India's exports to Argentina decrease by 19% in 2014

India's exports to Argentina in 2014 were 560 million dollars, down by 19%, from 696 million in 2013. This is not surprising given the difficult economic situation of Argentina which has number of restrictions on imports due to foreign exchange shortage.

India's imports increased by 32% reaching 1846 m from 1105 m in 2013. This is due to the increase in imports of soy oil by India which were 1560 million dollars in 2014. The imports of Soy oil are likely to increase in the future in view of the growing gap between demand and supply of vegetable oils in India.

The good news in 2014 was the lifting of restrictions on Indian pharmaceuticals by the Argentine government which was earlier held to ransom by the local pharma industry lobby.

The Argentine economy is expected to improve after the end of the government of President Cristina this year.

India's trade with Venezuela declined in 2014… No surprise..

India's trade with Venezuela declined by 40% reaching 8358 million dollars in 2014 from 14186 million in 2013.  Venezuela remained as India's second largest trading partner in Latin America after having overtaken Brazil in the previous years.

The main reason is the flaa in price of crude oil which forms 99% of India's imports. Still, Venezuela continues to be the top supplier of crude oil from Latin America and will continue in the future too

India's imports in 2014 were 7959 million down from 13940 in 2013.

India's exports decreased by 30% in 2014 to 246 million dollars from 358 million in 2013. This is also not surprising since the Venezuelan economy is in a mess with acute shortage of foreign currency, corruption in the control of allotment of foreign exchange for imports, several different rates of exchanges, over 60% inflation ( the highest in latin America) and mismanagement of the economy. The government keeps the oil export figures as secret and do not publish them. The figures have to be estimated by going to the statistics of importing countries.

The economic situation has got worse with the fall in oil prices and the government has no clue to deal with the crisis at the moment.

But the country has the potential and resources to become prosperous when the politics becomes normal. The country has as much as 300 billion barrels of oil reserves, equivalent to the Saudi reserves. Besides, the country has minerals and agricultural potential.

India's exports to Colombia increased by 19% in 2014

India's exports to Colombia reached a record 1297 million dollars in 2014 increasing by 19% from 1083 m in 2013.

Motor cycles were the leading exports amounting to 316 million, followed by vehicles-142 m, cotton yearn-126 m, organic chemicals-110 m and pharmaceuticals 61 million dollars.

India's imports declined slightly to 2738 million dollars in 2013 from 2993 m in 2013, due to the decline in fall of oil prices. Crude oil accounted for 2641 m forming 96% of India's imports.

Total trade with Colombia stood at 4036 million dollars in 2014 as against 4076 m in 2014.

India's exports to Mexico have increased by an impressive 30% in 2014

India's exports to Mexico increased by an impressive 30% reaching 3727 million dollars in 2014 from 2720 million in 2013. The major items of exports were: organic chemicals, auto parts, electrical machinery, aluminum products, garments and pharmaceuticals.

Imports from Mexico declined by 23%  to 2720 m $ in 2014 from 3524 m in 2013. Crude oil accounted for 2291 m and 84% of imports. The reason for the decrease in imports is the decline in the price of crude oil. India is the eight largest destination for Mexican exports.

India's trade with Mexico stood at 6447 m $ in 2014 increasing slightly from 6393 m in 2013.Mexico is the third largest trade partner of India after Venezuela and Brazil.

Mexico is the largest trading nation in Latin America with 398 bn exports and 400 bn imports. 85% of exports go to USA. Vehicles is the largest export amounting to 85 bn in 2014.

Mexico is concerned by the growing trade deficit with China which soared to 60 billion dollars in 2014. While Mexico's exports to China were only 6 bn their imports from China was 66 bn.

India's trade with Chile reached a record 3.8 billion dollars in 2014

India's trade with Chile increased by 32% in 2014 reaching 3.8 billion dollars. India's exports were 620 million and imports 3192 million dollars.

India's exports have decreased slightly from 692 million in 2013. The leading item of India's export is car - 140 million dollars. Motor cycles, commercial vehicles and medicines were the other major items.

Chile's exports have increased from 2183 million dollars in 2013 to 3192 m in 2014. Copper is main export accounting for 2237 m. wood pulp and fresh apples were other important items of import.

Chile is the fifth largest trading partner of India after Venezuela, Brazil, Mexico and Colombia.

India's trade with Brazil increased by 20% in 2014 despite Brazilian economic stagnation

India's trade with Brazil reached a record 11.42 billion dollars in 2014 increasing by 20% from 9.49 bn in 2013. This is impressive considering the fact that Brazilian economy had slowed down in 2014 to a meagre 0.2% growth and the country's imports had declined by 4.46%. The average annual growth since 2010 has been 20%.

India has become the 8th largest trade partner of Brazil in 2014 climbing from 12th position in 2013.

In 2014 India's exports were 6.64 billion and imports 4.79 bn.

India's exports have increased by 50 % from 4.2 bn in 2010 to 6.64 bn in 2014. which had declined from 6.06 bn in 2010. India's main export is diesel which accounted for 3.52 bn ( 53%) of the total of 6.64 bn. Exports of Chemicals, pharma, plastics and rubber products were 1.5 bn with a share of 22%. Engineering products constituted 13% and textiles 8.3% of the exports.

India's imports have increased by 53% from 3.13 bn in 2013 to 4.79 bn in 2014.  Crude oil is the main import ( 49%) followed by raw sugar(13%), soy oil( 7.6%), gold, copper and iron ore. India has started importing gold from Brazil with 278 million dollars in 2014.

In 2015 Brazil is projected to suffer a GDP contraction of 0.9%. The construction and infrastructure projects are expected slow down as a consequence of the ongoing Petrobras corruption scandal in which many private sector companies are also involved.

Latin America is projected to grow only 1% in 2015

Latin American GDP growth in 2015 has been revised down to 1% by ECLAC in its 7 April 2015 report. This is the lowest growth in the last six years. It is a marginal deterioration from the 2014 growth of 1.1%

South America is expected to show zero growth while Central America is likely to get 3%

Brazil's GDP will face a contraction of 0.9% and Venezuela will suffer a 3.5% negative growth

Mexico's GDP growth projected at 3%, Argentina zero percent, colombia-3.6%, Peru-4.2% and Chile-3%.

Panama will have the highest growth of 6% followed by Bolivia with 5%.

Central America and Mexico benefit from the recovery of US which is their main export market while South America faces less demand from China and lower prices for its export commodities.

More information
http://www.cepal.org/sites/default/files/pr/files/tabla._proyecciones_pib_america_latina_y_el_caribe.pdf