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Potential for Stronger Colombia-China Trade Relations

Potential for Stronger Colombia-China Trade Relations

In recent years, market observers have recognized a high potential for stronger Colombia-China trade relations. As many know, China is the second-largest economy in the world. Colombia is the fourth-largest economy in whole Latin America. A pairing like this offers strong potential trade channels for exporters and importers operating in Colombia.In the last decade, all of Latin America’s economies have grown more accustomed to receiving Chinese investment and commercial attention. China is the biggest trading partner for Brazil, Chile and Peru. As part of that, Brazil received US$66 billion in Chinese investment, Peru US$25 billion and Chile US$9 billion. Chinese trade with Latin America jumped to US$225 billion in 2016 from US$12 billion in 2000, according to Jason Marczak, Director at the Atlantic Council. We outline the potential for a stronger context for Colombia-China trade relations and opportunities for multinationals to enter the market. Overview: current Colombia-China trade relations With Colombia-China trade relations strengthening in recent years, China has become Colombia's second-largest trading partner. Colombia is now China's fifth-largest trading partner in Latin America. In 2018, Colombian imports from China reached US$4.06 billion. Top 10 imports from China in 2018 include (table adapted from TradingEconomics): Colombia imports from China in 2018ValueMineral fuels, oils, distillation products$3.48 billionIron and steel$297.79 millionCopper$171.67 millionCoffee, tea, mate and spices$16.66 millionOres slag and ash$15.46 millionRaw hides and skins (other...

Could Mexico’s Manufacturing Sector Overshadow China’s?

Could Mexico’s Manufacturing Sector Overshadow China’s?

Find out how Mexico's manufacturing sector offers the right benefits and a favorable business environment for expanding companies and those seeking cost-effective manufacturing components. Prior to the current global contingency planning caused by COVID-19, Mexico was already a well-known, strong performer in manufacturing. The country offers certain advantages and tax benefits and simplification of processes in some government procedures. While China and the US remain entangled in trade disputes - and as both countries grapple with COVID-19 issues - Mexico proves itself as a key alternative supplier of manufacturing goods to the rest of the world.  Factors boosting Mexico’s manufacturing sector Mexico's manufacturing sector has great potential and is more attractive at this time due to 2 main factors: The USMCA (United States-Mexico-Canada Agreement) Moving manufacturing to Mexico will create more job opportunites in the country. This recently signed USMCA agreement will most likely come into effect during the course of this year. The USMCA is set to benefit Mexico's manufacturing sector due to the interest that both Canada and the United States have in engaging with those industries. This can lead to higher profits, reduced time and lower risks. Mexico's proximity to the US compared to China's also gives the sector an extra competitive edge. Another factor that makes Canada and the United States especially interested in establishing their factories in Mexico, and further develop Mexico’s manufacturing sector, is that it can trigger job creation in Mexico. This can lead...

Belize Strengthening International Trade Relations

Belize Strengthening International Trade Relations

Belize is making great efforts to strengthen its international trade relations and attract new business to its shores. The focus is on both existing and new trade relationships.The Belizean government undertook several country visits, meetings, and other engagements in order to strengthen its international ties with significant partners. We outline the most recent and most important international trade relationships developing in Belize.  Overview: Belize international trade relations Belize is focussed on furthering trade relationships with a number of key partners, including Mexico, Florida (US) and Taiwan. Trade relationship with Mexico in construction sector development  A delegation from the Belizean government visited Merida City in Mexico for technical exchange. The Ministry of Housing and Urban Development aims to strengthen Belize's trade relations with Mexico regarding construction sector development. The 2 countries are progressing through a Building Sector Reform Project in partnership with the Belizean Economic Development Council. The goal of that project is to improve and modernize the business climate and sustainability of planning and developing within the Belizean construction sector. As part of developing the Belize-Mexico trade relationship, a delegation from the Belizean government visited Merida City in Mexico for technical exchange. The delegation assembled with the Merida City Council and the Department of Urban Development. The purpose of this exchange was to strengthen the institutional capacity of key public agencies in the areas of...

Peru’s Exports Drive Trade Surplus in 2019

Peru’s Exports Drive Trade Surplus in 2019

Peru drove an export trade surplus in 2019, for the second year in a row. Peru's trade activity supports a healthy business environment with strong international commercial connections. Peru’s strong international ties support increased exports activities in Peru. Additionally, Peru is the world’s biggest exporter of blueberries, asparagus, and quinoa. Its non-traditional exports hit record levels and Peru aims to increase its agricultural exports to US$10 billion in 2021 from US$7.5 billion in 2019.  Find out how Peru’s export environment is growing and current trends behind its trade activity. Peru records export surplus in 2019 Peru is the world’s largest exporter of blueberries, asparagus, and quinoa. According to the forecast report published by FocusEconomics’ LatinFocus Consensus in December 2019, Peru’s trade balance recorded a surplus of US$1.2 billion.  This same number was recorded in 2018 as well, demonstrating a healthy trade environment in the Pacific Alliance member’s economy.  Exports rebounded 6.6% year-on-year in December 2019, boosted by rising foreign sales of agricultural products and mining, only partially offset by falling exports of oil and natural gas. In the meantime, imports also bounced back and increased by 8.5% in December, contrasting the fall of 5.2% in November. This is due to the back of a jump in purchases of consumer and capital goods imports. The trade surplus of the 12 months leading up to December 2019 was US$6.6 billion, matching November’s results. Panellists who participated in the LatinFocus Consensus Forecast...

