Latin Americas merchandise trade tripled in just one
decade, reaching $1.9 trillion in 2011, with emerging markets,
and China in particular, representing a growing part of that
trade, Andre Loes, chief economist for Latin America at HSBC
Bank Brasil S.A. Banco Multiplo, wrote in a report.
China was the main export destination for products from
Brazil, Chile and Peru in 2011 and could surpass the US as the
largest trade destination for the whole region by 2030, Loes
Mexico stands out in the region, as it has developed a
vibrant and competitive industrial trade specialization,
integrated with the US economy, he added.
HSBC believes Mexico could be the main supplier of
merchandise to the US as early as 2018.
Exports of manufactured goods from Mexico to the US
increased at a compounded annual growth rate of 5.25% per year
between 2001 and 2011, to $197.5 million.
Latin Americas second-largest economy is the
worlds biggest exporter of flat screens and
refrigerators, silver, tomatoes, avocados and papayas,
according to the HSBC research.
It also is the 8th largest producer of cars in the world
but the fourth-biggest exporter.
The US accounted for 79% of Mexicos exports in 2011,
and for 50% of its imports. Asia supplied around 26% of
Mexicos imports, with China supplying 58% of those.
Finally, the HSBC analysts noted, Mexico is by far the
most open large economy of Latin America, with a total
trade to gross domestic product ratio of over 60%, compared
with just 36% of GDP in Latin America on average.
In emerging Europe, exports plus imports represent 63% of
GDP while in developing Asia they rise to 72%.