tag:blogger.com,1999:blog-72187143334417474862024-03-06T12:02:19.891-08:00business with latin america...passionate about Latin America...viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.comBlogger290125tag:blogger.com,1999:blog-7218714333441747486.post-66402392461390211242020-04-19T21:27:00.002-07:002020-05-01T23:14:53.206-07:00moving over to Latin American Affairs blog<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "arial" , "helvetica" , sans-serif;">From January 2020 I am discontinuing this blog. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">I had started this blog in 2006 specifically to write</span><span style="font-family: arial, helvetica, sans-serif;"> on Latin American markets and India-Latin America business. I had a separate blog Latinamericanaffairs for culture and politics started in 2005.</span><br />
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<span style="font-family: arial, helvetica, sans-serif;">Now I have decided to keep just one blog </span><span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="http://latinamericanaffairs.blogspot.com/">http://latinamericanaffairs.blogspot.com/</a> for all my writings on business, markets, culture and politics.</span></div>
viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-83362023498216010082019-11-07T05:22:00.005-08:002019-11-07T23:08:17.581-08:00Decade of Deception for Latin America 2011-19<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Latin America’s GDP is projected to grow by 0.2% in 2019,</span><span style="font-family: "arial" , "helvetica" , sans-serif;"> according to an IMF report of October. This meagre growth will close the miserable second decade with an average annual growth of just 1.4% in the last nine years.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">After the peak growth of 6.3% in 2010, the rate has gone down in the last nine years and ran into negative growths in 2015 and 2016. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The good news is that it is going to be better in 2020 and possibly in the next decade.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The GDP growth rate is projected to increase </span><span style="font-family: "arial" , "helvetica" , sans-serif;">to 1.8% in 2020.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The ten South American countries will together suffer a GDP contraction of 0.2 this year but will resume growth of 1.8% next year.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Central America’s growth rate will increase to 3.4 % in 2020 from 2.7% in 2019.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The changes projected in GDP growth of the major markets of Latin America from 2019 to 2020 are:<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Brazil’s growth rate will increase from 0.9% this year to 2% next year.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Mexico 0.4% to 1.3 %<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Argentina from negative 3.1 to negative 1.3 percent<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Colombia 3.4% to 3.6%<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Chile 2.5% to 3 %<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Peru 2.6% to 3.6%<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Even Venezuela is going to improve… from 35% economic contraction this year to just 10% contraction next year. However, t</span><span style="font-family: arial, helvetica, sans-serif;">heir inflation will increase from 200,000 % in 2019 to 500,000% in 2020. I wonder how IMF has arrived at this exact number despite the fact the Venezuelan government figures are unreliable, some of them secret and some information which the Venezuelans themselves don’t know.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The Argentine inflation will come down to 51% next year from 54 % this year.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">But the average inflation of the region will dip from 7.2% this year to 6.7 % next year ( not including Venezuela)<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">In the first decade of the twenty first century, Latin America underwent a paradigm shift with remarkable political stability, economic growth, Inclusive Development and a new promise. There was a new wave of confidence and optimism when the region grew by 6.3 % in 2010, in the aftermath of the global financial crisis. There was unanimous acclaim when the first decade was named as the “ Decade of Latin America”. It was also called as the “ Decade of Growth” to contrast with the “ Lost Decade” of the eighties when the region’s economy was hit by the “ Washington Consensus” resulting in increased poverty and inequality. The decade of growth was guided by Brasilia Consensus which reduced poverty and inequality through a pragmatic and balanced mix of pro-poor and business-friendly policies.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">So how does one describe this unfortunate second decade in which neoliberalism was revived in some countries but again without positive outcome. The best example is Argentina, where President Macri did everything what the Free Market told him. Result, Argentina is worse than what it was in the pre-Macri days with more poverty, higher inflation, debt and devaluation. On the other hand, the Chavistas misused the name of socialism to ruin the country with incompetent and corrupt policies. Venezuela is in a hopeless mess politically, economically and socially. <o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">So let us call us this as a “Decade of Deception”. The region was betrayed by the Left as well as the Right.