China and Latin America Trade: Mercosur, Belt and Road, and BRICS

China and Latin America Trade: Mercosur, Belt and Road, and BRICS

Latin American powers are looking to expand trade and innovation channels with the rest of the world. As the region continues to grow at an exponential rate, the region can enjoy greater attention from global powers and diversify its trade portfolio. China continues to influence Latin America trade and investment, and is reaching out to regional leaders to peddle its Belt and Road Initiative, a program of work that aims to connect China with the rest of the world through interconnected, streamlined trade routes. We look at the potential for future China-Latin America Trade through Mercosur, the Belt and Road Initiative, and other avenues. Latin America Trade: Mercosur Mercosur is a regional trade bloc made up of Brazil, Argentina, Paraguay and Uruguay (Venezuela was originally a member but was suspended in 2016). The bloc was formed to develop greater economic integration between member parties, supporting growth and connectivity through shared trade policies. These countries have a collective population of more than 250 million people. Their aggregate economic activity represents nearly 75% of that of South America as a region. Mercosur countries have a total GDP value of around US$5 trillion, and as such the bloc is considered the fourth largest in the world (behind the European Union, North American Free Trade Agreement, and Association of South East Asian Nations). Mercosur is considered by member countries’ governments as “a platform to the region which must be open to the world,” and has therefore recognized several ‘Associate members.’ This includes Chile, Peru,...

Mexico-China Relations Boost International Trade Potential

Mexico-China Relations Boost International Trade Potential

Acting as a bridge between North and South America, trade is an important part of Mexico’s economy. Mexico is the world’s 15th largest exporter in the world, with exports representing 80% of its GDP in 2018. The former North American Free Trade Agreement (NAFTA) - now United States–Mexico–Canada Agreement (USCMA), has benefited the country’s manufacturing industry and economy. However, this deal also made Mexico’s income highly dependant on the U.S economy and politics. On the back of this, Mexico is seeking to diversify its trade partners, targeting the improvement of its trade relations with China and other countries. Mexico is seeking to do this by working to increase the long-distance exporting potential for its businesses. In this article, we outline how businesses can benefit from Mexico’s efforts to diversify its trading relations by connecting with China and other countries. Mexico international trade: Economic cooperation with China Mexico's international trade relationship with China represents new diversification potential in the country. In July of 2019, Mexico’s Foreign Minister Marcelo Ebrard visited Beijing to boost relationships with China. The Prime Minister stayed in Beijing for two days and met with the State Advisor and Foreign Minister, Wang Yi.  At the meeting, the two statesmen agreed to strengthen the Asociación Estratégica Integral (Integral Strategic Partnership) established in 2013. On top of that, the two countries agreed to arrange a roadmap for the next five years that will guide actions aimed at making economic relations reach their full...

How Brazil’s Changing Stance on China Will Benefit Businesses

How Brazil’s Changing Stance on China Will Benefit Businesses

A global rise in investment in Latin American countries continues to intrigue many governments abroad. One of the biggest potential ‘power-couples’ in this trend is Brazil and China. Brazil’s president, Jair Bolsonaro, is known to have stood against cooperation with China in his campaign speech. Since taking office, however, Bolsonaro is expressing a change of heart. It is clear that Chinese investment stimulates economic activity, while also creating a handful of foreign investment opportunities. We explore what those opportunities are for China and Brazil. Brazil’s attitude on China will Benefit Business Despite the surplus of investments pouring in to the country, Bolsonaro is famously skeptical of China’s involvement and interest in Brazil. Recently, Bolsonaro expressed his opinion rather blatantly, saying, “The Chinese can buy in Brazil, but they can’t buy Brazil.” In his campaign speech, Bolsonaro famously accused China of making predatory moves to exploit Brazil’s niobium resources for steel production. Bolsonaro is now having to backpedal on his heavy anti-China stance, so Brazil can take advantage of the investments flowing in. Bolsonaro and vice-president General Hamilton Mourao are now nurturing relationships with China to help lift Brazil out of a recession. The 2014-2017 recession brought about an 8% economic contraction within three years and an unemployment rate of 12.9%. The overwhelming sum of investments in Brazil has helped the country bounce back from their worst recession. The ultimate goal for Brazilian politicians is to get Chinese investment...

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