Latin America's trade story isn't one but a kaleidoscope of triumphs and trials, where a $2.1 trillion regional trade volume in 2022 sits alongside dramatic national swings from Mexico's towering $1.2 trillion trade to Venezuela's sanctions-driven collapse and Argentina's persistent deficit.
Key Takeaways
- In 2022, total merchandise trade volume in Latin America and the Caribbean reached $2.1 trillion, marking a 15% increase from 2021
- Mexico's total trade (exports + imports) amounted to $1.2 trillion in 2023, with exports at $593 billion and imports at $604 billion
- Brazil recorded intra-regional trade of $87 billion in 2022, accounting for 12% of its total trade
- Brazil-China trade hit $150 billion in 2022
- Mexico-USA bilateral trade reached $800 billion in 2023, with US as 80% of Mexico's trade
- Chile-China trade volume was $60 billion in 2022, China as top partner at 40%
- Brazil exported $89 billion to China in 2022, mainly soy and iron ore
- Mexico's auto exports totaled $150 billion in 2023, 80% to North America
- Chile's copper exports reached 5.5 million tons valued at $50 billion in 2022
- Mexico imported $120 billion in machinery and electronics from China in 2023
- Brazil's diesel imports reached $15 billion in 2022 due to refinery issues
- Chile imported $20 billion in refined petroleum in 2023
- USMCA trade agreement boosted Mexico's exports by 20% since 2020 to $475 billion intra-bloc
- Mercosur common external tariff covers 90% of imports at average 13% in 2023
- Pacific Alliance intra-trade grew 15% to $50 billion in 2022 under free trade zone
Latin American trade surged in 2022, marked by record highs and strong regional ties.
Key Export Products
1Brazil exported $89 billion to China in 2022, mainly soy and iron ore
Verified2Mexico's auto exports totaled $150 billion in 2023, 80% to North America
Verified3Chile's copper exports reached 5.5 million tons valued at $50 billion in 2022
Verified4Colombia's coffee exports were 12 million bags worth $4 billion in 2023
Directional5Peru's gold exports hit 130 tons valued at $8 billion in 2022
Single source6Argentina's soy exports totaled $20 billion in 2023
Verified7Brazil's iron ore exports were 350 million tons at $30 billion in 2022
Verified8Ecuador's shrimp exports reached $6 billion in 2023
Verified9Venezuela's oil exports averaged 800,000 bpd valued at $25 billion in 2023
Directional10Paraguay's electricity exports to Brazil/Argentina totaled 40 GWh worth $1 billion in 2022
Single source11Bolivia's natural gas exports to Brazil were 15 BCM valued at $2 billion in 2023
Verified12Panama's fish exports (tuna) $500 million in 2022
Verified13Costa Rica's medical devices exports $8 billion in 2023
Verified14Dominican Republic's gold exports $3 billion in 2022
Directional15Guatemala's sugar exports 2 million tons $1.2 billion in 2023
Single source16El Salvador's coffee exports 1.2 million bags $400 million in 2022
Verified17Honduras' bananas exports 2.5 million tons $1.5 billion in 2023
Verified18Nicaragua's gold exports $2 billion in 2022
Verified19Uruguay's beef exports 500,000 tons $2 billion in 2023
Directional20Latin America's agri-food exports totaled $250 billion in 2022, led by soy and meat
Single sourceKey Export Products Interpretation
Latin America’s trade portfolio reads like an industrial-age menu, where Mexico serves up cars, Brazil and Argentina cater with soy, Chile offers copper as the main course, and everyone else fills the table with the continent’s rich and varied side dishes of commodities.
Key Import Products
1Mexico imported $120 billion in machinery and electronics from China in 2023
Verified2Brazil's diesel imports reached $15 billion in 2022 due to refinery issues
Verified3Chile imported $20 billion in refined petroleum in 2023
Verified4Colombia's wheat imports totaled 3 million tons $1 billion in 2022
Directional5Peru imported $10 billion in vehicles and parts in 2023
Single source6Argentina's natural gas imports from Bolivia $3 billion in 2022
Verified7Mexico's intermediate goods imports for maquiladoras $300 billion in 2023
Verified8Ecuador imported $5 billion in chemicals in 2022
Verified9Venezuela's food imports $8 billion despite hyperinflation in 2023
Directional10Paraguay imported $4 billion in fertilizers for soy in 2022
Single source11Bolivia's vehicle imports from China $1 billion in 2023
Verified12Panama imported $10 billion in consumer goods in 2022
Verified13Costa Rica's electronics components imports $12 billion in 2023
Verified14Dominican Republic imported $15 billion in petroleum in 2022
Directional15Guatemala's corn imports 2 million tons $800 million in 2023
Single source16El Salvador imported $2 billion in plastics in 2022
Verified17Honduras' rice imports 200,000 tons $150 million in 2023
Verified18Nicaragua imported $3 billion in machinery in 2022
Verified19Uruguay's vehicle imports $2.5 billion in 2023, mostly from Brazil
Directional20Latin America's total machinery imports $400 billion in 2022
Single sourceKey Import Products Interpretation
While Mexico tinkers with Chinese-made electronics, Brazil splashes on diesel, and Chile guzzles petroleum, the continent collectively writes a $400 billion love letter to the machinery of global trade, proving necessity has rendered them charmingly dependent on the world's industrial output.
