Panama and Colombia top gainers in trade with China

The Latin American trade deficit with China increased last year, according to an analysis by the Latinvex digital publication based on new data from the International Monetary Fund (IMF).

Colombia was the Latin American country that had the greatest growth in its trade with China last year, both in real terms and as a percentage.

Trade between China and Colombia grew by 48.4% to $15.5 billion, the highest growth in the region. As a result Colombia now ranks among the top five trade partners of China in Latin America compared to eighth place in 2013.

The increase is due largely to Colombian exports to China that doubled to $7.46 billion. In real terms, it was the highest growth in Latin America and in percentage terms (105.9%) was the second-largest increase behind Panama (492%).

Chinese exports to Colombia increased 17.8% to $8.05 billion, which is among the top five results in percentage terms. As a result, Colombia is now among the five major Chinese markets in Latin America.

The Latinvex analysis also reveals that exports from Panama and Colombia are the top gainers from Latin America to China, followed by Bolivia, Ecuador and El Salvador, while the key growth markets for China were Bolivia, Guatemala, the Dominican Republic, Costa Rica and Colombia.

Total trade between China and Latin America increased 0.6 % to $258,175 billion.

Chinese exports to Latin America grew 0.8% to $131.978 billion while Latin American exports to China rose 0.4% to $126.197 billion.

Mexican trade with China increased by 10.8% to $43.491 billion, thanks to growth in exports and imports. In fact, Mexico was the Latin American country that most increased its purchases from China last year in real terms ($3.29 billion). However, its trade deficit with China increased by 12.5% to $21.027 billion.

In contrast, trade between China and Brazil, its main commercial partner in Latin America, fell 3.3% to $86.9 billion.

Leave a Reply

Your email address will not be published. Required fields are marked *