India’s exports to Latin America increase by an impressive 19% in 2022-23

India’s exports to Latin America reached a record high of 22.41 billion dollars in 2022-23 (April-March), according to the Commerce Ministry of India. The exports have increased by an impressive 19% from 18.89 billion dollars in 2021-22, exceeding the 6.86% increase in India’s global exports.

India’s exports to some of the distant Latin American countries are more than the exports to neighboring countries or traditionally important trade partners. This is a trend of the last several years, not a one-year-wonder. Examples:

-India’s exports to Brazil (9.9 bn) are higher than to the traditional trade partners such as Japan (5.46 bn), France (7.6 bn), Italy (8.7 bn), and neighbors such as Thailand (5.7 bn), Nepal (8.01 bn) and Sri Lanka (5.11 bn)

Car exports

Car exports to Latin America were 2225 million dollars (up from 1793 m in 2021-22). This was one-third of India’s global car exports of 6.68 bn dollars. Mexico was the second largest global market for Indian cars with 973 m.  Other major destinations: Chile 357 m and Peru 203 m, Colombia 110 m, Ecuador 97 m, Panama 75 m, and Guatemala 50 m.

Also, India is the second largest supplier of motorcycles to Latin America.

Pharmaceuticals

Pharma exports were 1.45 billion dollars.

Major destinations of India’s pharma exports:  Brazil 345 million dollars, Mexico 130 m, Chile 117 m, Venezuela 87 m, Colombia 75 m, Peru 67 m, Guatemala 54 m, Dominican Republic 53 m, and Ecuador 34 m.

India was the # 1 global supplier to Nicaragua, # 2 supplier to Guatemala, # 3 for Honduras, and # 4 for Chile.

Imports

India’s imports from Latin America were 25.59 billion dollars, marginally lower than 25.62 bn 2021-22. Major suppliers were: Brazil 6.67 bn, Mexico 3.87 billion, Argentina 3.93 bn, Colombia 2.63 bn, Bolivia 2.55 bn, Peru 2.25 bn, Chile 1.44 bn, Ecuador 1.02 bn and Dom Republic 360 m, Panama 283 m and Venezuela 253 m

Crude oil imports which reached a peak of around 15 billion dollars in 2013-14 have come down drastically due to US sanctions on Venezuela and the bounty of less expensive Russian crude.

Main sources of crude oil imports: Mexico 2.8 billion dollars, Brazil 1.9 bn, Colombia 1.8 bn, Ecuador 775 million, and Venezuela 123 m.

Latin America is the main source of soy oil imports from India. Argentina, as usual, was the #1 global supplier of soy oil with 3.3 billion dollars, followed by Brazil with 2.4 bn.

Chile, the main supplier of copper and other mineral concentrates from the region supplied 1.03 bn, followed by Peru 391 m, Panama 204 m, and Brazil 141 m.

Main suppliers of wood from the region: Uruguay 177 m, Ecuador 103 m, Brazil 76 m, Argentina 53 m, Panama 49 m, and Costa Rica 25 m.

India was the eighth-largest destination for global exports from Latin America. The region exported more to India than to Germany, the UK, Italy, and France.

Source: Financial Express

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