Major Trade Partners
1Brazil-China trade hit $150 billion in 2022
Verified2Mexico-USA bilateral trade reached $800 billion in 2023, with US as 80% of Mexico's trade
Verified3Chile-China trade volume was $60 billion in 2022, China as top partner at 40%
Verified4Argentina-Brazil trade amounted to $25 billion in 2023, 15% of Argentina's total
Directional5Colombia-USA trade hit $40 billion in 2022, US at 30% share
Single source6Peru-China exports totaled $25 billion in 2023, China 35% of exports
Verified7Brazil-EU trade was $100 billion in 2022, EU 18% of Brazil's trade
Verified8Mexico-China imports from China reached $120 billion in 2023
Verified9Chile-USA trade volume $30 billion in 2022
Directional10Venezuela-India oil trade $10 billion in 2023 despite sanctions
Single source11Ecuador-EU trade $8 billion in 2022, bananas key
Verified12Paraguay-China soy trade $5 billion in 2023
Verified13Bolivia-Brazil gas trade $2 billion annually average 2022-2023
Verified14Panama-USA trade $15 billion in 2023
Directional15Costa Rica-USA trade dominated by Intel chips, $18 billion in 2022
Single source16Dominican Republic-USA trade $20 billion in 2023
Verified17Guatemala-China imports $4 billion in 2022
Verified18El Salvador-Taiwan trade $1.5 billion in 2023 post-Bitcoin
Verified19Honduras-China apparel imports $3 billion in 2022
Directional20Nicaragua-Venezuela aid-trade hybrid $1 billion in 2023
Single source21Latin America-China total trade surpassed $450 billion in 2023
Verified22Mercosur-EU negotiations target $100 billion potential trade boost
VerifiedMajor Trade Partners Interpretation
In one corner, the heavyweight champion USA-Mexico partnership flexes an $800 billion muscle, while in the other, China's methodical conquest of the region's commodity markets proves that in Latin America's economic ring, everyone is looking East, except when they're looking North.
Trade Agreements and Policies
1USMCA trade agreement boosted Mexico's exports by 20% since 2020 to $475 billion intra-bloc
Verified2Mercosur common external tariff covers 90% of imports at average 13% in 2023
Verified3Pacific Alliance intra-trade grew 15% to $50 billion in 2022 under free trade zone
Verified4Chile-EU FTA expanded to services, boosting trade to $45 billion in 2023
Directional5Colombia-USA FTA eliminated 80% tariffs, trade volume $35 billion in 2022
Single source6Peru-China FTA doubled trade to $35 billion since 2010 by 2023
Verified7Central America-US CAFTA-DR trade hit $60 billion in 2023
Verified8Brazil-EU Mercosur deal pending ratification, potential $20 billion annual gain
Verified9Ecuador-EU banana quota 110,000 tons duty-free under 2017 agreement
Directional10CARICOM single market eliminates tariffs on 90% goods since 2006, intra-trade $4 billion
Single source11Andean Community decision 598 tariff reduction schedule ongoing, average tariff 5% in 2023
Verified12Mexico-Japan EPA trade grew to $10 billion in 2022
Verified13Uruguay-China FTA negotiations aim for 2024, current trade $8 billion
Verified14Latin America's average applied tariff rate fell to 7.5% in 2022 per WTO
Directional15ALADI framework facilitated 50 bilateral PTAs, boosting regional trade 10%
Single source16Costa Rica-Singapore FTA services chapter opened digital trade $1 billion potential
VerifiedTrade Agreements and Policies Interpretation
While Latin America stitches a vibrant patchwork of aggressive new trade deals and patient tariff reforms, it's clear the region is strategically threading its way between global giants and local partners to weave a stronger economic fabric.