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Hopefully, the region will learn the right lessons and move “ up” through the Centre instead of swerving to extreme Left or Right.. It has been conclusively proven that neither 100% socialism nor Free Market can solve the problems of development. There is need for a flexible, pragmatic mix of pro-poor and business-friendly policies. <o:p></o:p></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The next decade starting from 2020 could be the Decade of Hope.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The main reason for my hope is the power of the people of Latin America. In the last few weeks and years they have taught lessons to both the Rightist and Leftist political leaders and governments.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">In the recent weeks, the people of Chile, Peru and Ecuador have shown their power through protests and made their governments to reverse some policy decisions. The electors have punished both the Left and the Right in the recent elections in Brazil, Mexico and Argentina.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif;">Political leaders from both the Right and Left have learnt enough lessons in recent years. So the governments in the coming decade would be more careful and less adventurous.They have no choice but to be more responsive to the needs of the people. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">This Power of the People is the best hope and guarantee for the democracy and prosperity of the region. </span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-88558157542335029742019-08-20T04:21:00.000-07:002019-08-20T04:49:51.738-07:00Investment in the Lithium Triangle of South America<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Lithium has emerged as important for major countries and companies since it is one of the key inputs for the manufacture of lithium-ion batteries, which store the energy that powers mass-market electronic devices (such as telephones, tablets, laptop computers, wireless tools), automobiles and other electric vehicles, as well as electric power grids (when connected to wind turbines and photovoltaic cells). </span><span style="font-family: "arial" , "helvetica" , sans-serif;">Demand for lithium is expected to triple between 2017 and 2025. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The government of India, which also has a Lithium strategy, should take note of the ongoing foreign investment in the Lithium Triangle of Argentina, Chile and Bolivia, which has more than half of the world’s Lithium reserves.<o:p></o:p></span></div>
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<a href="https://1.bp.blogspot.com/-4UFT2O81gwE/XVvXi7UCg9I/AAAAAAAAFXQ/ZCjSpAJ-57AxzjJWgDTC6x81yyEaCtK1ACLcBGAs/s1600/lithium%2Btriangle.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="349" data-original-width="620" height="180" src="https://1.bp.blogspot.com/-4UFT2O81gwE/XVvXi7UCg9I/AAAAAAAAFXQ/ZCjSpAJ-57AxzjJWgDTC6x81yyEaCtK1ACLcBGAs/s320/lithium%2Btriangle.jpg" width="320" /></a></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The single largest FDI in Latin America in 2018 was by the Chinese company Tianqi Lithium which paid US$ 4.066 billion for 24% of Sociedad Química y Minera de Chile (SQM), the world’s second largest lithium producer with 23% of the global market. With this acquisition, Tianqui has become the world’s leading lithium producer with 14% of global output. <o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The Korean firm POSCO has announced its intention to invest US$ 450 million in a project to produce lithium at Salar del Hombre Muerto, where it acquired a deposit in 2018; and it estimates that production will start in 2021. Another major project was announced by France’s Eramet, the world’s largest producer of nickel and magnesium, which will invest US$ 380 billion in Salta for the production of lithium carbonate which should start production in 2020. The start of construction of South America’s first lithium battery factory was also announced, resulting from a partnership between the province of Jujuy and the Italian firm SERI. The factory, representing an estimated investment of US$ 60 million, will be managed by Jujuy Litio S.A., a joint venture between Jujuy Energía y Mineria Sociedad del Estado (JEMSE) (60%) and SERI (40%)<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Although Bolivia has 9 million tons of Lithium reserves, (16% of the global total), the country still does not produce lithium. Recently it has signed two agreements for the industrial production of lithium. One of these is between the State enterprise Yacimientos de Litio Bolivianos (YLB) and the German ACI Systems Germany GmbH (Acisa), for an estimated investment of US$ 1.3 billion. In late 2018, a joint venture for the sustainable extraction and production of lithium hydroxide was set up in Salar de Uyuni, Potosí. In a second stage, it was agreed to form another joint venture to manufacture cathode and battery systems material in Bolivia and in Germany. Another agreement was signed with China, for the creation of a joint venture in 2019 to undertake lithium industrialization projects in the salt flats of Pastos Grandes (Potosí) and Coipasa (Oruro), with an expected investment of over US$ 2 billion. The Bolivian government has been inviting Indian government and companies to invest in their Lithium mines.