INDIA – LATIN AMERICA TRADE FIGURES - YEAR 2011
INDIA |
IMPORTS In U$S Millions |
EXPORTS in U$S Millions |
TOTAL TRADE In U$S Millions |
1) BRAZIL |
3200 |
6080 |
9280 |
2) VENEZUELA |
5000 |
580 |
5580 |
3) MEXICO |
1250 |
2000 |
3250 |
4) CHILE |
1780 |
400 |
2180 |
5) ARGENTINA |
1210 |
560 |
1770 |
6) COLOMBIA |
600 |
880 |
1480 |
7) PERU |
240 |
510 |
750 |
8) ECUADOR |
24 |
160 |
184 |
9) PARAGUAY |
74 |
78 |
152 |
10) PANAMA |
28 |
96 |
124 |
11) COSTA RICA |
14 |
95 |
109 |
12) URUGUAY |
20 |
86 |
106 |
13) HONDURAS |
2 |
62 |
64 |
14)DOMINICAN REP. |
11 |
42 |
53 |
15)CUBA |
6 |
46 |
52 |
16) GUATEMALA |
3 |
37 |
40 |
17) EL SALVADOR |
2 |
32 |
34 |
18) BOLIVIA |
28 |
4 |
32 |
19)) NICARAGUA |
2 |
25 |
27 |
|
|
|
|
TOTAL |
13494 |
11693 |
25187 |
-India's trade with Latin America increased to 25 bn $ in 2011 from 23 bn in 2010
-India's exports went up by 28 % in 2011 reaching 11.6 bn from 9 bn in 2010.
-India's imports declined to 13.5 bn in 2011 from 14 bn in 2010
-Brazil is the leading trade partner followed by Venezuela, Mexico, Chile, Argentina and Colombia
-Colombia is the third largest export destination of India after Brazil and Mexico.
-crude oil is the main item of India's imports accounting for 8 bn $. Copper imports were about 2 bn and Soy oil imports were over a billion.
-Reliance imported 7.5 bn worth crude from Latin America in 2011, of which 5 bn came from Venezuela. India's single largest export is diesel. Reliance exported 3.4 bn $ of diesel to Brasil in 2011.
Godrej acquires Chilean cosmetics company - January 2012.
Godrej has acquired 60% stake in Cosmetica Nacional, a hair color and cosmetics company of Chile with a turnover of 36 million dollars. Cosmetica has has 36% share of Chilean market and Panama and exports to seven countries in the region.
Visit of Costa Rican Foreign Trade Minister to India 19-23 March 2012.
The Minister of Foreign Trade of Costa Rica, Mrs. Anabel Gonzalez, will be visiting India on March 19-23 to participate as Guest of Honor at INDIASOFT 2012. Minister Gonzalez will also be leading a trade and investment mission of approximately 25 Costa Rican entrepreneurs with the objective of strengthening trade and investment relations between both countries.
• The visit will include the cities of New Delhi (March 19-20), Hyderabad (March 21-22) and Bangalore (March 23). Minister Gonzalez will be accompanied by the Costa Rican agencies specialized on trade and investment promotion (PROCOMER and CINDE).
• In New Delhi, Minister Gonzalez will meet with the Minister of Commerce and Industry of India, Mr. Anand Sharma; the Minister of Finance, Mr. Shri pranab Mikherjee and the Commerce Secretary, Mr. Rahul Khullar. Hopefully both governments will be able to agree and sign a Framework Agreement to Promote Economic Cooperation and an Agreement for the Reciprocal Promotion and Protection of Investments.
• The visit will also include meetings with different Indian chambers of commerce and trade, such as the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII).
• On Monday 19th, The Ambassador of Costa Rica in India, Mr. Juan Manuel Cordero will offer a welcome cocktail to the Minister, with the participation of government counterparts and Costa Rican and Indian businessmen and chambers of commerce and trade.
• In Hyderabad, Minister Gonzalez will be the Guest of Honor and Keynote Speaker at the inaugural session of INDIASOFT 2012. She will meet with authorities from the Electronics and Computer Software Export Promotion Council (ESC) sponsor of INDIASOFT and will visit the CII Green Business Center.
• In Bangalore, Minister Gonzalez will meet with The Associated Chambers of Commerce and Industry of India (NASSCOM) and she will visit different Indian enterprises, with the objective of exploring Investment opportunities.
Launching of my book ¨Malgudi to Macondo - The journey of an innocent Indian through the seductive Latin America ¨ planned for March 2012 has been postponed to July-August 2012.
The author is not able to travel now due to a heart attack and multiple bypass surgery on 24 January.
KK Birla Group invests in Phosphate mine in Peru - January 2012.
Zuari Industries Limited of KK Birla Group and its JV partner Mitsubishi Corporation has acquired 30% stake in Fosfatos del Pacifico SA, Peru (Fospac) for $46 million through the Singapore-based JV company - MCA Phosphates Pte Ltd. The mine is located in Bayovar area in the province of Pieura, Peru and is expected to have an initial production capacity of 2.5 Mn Metric Tons.
Latin America will continue its growth in 2012- ECLAC Report
The Latin America and the Caribbean (LAC) region had a GDP growth of 4.3% (estimate) in 2011 and is projected to grow by 3.7% in 2012 despite the continuing crisis in Europe, uncertain outlook in USA and the slow down of the Asian markets.
Both Imports and exports of LAC crossed the trillion dollar mark in 2011. Imports increased by 23% to 1.038 trillion dollars.
Foreign Direct Investment leaped to a record level of 130 billion dollars from 75 billion in 2010.
Foreign exchange reserves increased to 761 billion dollars as of October 2011 from 655 billion dollars in 2010.
The total external debt as a percentage of GDP declined to 19.2% in 2011 from 20% in 2010. The fiscal accounts of Latin America closed in 2011 with a small primary surplus.
These are the highlights of the 21 December 2011 report of the Economic Commission for Latin America and Caribbean ( ECLAC) based in Santiago. More in the Market Overview page.
Seminar on ¨India and Latin America - Building on complementarities and synergies¨- 5 December 2011
The embassy of India Buenos Aires organised this in collaboration with ECLAC ( Economic Commission for Latin America and caribbean- a UN body). Economists, Intellectuals and businessmen partipated in the event held in Hotel Sheraton Buenos Aires.
ECLAC released, in the seminar, a study ¨India and Latin America and the Caribbean. Opportunities and challenges in trade and investment relations¨
More info http://indembarg.org.ar
Genpact opens BPO in Bogota - 4 October 2011 and plans to enter Argentina
The company plans to employ 1000 in the next three years and also expand to Medellin and Barranquila later. Genpact already has operations in Brazil ( 50 staff) , Mexico ( 1200) and Guatemala ( 1000).
Genpact team visiting Buenos Aires in the last week of November to assess the market.
Minergy Resources of India has acquired mines in Brazil
Minergy has a JV with Neepaz Mineral Resources and have acquired about 184,000 ha of very prime Iron Ore and Gold Concessions in the State of Tocantins and have already commenced implementation of an exploration work program. They have
- 23 concessions for Iron ore
– 1 concession for Gold
– Total area is 1688 sq kms
– All the concessions are located on both side of Palmas, within area of 240kms x 170 kms