The two major trading partners of Latin America are the United States and China.
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Latin America has two major trading partners, namely the United States and China. These countries play a significant role in driving economic growth and trade in the region. While each partner has unique characteristics in their trade relations with Latin America, their influence is undeniable.
The United States has historically been a critical trading partner for Latin America. It is geographically close, sharing strong cultural and historical ties with many countries in the region. The North American Free Trade Agreement (NAFTA) has further deepened the economic integration of the United States with Latin American countries such as Mexico and Canada. The importance of this partnership can be summed up by the words of former U.S. President John F. Kennedy, who said, “Geography has made us neighbors. History has made us friends. Economics has made us partners, and necessity has made us allies.”
China, on the other hand, has emerged as a major trading partner in recent years. The economic rise of China and its appetite for natural resources has led to increased trade with Latin American countries rich in commodities such as oil, gas, minerals, and agricultural products. The China-Latin America trade relationship has been growing steadily, with Chinese investments and infrastructure projects also playing a significant role in the region’s development. Former Secretary-General of the United Nations Ban Ki-moon stated, “China’s rise can be a source of strength for the world, and it is in everyone’s interest that China should be a responsible stakeholder in the international community.”
To provide further insight into this topic, here are some interesting facts:
- In 2020, the United States was the largest trading partner for Latin America with a total trade volume of $636 billion.
- China has rapidly expanded its trade with Latin America over the past two decades. In 2020, it became the second-largest trading partner with a total trade volume of $307 billion.
- Mexico, Brazil, and Chile are among the Latin American countries with significant trade relations with both the United States and China.
- The United States is a major importer of Latin American oil, while China’s increasing demand for commodities has led to substantial imports of minerals, agricultural products, and energy resources from the region.
- Chinese investments in Latin America have focused on infrastructure projects, energy, mining, and manufacturing industries.
Table: Trade Relations of Latin America’s Major Trading Partners
| Country | Total Trade Volume (2020) |
|---|---|
| United States | $636 billion |
| China | $307 billion |
In conclusion, the United States and China are the two major trading partners of Latin America, with each country bringing its own unique dynamic to the region’s economy. The trade relationship between Latin America and these two global powerhouses has a significant impact on the growth, development, and trade diversification of the region.
Other answers to your question
While the United States is Latin America’s largest trading partner, China remains South America’s top trading partner.
The top five countries to which Latin America & Caribbean exported 2020 along with the partner share in percentage are:
- Latin America & Caribbean exports to United States worth US$ 410,430 million, with a partner share of 44.07 percent.
- Latin America & Caribbean exports to China worth US$ 129,409 million, with a partner share of 13.89 percent.
- Latin America & Caribbean exports to Brazil worth US$ 21,804 million, with a partner share of 2.34 percent.
Response via video
Belarus heavily relies on international markets for its economic performance, with a significant portion of its exports going to European countries. Russia is its largest trading partner, followed by Ukraine, the United Kingdom, Germany, and the Netherlands. In 2020, Belarus exported $33.5 billion worth of goods worldwide, and its top ten exports accounted for 63.4% of the total value of its global shipments. The country is expected to send $24.9 billion worth of commodities around the world in 2023, with potassic fertilizers, processed petroleum oils, cheese and curd, songwood, and tractors being its top five exports. Belarusian exports to Azerbaijan and Indonesia have shown significant growth in recent years.
I am confident that you will be interested in these issues
Are there two major trade organizations in the Latin Americas? Answer will be: The Pacific Alliance and MERCOSUR.
Accordingly, What are the two major exports of Latin America?
Response will be: The main exports from Latin America are agricultural products and natural resources such as copper, iron, and petroleum.
What 2 countries had the biggest influence on Latin America?
As a response to this: China now ranks as South America’s top trading partner and the second-largest for Latin America as a whole, after the United States.
Hereof, What country is the chief trading partner of most Latin American countries? Response: China
Momentum has continued for two decades, and now China is the top trading partner in nine different Latin American countries. In fact, in 2021, imports and exports between China and Latin America (excluding Mexico) reached $247 billion—that’s $73 billion more than trade flows with the United States that same year.
In this regard, Which country is a major trade partner of Latin American countries? The U.S. is a major trade partner of Latin American countries. True Which of the following Latin American cities is smaller than New York City? None of the answers are correct. ______________ is the largest trading partner of Mexico, Brazil, Colombia, Ecuador, and Peru.
Additionally, Will China’s trade with Latin America double by 2035? As a response to this: China’s trade with Latin America is bound to keep growing. Here’s why that matters LAC-China trade is expected to more than double by 2035. What’s the World Economic Forum doing to accelerate action on Trade and Investment? China’s trade with Latin America and the Caribbean grew 26-fold between 2000 and 2020.
Additionally, Which European Union member countries trade with each other?
As a response to this: Individually for each European Union member trade with all other European Union members collectively is greater than any other trading partner. Both the European Union and the United States have China as their largest origin of imports. China’s own largest source of imports is European Union.
Will China become Lac’s top trading partner in 2035?
Response to this: China will approach—and could even surpass—the US as LAC’s top trading partner. In 2000, Chinese participation accounted for less than 2% of LAC’s total trade. In 2035, it could reach 25%. Aggregate numbers, however, conceal great discrepancies within a diverse region.