Trade Volume and Value
1In 2022, total merchandise trade volume in Latin America and the Caribbean reached $2.1 trillion, marking a 15% increase from 2021
Verified2Mexico's total trade (exports + imports) amounted to $1.2 trillion in 2023, with exports at $593 billion and imports at $604 billion
Verified3Brazil recorded intra-regional trade of $87 billion in 2022, accounting for 12% of its total trade
Verified4Argentina's trade balance showed a deficit of $5.6 billion in 2023, with exports at $66 billion and imports at $71.6 billion
Directional5Chile's merchandise exports grew by 22% to $99 billion in 2022, driven by copper prices
Single source6Colombia's total trade volume was $102 billion in 2023, up 8% from the previous year
Verified7Peru's exports reached $62 billion in 2022, with a trade surplus of $18 billion
Verified8Venezuela's trade volume plummeted to $12 billion in 2022 due to sanctions, down 40% from 2019 levels
Verified9Central America's total regional trade hit $250 billion in 2023, with 60% extra-regional
Directional10Uruguay's trade openness ratio (trade/GDP) stood at 45% in 2022
Single source11Ecuador's total exports were $35 billion in 2023, primarily petroleum
Verified12Paraguay's trade surplus reached $4.2 billion in 2022, led by soy exports
Verified13Bolivia's trade volume was $18 billion in 2023, with exports at $13 billion
Verified14Latin America's services trade totaled $420 billion in 2022, with a deficit of $50 billion
Directional15Panama's trade through the Canal supported $150 billion in goods transit value in FY2023
Single source16Costa Rica's total trade hit $50 billion in 2023, with electronics dominating
Verified17Dominican Republic's exports grew 12% to $28 billion in 2022
Verified18Guatemala's trade volume was $35 billion in 2023, up 10%
Verified19El Salvador's imports exceeded exports by $8 billion in 2022
Directional20Honduras' total trade reached $25 billion in 2023
Single source21Nicaragua's trade volume was $15 billion in 2022, with coffee key
Verified22Latin America's FDI-related trade inflows supported $300 billion in trade in 2022
Verified23Mercosur's intra-bloc trade was $50 billion in 2023, stagnant at 15% of total
Verified24Andean Community trade totaled $120 billion in 2022
Directional25CARICOM intra-regional trade reached $5 billion in 2023
Single source26Mexico-USMCA trade volume was $900 billion in 2023
VerifiedTrade Volume and Value Interpretation
Latin America’s trade landscape is a story of impressive regional dynamism—led by Mexico’s trillion-dollar engine and Chile’s copper boom—bittersweetly punctuated by Argentina’s persistent deficits, Venezuela’s sanctioned collapse, and the stubbornly low integration that sees even mighty Brazil trading mostly with itself.
Sources & References
- Reference 1CEPALcepal.orgVisit source
- Reference 2WITSwits.worldbank.orgVisit source
- Reference 3OECoec.worldVisit source
- Reference 4UNCTADunctad.orgVisit source
- Reference 5SICEsice.oas.orgVisit source
- Reference 6PANCANALpancanal.comVisit source
- Reference 7MERCOSURmercosur.intVisit source
- Reference 8COMUNIDADANDINAcomunidadandina.orgVisit source
- Reference 9CARICOMcaricom.orgVisit source
- Reference 10USTRustr.govVisit source
- Reference 11GOVgov.brVisit source
- Reference 12CENSUScensus.govVisit source
- Reference 13PROCHILEprochile.gob.clVisit source
- Reference 14ECec.europa.euVisit source
- Reference 15FMPRCfmprc.gov.cnVisit source
- Reference 16POLICYpolicy.trade.ec.europa.euVisit source
- Reference 17INEGIinegi.org.mxVisit source
- Reference 18COCHILCOcochilco.clVisit source
- Reference 19FEDERACIONDECAFETEROSfederaciondecafeteros.orgVisit source
- Reference 20MINEMminem.gob.peVisit source
- Reference 21DNVALEdnvale.comVisit source
- Reference 22CAMARAECUATORIANADEACUICULTURAcamaraecuatorianadeacuicultura.org.ecVisit source
- Reference 23OPECopec.orgVisit source
- Reference 24ANDEande.gov.pyVisit source
- Reference 25YPFBypfb.gob.boVisit source
- Reference 26AIDUCAaiduca.orgVisit source
- Reference 27PROCOMERprocomer.comVisit source
- Reference 28CENGICANAcengicana.org.gtVisit source
- Reference 29CAFESDEELSALVADORcafesdeelsalvador.gob.svVisit source
- Reference 30APRHaprh.orgVisit source
- Reference 31GUBgub.uyVisit source
- Reference 32FAOfao.orgVisit source
- Reference 33AGENCIAagencia.anp.gov.brVisit source
- Reference 34MINAGRICULTURAminagricultura.gov.coVisit source
- Reference 35ENARGASenargas.gob.arVisit source
- Reference 36BANXICObanxico.org.mxVisit source
- Reference 37BCEbce.fin.ecVisit source
- Reference 38MICmic.gov.pyVisit source
- Reference 39INEine.gob.boVisit source
- Reference 40ATPatp.gob.paVisit source
- Reference 41MAGmag.gob.gtVisit source
- Reference 42BCRbcr.gob.svVisit source
- Reference 43SAGsag.gob.hnVisit source
- Reference 44BCNIbcni.gob.niVisit source
- Reference 45URUGUAYXXIuruguayxxi.gub.uyVisit source
- Reference 46ALIANZAPACIFICOalianzapacifico.netVisit source
- Reference 47MINCETmincet.gob.peVisit source
- Reference 48TRADEtrade.ec.europa.euVisit source
- Reference 49JETROjetro.go.jpVisit source
- Reference 50STATSstats.wto.orgVisit source
- Reference 51ALADIaladi.orgVisit source