India’s exports to Latin America, Africa rising

by Dave

Many people in senior business positions in India think Latin America is like Africa!! Little knowing that the combined LatAm economy is USD 3 trillion, dwarfing Africa. On my previous visit, I was asked by one Indian business contact about the possibility of selling refugee tents in LatAm. When I told this to an Argentine friend, he joked that the current government was working to make that a reality.

These trade figures are way under potential and a concerted marketing effort is required to boost these numbers. Since they are coming off such a low base, can be easily tripled in the next 3 years. :

India’s exports to countries in the Latin American and African regions have seen a steady and continuous rise over the past five years.

India’s exports to the Latin American region increased from $2.16 billion in 2004-05 to $6.01 billion in 2008-2009, recording a growth of about 178 per cent. Likewise, the country’s exports to the African countries increased from $5.6 billion in 2004-05 to $14.57 billion in 2008-2009 – a growth of about 160 per cent.

minister of state for commerce and industry Jyotiraditya M Scindia noted that there has also been an increase in the trade and business enquiries from these regions over the years. With a view to enhancing our exports to Latin America and Africa, the government has initiated a process for expansion of the existing India-Chile Preferential Trade Agreement (PTA) and India-MERCOSUR (trade bloc of Brazil, Argentina, Paraguay and Uruguay) Trade Agreement, the minister pointed out.