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">More information in ECLAC report of August 2019 <o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="https://repositorio.cepal.org/bitstream/handle/11362/44698/10/S1900447_en.pdf" style="color: #954f72;">https://repositorio.cepal.org/bitstream/handle/11362/44698/10/S1900447_en.pdf</a><o:p></o:p></span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-50494618539864900572019-08-01T22:41:00.001-07:002019-08-02T00:55:06.803-07:00 Latin America's modest economic growth in this year and decade<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "arial" , "helvetica" , sans-serif;"> Latin American GDP is forecast to grow by a modest 0.5% in 2019, according to a report released by UN ECLAC this week.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The decrease in growth is due to domestic reasons such as lesser investment, reduction in exports, fall in public spending and private consumption. Growth was also affected by the global environment of fall in commodity prices, slow down by China which has reduced imports and trade wars unleashed by President trump.<o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Latin America started this decade with the highest growth rate of 6.2% in 2010. It came down since then and even went into negative 0.2% in 2015 and 1% in 2016. It recovered to positive 1.1% in 2017 and 0.9% in 2018.<o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The region will end this decade with a modest average growth rate of 1.9% as against 3.15% in the last decade.<o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Dominican Republic will have the highest growth in 2019 at 5.5%, followed by Panama 4.9% and Bolivia 4%. Brazil, the biggest economy will see a growth of 0.8% and Mexico, the second biggest 1%. Colombia, Peru and Chile will grow around 3%. <o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Bolivia has a cumulative growth of 44.3% in the last nine years. With the prediction of 4% growth in 2019, Bolivia will end the decade with an impressive 4.83% average growth. The lowest growth in the decade was 4.1%. <o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">What is interesting is that this has been achieved by the Leftist government of Evo Morales. He has been in power for the last 14 years since January 2006. The cumulative GDP growth in this period is 67.2% at an average annual growth of 4.8%. This is not only a commendable achievement. This kind of sustained growth and stability for 14 years at a stretch should be a record in the history of Bolivia.<o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">It is not just growth. It is an impressive Inclusive Growth. The socialist government of Morales has reduced poverty and inequality in the last 14 years much more than any other country in Latin America. This is a success story of Socialism in the contemporary democratic history of the world. Unfortunately Chavez and a few other Leftist have given a bad name to socialism with mismanagement of the economy. <o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Unsurprisingly, Venezuela will suffer contraction of 23% in 2019. But surprisingly, Argentina too will face economic contraction of 1.8% ( although it is better than the 2.5% contraction in 2018) while Nicaragua’s GDP will shrink by 5% after the 3.8% drop in GDP in 2018.<o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The region’s average inflation is expected to climb to 8.1% in 2019 from 7 % in 2018 and 5.7% in 2017. This is after excluding Venezuelan inflation which reached 280,000 percent in 2018. Again, Argentina has an unwelcome surprise. Its inflation reached 56.8 % in May 2019 from 26% in May 2018<o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">On the positive side, FDI in Latin America went up in 2018 to 143 billion dollars from 119 bn in 2018. Brazil received the highest FDI amount of 74 bn, followed by Mexico 26 bn, Peru 6.5 bn, Colombia 6.2 bn, Panama 5.4 bn, Chile 4.1 bn and Dominican republic 2.5 bn.<o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The total exports of the region crossed a trillion dollars to 1.08 trn in 2018 from 995 billion in 2018. The imports also passed the trillion mark reaching 1.06 trn in 2019 from 961 bn. The region maintained a marginal trade surplus in 2019, as in most of the years in the past.<o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The foreign exchange reserves of the region in May 2019 was 879 billion dollars, a comfortable figure. Venezuela’s reserves were just 7 billion dollars, not sufficient to cover even essential imports. <o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Gross external debt of the region stood at 2 trillion dollars in 2018, which is just 40% of the total GDP. This ratio is reasonable and manageable. The only exceptions are: again, Venezuela and Argentina. Venezuela has 151 bn external debt but does not have the capacity to pay even interest due to severe shortage of foreign exchange. The US sanctions on venezuela’s oil exports has the hit the country hard since oil export is the mainstay of the Venezuelan economy. Argentina has received 38 billion dollars of credit from IMF as part of the package of 57 billion dollars. Repayment of this large debt will force Argentina into austerity with public expenditure cuts in the coming years.