Table of Contents
- India’s exports to Latin America reached a record high of 89 billion dollars in 2021-22 (April-March), according to the Commerce Ministry of India.
- Brazil – 1 destination of India’s exports to the region, with 6.49 billion dollars, an increase of 53% from 2020-21.
- Mexico – 2 with 4.42 billion dollars – an increase of 43%.
- Argentina – third position – 43 billion dollars –107% increase from last year.
- Colombia – 3 with 1.38 billion- increase of 59% from 865 million
- Chile –18 billion, increasing by 47%
COMPARISON WITH NEIGHBOURING COUNTRIES
- India’s exports to some Latin American countries are more than the exports to neighboring countries or traditional trade partners with the same or more population.
- India’s exports of 552 million dollars to Guatemala (population 11 million) are more than twice that of the exports of 198 m to the neighbouring Cambodia with a population of 16 million.
- Exports of 318 m to the remote Honduras (population 10 m) are more than the exports of 235 m to nearby Kazakhstan with a population of 19 m.
- Exports to Brazil (6.48 bn) are higher than to the traditional trade partners such as Japan (6.18 bn) and Thailand (5.7 bn)
- Exports to Mexico ( 4.43 bn) are more than the exports to Canada ( 3.7 bn) and Russia ( 3.2 bn).
Major exports
Car exports
- Car exports to Latin America were 1793 million dollars.
- This was 30% of India’s global car exports of 5.92 bn dollars.
- Mexico was the 2nd largest global market for Indian cars with 941 m.
- Other major destinations: Chile 337 m and Peru 115 m
Motorcycles
- Exports of motorcycles were 909 million dollars.
- This is 30.5 % of India’s global exports of 2.99 bn.
- India was the second largest supplier of motorcycles to Latin America.
- Major destinations were Colombia 309 million dollars, Mexico 174 m, Guatemala 103 m and Peru 43 m.
- Colombia was the 2nd largest global market for Indian motorcycles after Nigeria.
- Some years back Colombia was the no. 1 destination.
- Indian brands are market leaders in Colombia and Guatemala.
Pharmaceuticals
- Pharma exports increased to 1486 million dollars from 1196 m last year.
- India ranked as 6 supplier of pharmaceuticals to the region
Major destinations of India’s pharma exports
- Brazil 374 million dollars, Peru 105 m, Chile 153 m, Mexico 167 m, Colombia 103 m, Dominican Republic 67 m, Venezuela 102 m, Guatemala 64 m, Bolivia 46 m and Ecuador 34 m.
- India ranked as no.3 supplier of organic chemicals to the region.
Imports
India’s imports from Latin America were 25.62 billion dollars in 2021-22. Major suppliers were:
- Brazil 5.71 bn,
- Mexico 4.25 billion,
- Argentina 4.2 bn,
- Peru 2.71 bn,
- Colombia 2.96 bn,
- Chile 1.37 bn,
- Bolivia 2.07 bn,
- Ecuador 1.01 bn
- Dom Republic 649 m,
- Panama 292 m,
- Uruguay 162 m
- Venezuela 89 m
Main import items:
Main sources of crude oil imports
- Mexico 3.42 billion dollars,
- Brazil 2.25 bn,
- Colombia 2.32 bn
- Ecuador 865 million
- Venezuela used to be the major source of oil imports in the region for the last 15 years
- But the US sanctions have drastically cut down the Venezuelan supply from its peak of around 10 billion dollars to just 89 m in 2021-22.
- There was no import in 2021-22.
Gold import sourcing:
- Peru 2.32 billion dollars,
- Bolivia 2.06 bn,
- Brazil 703 million,
- Dom Republic 600 m,
- Colombia 548 m,
- Argentina 465 m
- Mexico 147 m
- Latin America is the main source of soy oil imports of India.
- Argentina, was the no.1 global supplier of soy oil with 27 billion dollars, followed by Brazil 1.07 bn.
Trade from 2010-11 to 2021-22
- India’s exports had increased from 10.04 billion dollars in the beginning of the decade to 7 bn in 2014-15.
- But the Latin American recession and economic difficulties caused a dip in India’s exports in 2015-16.
- Since then the exports have increased steadily and in 2021-22 spectacularly
- India’s imports reached a peak of 38 billion dollars in 2012-13 due to the high crude oil prices and large volume of India’s imports from Venezuela.
- The annual India-Latin America trade in 2021-22 has exceeded the peak of 44.08 billion dollars in 2013-14
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