Uruguay It has in China to one of its main Business partners although, in the opposite sense, the relationship is not directly proportional; to begin with, due to the size of the countries and, consequently, their industries and production capacities. export. Thus, the country occupies ninth place among the nations of Latin America and the Caribbean that export to the Asian giant.
Uruguay is in ninth place among Latin American suppliers of merchandise to China, with exports for a total of 2,348 million dollars during 2023, according to a report prepared by BBC World based on figures from the Customs Administration of the People’s Republic of China (AGAfor its acronym in English).
This position responds to a year of lower trade with the Asian country, due to the low Chinese demand due to stagnation in its economy, affected by the late impacts of the Covid-19 pandemic. A problem that, according to different international organizations, could continue—and even worsen—during this year.
The first place among Latin American exporters to one of the most important economic powers in the world was occupied, without great surprises, Brazil, with placements for 122,000 million dollars.
In second place was Chili, with sales of 43,000 million dollars; third was Peru, with 25,000 million dollars; room Mexico, with exports for 18,000 million dollars; and fifth Ecuador, that sells to China for 7.9 billion dollars.
The main products exported from Latin America to the Asian giant were soybeans, copper and iron ores, oil, copper cathodes and beef, according to the Economic Commission for Latin America and the Caribbean (ECLAC). That is, at least 72% of the total products placed were raw Materials.
The region’s imports from China, On the other hand, they consist fundamentally of manufactured products, which “has expanded access for households and companies, but has also displaced regional production,” said ECLAC.
Record year for the region
In general terms, the exchange of goods between the region and China exceeded 480,000 million dollars; while the balance of trade was relatively balanced with a slight surplus favorable to Latin America of 2,000 million dollars.
The figures are about a historical record, even more significant if one takes into account that the bilateral exchange of the Asian giant with the continent was barely 14,000 million in 2000, according to ECLAC data.
“In the period 2000-2022, trade in goods between the region and China multiplied by 35, while the region’s total trade with the world only multiplied by 4,” the international organization noted in its report. International Trade Outlook 2023.
Thanks to this increase, China has become the second trading partner of Latin America and the Caribbean as a whole, surpassing the European Union, and the main partner of South America.
Source: Ambito