<o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The Argentine economy which is precarious at this moment will know its direction in the elections in October. The centre-right President Macri is facing tough challenge from the leftist Peronist challenger ex-president Cristina Fernandez who has gained strength because of the poor economic performance of the Macri government.<o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">In the October 2019 elections, President Morales will seek a fourth term, which is a violation of the limit on mandate according to the constituition framed by Morales himself. It would be better if he stands down and let somebody else take over this time. This will safeguard his glorious legacy. But he insists in continuing in power, following the disastrous example of Chavez and Ortega. Pity..<o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The Venezuelan economic situation is getting worse and becoming desperate after the US sanctions on oil exports. Although the threat of US military intervention is now ruled out, Venezulan political crisis might drag on and lead to further misery for the population.<o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">If President Trump gets reelected in 2020, the region will continue to face challenges of growth.<o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">But there is a surprising positive news. Bolsonaro, the extremist right President of Brazil started off with dangerously negative statements on Mercosur, China and globalization. But the neoliberalists in his government have stopped these pronouncements becoming policies. In a dramatic surprise, Mercosur has just concluded a Free Trade Agreement with European Union. The negotiations were going on for the last twenty years indifferently and it looked hopeless. Now the Brazilian government has shown interest in more Mercosur FTAs with Canada, Korea, EFTA and even USA. These FTAs will open up Brazil and Argentina which have remained as closed markets for a long time. <o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Despite Latin America’s meagre economic growth in 2018-19, India’s exports have increased by 9.6% in the period April 2018-March 2019 reaching 13.16 billion dollars from 12 billion last year. UPL, the largest Indian agrochemical company, has increased its business to 1.2 billion dollars in Brazil and 1.6 billion in Latin America, overtaking their 0.9 billion Indian business. <o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Of course, the US sanctions has forced Reliance and the public sector oil companies to stop oil imports from Venezuela. However some oil keeps coming through the Russian oil company Rosneft which has invested in Venezuelan oil production and acquired the Essar oil refinery in Gujarat. In any case, India can buy more oil from Brazil, Mexico, Ecuador and Colombia, the other oil exporters to offset the loss of Venezuelan oil.<o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The Latin American business is focusing on India more seriously after the Chinese slow down, Brexit uncertainty in Europe and the Trump trade wars. <o:p></o:p><u1:p></u1:p></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Although the region's economic growth in this decade is just 1.9%, India's exports have doubled from 6.2 billion dollars in 2009-10 to 13.16 bn in 2018-19. This could be doubled if India explores seriously and systematically the </span><span style="font-family: arial, helvetica, sans-serif;">5 trillion dollar market of Latin America with a middle income population of 600 million people. </span></div>
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ECLAC report<br />
<a href="https://www.cepal.org/en/pressreleases/economic-slowdown-continues-regional-gdp-expected-grow-05-2019">https://www.cepal.org/en/pressreleases/economic-slowdown-continues-regional-gdp-expected-grow-05-2019</a></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-5202112632459537382019-07-07T06:48:00.005-07:002019-07-07T22:16:41.633-07:00Ecuador joining Pacific Alliance<div dir="ltr" style="text-align: left;" trbidi="on">
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Ecuador has started the process to become member of Pacific Alliance in the first week of July 2019. This was confirmed and welcomed at the summit of the Alliance held on 7 July.<br />
It is geographically logical given the fact that Ecuador is tucked in between Colombia and Peru, the only neighbours of the country.<br />
Since UNASUR and Andean Community (of which Ecuador was a member) are dead, Ecuador needs to join a Group and Pacific Alliance is a natural choice.<span class="text_exposed_show" style="display: inline; font-family: inherit;"><br />In any case, Ecuador has already signed FTA with Colombia, Peru and Chile.. It will soon sign one with Mexico.<br />While all the four members of Pacific Alliance have signed FTA with US, Ecuador is the only one which has no FTA with US.</span><br />
