Brazil, Chile and Peru were the top exporters to China from Latin America and the Caribbean in 2022, according to data from China’s General Administration of Customs.
Ahead of all markedly, Brazil exported products to the Chinese market for VND110 billion, unchanged from 2021.
This was followed by Chile ($44.5 billion) and Peru ($24.1 billion). The former with an annual growth rate of 13% and the latter with no variation.
From all the nations of the subcontinent, China imported goods for 231.5 billion dollars last year, an increase of 5 percent.
These purchases consisted mainly of minerals (32%), oilseeds (18%) and mineral fuels and oils (12%).
On the other hand, product exports from China to Latin America and the Caribbean amounted to 251.7 billion dollars, dominated by machinery and electrical equipment (23%), machinery and mechanical appliances (14%) and motor vehicles and parts (8%).
Thus, total trade amounted to US$483.2 billion, with a Chinese surplus of US$20.2 billion.
Exporters to China
Other relevant nations in their sales to China were: Mexico ($17.5 billion, -9%), Argentina ($8.6 billion, +20%), Colombia ($7 billion, +25%), Ecuador ($6.8 billion, +25%), Uruguay ($4.5 billion, +23%), Costa Rica ($2 billion, 146%) and Guyana ($1.3 billion, +307%).
China is the first trading partner of Brazil, Chile, Peru and Uruguay, and the second of many other countries. China has free trade agreements with Chile, Costa Rica, Peru and, as of May 2023, Ecuador.
China’s expected slower economic growth in the near term may result in lower Chinese demand for Latin American and Caribbean exports and reduced capital flows from China to the region.
The Chinese economy differs from the economies of most developed countries in many respects, including the degree of government involvement, level of development, growth rate, foreign exchange control and resource allocation.
Although the Chinese economy has experienced significant growth over the past three decades, growth has been uneven across regions and among various economic sectors.
