supplied 10 bn dollars of crude in 2013-14.

 

Crude oil import sources in 2025-26: Brazil 2.3 bn, Colombia 1.6 bn, Mexico 333 dollars and Venezuela 255 m.

The loosening of US sanctions have reopened India's crude imports from Venezuela in 2026. In May 2026, Venezuela became India's third-largest crude supplier in May, overtaking Saudi Arabia and the United States. Venezuela supplied around 417,000 barrels per day (bpd) of crude oil to India in May, higher than 283,000 bpd in April.

India has ramped up crude imports from Brazil after the disruption of supplies from the gulf due to the Iran war. Brazil became India’s fourth-largest crude supplier, sending around 290,000 b/d in April. India became the #2 destination for Brazilian oil exports in 2006.

Argentina has emerged as a new source of LPG (Liquefied Petroleum Gas) for India in 2026. Argentina shipped 50,000 tonne of LPG to India in the first three months of 2026 after starting with 22,000 tons in 2025. The country has potential to increase the supplies in the coming years. Argentina has the world's second largest shale gas and the 4th largest shale oil reserves. These are being being extracted and exported starting in the last few years.

Latin America is the main source of soy oil imports of India. Argentina is the #1 global supplier with 3.7 billion dollars, followed by Brazil 1.1 bn. 

Brazil is the source of imports of raw sugar which India refines and reexports to other countries.

Chile, the main supplier of copper and other mineral concentrates from the region, supplied 2.4 bn (up from 1.6 bn last year), followed by Brazil- 935 m, Peru 730 m, Mexico- 286 m and Colombia 148 m

Main suppliers of wood from the region:  Brazil 133 m, Uruguay 120 m, Ecuador 90 m and Panama 33 m.

The region has become a regular and reliable supplier of energy, minerals and edible oil helping India’s policy of strategic diversification of sources of imports, besides contributing to India's energy and food security. The region is endowed with abundance of critical minerals and rare earths.

The Latin Americans have started placing greater emphasis on trade with India as they seek to reduce overdependence on China and diversify beyond the more protectionist markets of Europe and the United States.

Trade 2025-26

Figures in millions (except where it is given in billions) of US Dollars

Country	Exports	Imports	Total trade
Brazil	7.02 bn	8.05 bn	15.07 bn
Mexico	5.73 bn	2.1 bn	7.83 bn
Argentina	1.01 bn	4.96 bn	5.97 bn
Peru	1.15 bn	8.87 bn	10.02 bn
Colombia	1.80 bn	2.9 bn	4.7 bn
Chile	1.22 bn	5.03 bn	6.25 bn
Venezuela	210	469	679
Bolivia	56	1.26 bn	1.82 bn
Ecuador	447	127	574
Uruguay	238	290	528
Paraguay	188	26	214
Guatemala	656	52	708
Dominican Republic	411	1.65 bn	1.76 bn
Panama	311	242	553
Honduras	257	83	340
Costa Rica	250	142	392
El Salvador	184	4	188
Nicaragua	180	6	186
Cuba	19	6	25
Total	22.7 bn	36.3 bn	59 bn

Source: Ministry of Commerce of India