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<span class="text_exposed_show" style="display: inline; font-family: inherit;"><br />It is a pity that the Andean Community, which was the best instituitionalised Group in Latin America, was killed by Chavez, at the height of his arrogance.<br />On the other hand, UNASUR has been buried by the rightist Presidents of South America, who did not like the Group formed by Lula and the other Leftist Presidents.<br />The only countries remaining solo without being part of any regional groups in South America are Venezuela and Bolivia. Although Venezuela had joined Mercosur, the rightists of Brazil and Argentina threw out Venezuela from membership. Bolivia is hanging on to Associate membership of Mercosur.</span><br />
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<span class="text_exposed_show" style="display: inline; font-family: inherit;">Ecuador's membership interest is due to President Lenin Moreno who is a centrist pragmatist in contrast to his radical Leftist predecessor Rafael Correa who would not have joined the Pacific Alliance. Correa was enthusiastic about UNASUR and got its headquarters in Quito.</span><br />
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<span class="text_exposed_show" style="display: inline; font-family: inherit;">While Chile, Peru and Colombia the three members of the Pacific Alliance Group have centre-right presidents, Mexico the biggest member has a leftist one Lopez Obrador. It seems that he is not too enthusiastic about the Alliance. He did not attend the 7 July summit. Of course, he is focussed more on Mexico's domestic issues and does not care much for foreign policy. alliances or global profile. </span><br />
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<span class="text_exposed_show" style="display: inline; font-family: inherit;">India's trade with Ecuador in 2018-19 was 517 million dollars of which exports were 298 million and imports 219 m. Ecuador is a regular source of crude oil imports of India. In May 2019, India had initiated FTA negotiations with Ecuador.</span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-56609338646821982862019-06-29T02:33:00.001-07:002019-06-30T00:09:41.013-07:00Mercosur-European Union Trade Agreement <div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Mercosur and European Union reached a political agreement for a Free Trade Agreement (FTA) on 28 June. The new trade agreement is part of a wider Association Agreement between the two sides.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">This is a surprising but positive news. </span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Surprise, because of three things. First, the negotiations have been going on since 2000 slowly and indifferently and almost forgotten for many years. Even I did not anticipate its conclusion now. Secondly, both Mercosur and EU are in a stage of internal crisis at this time and one did not expect them to focus on conclusion of the deal, which is complicated. Bolsonaro did not show any enthusiasm for Mercosur in the beginning and was skeptical. He and his foreign minister were anti-globalisation and anti-trade extremists as part of their imitation of Trump’s vision. This had put a question mark on the future of Mercosur itself. On the other hand EU was mired in the Brexit crisis. Thirdly, the negotiations faced the great challenge of access to the agricultural exports of Mercosur to EU, which is protectionist especially in the case of agro products. <o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Positive, because the FTA with EU will boost trade and prosperity of the members of the Group ( Brazil, Argentina, Uruguaya and Paraguay) . The FTA gives hope for the future of Mercosur, besides adding to its collective strength. In fact, it is more than positive. It is fantastic news for South America especially after the disruptive Bolsonaro and Argentine economic crisis.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">This is the most serious, comprehensive and biggest FTA Mercosur has signed so far. Since EU is a big force, the Mercosur members especially Brazil and Argentina will be forced to discipline themselves more in trade practices. Otherwise, these two big brothers used to change trade policies any time freely without restraint. Brazil will no longer be able to keep its market closed as in the past. In short, it is a game changer for Mercosur.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: xx-small;">The deal has a clause mentioning the commitment of both sides to environmental protection and sustainable development under Paris Climate Agreement. Brazilian foreign minister Araujo, who called climate change agenda as a project of cultural Marxists, has to eat his words now. President Bolsonaro has to restrain himself and his rancher friends from poaching into Amazon. Brazil has no choice but to reiterate its commitment on environment.</span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;"> </span><span style="background-color: white; color: #333333;">Macron had threatened not to sign any EU-Mercosur trade deal if Brazil pulled out of the Paris climate accord.</span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The EU-Mercosur deal has to be ratified by the parliaments of the countries on both the sides. This should not take that long since it is considered as a fair and win-win deal by many observers on both sides. </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: xx-small;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: xx-small;"><span style="font-size: xx-small;">The conclusion of this large trade deal between the substantial markets of EU and Mercosur is a victory against the trade protectionist challenges and trade wars from Trump and his right wing fellow travellers. </span><span style="font-size: x-small;"> <span style="font-size: xx-small;"><o:p></o:p></span></span></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">This is the largest deal both for Mercosur and for EU. It covers a combined market of 800 million people. Mercosur is market of 285 million population and EU has over 500 million people. It is indeed a formidable combination in global trade.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The deal is comprehensive with elimination/reduction of tariffs, facilitation of entry into services market, government procurement and E-commerce as well as intellectual property rights. There are environmental and labour protection clauses too.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b><span style="color: #555555;">Elimination of customs duties</span></b><span style="color: #555555;"><o:p></o:p></span></span></div>
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<span style="color: #555555;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The agreement will, over time, remove duties on 91% of goods that EU companies export to Mercosur. For example, Mercosur countries will remove high duties on industrial products, such as:<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">Chemicals (taxed up to 18%)<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">Clothing (taxed at up to 35%)<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">Pharmaceuticals (taxed at up to 14%)<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">Leather shoes (taxed at up to 35%)<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">Textiles (taxed at up to 35%)<o:p></o:p></span></span></div>
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<span style="color: #555555;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The agreement will also progressively eliminate duties on EU food and drink exports, such as:<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">Wine (taxed today at 27%)<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">Chocolate (taxed at 20%)<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">Whiskey and other spirits (taxed at 20 to 35%)<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">Biscuits (taxed at 16 to 18%)<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">Canned peaches (taxed at 55%)<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">Soft drinks (taxed at 20-35%)<o:p></o:p></span></span></div>
<div class="MsoNormal" style="color: black; font-weight: normal; letter-spacing: normal; line-height: 15.85pt; margin: 12pt 0in; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: xx-small;">The agreement will also eliminate import duties on 92% of Mercosur goods exported to the EU.</span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: xx-small;"> </span></span><span style="background-color: white; color: #404040;">Under this deal, Mercosur would increase exports of beef, sugar, poultry and other farm products to EU. T</span><span style="background-color: white; color: #404040;">ariffs on products such as orange juice, instant coffee and fruit are being eliminated. P</span><span style="background-color: white; color: #404040;">roducts such as meat, sugar and ethanol would have greater access to the EU.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; color: #404040; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span></span></div>
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; color: #404040;"><span style="box-sizing: inherit; color: #555555;">The EU has admitted that this agreement presents some challenges to European farmers. It has promised that it will only open up to agricultural products from Mercosur with carefully managed quotas that will ensure that there is no risk that any product will flood the EU market and thereby threaten the livelihood of EU farmers.</span> </span></span><span style="background-color: white; color: #333333;">France, which has regularly expressed concern over the risk of a surge in South American agricultural exports to Europe, welcomed provisions protecting European geographical origin certification for food products and limiting Mercosur exports of sugar and beef.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b><span style="color: #555555;">Trade in services and establishment</span></b><span style="color: #555555;"><o:p></o:p></span></span></div>
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<span style="color: #555555;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Each year, the EU exports more than €20 billion in services to Mercosur countries.<o:p></o:p></span></span></div>
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<span style="color: #555555;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The agreement will make it easier for EU firms to provide services to the rapidly expanding Mercosur market and will provide new opportunities to invest through establishment in both services and manufacturing sectors. It will also ensure a level playing field between EU service providers and their competitors in the Mercosur market.<o:p></o:p></span></span></div>
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<span style="color: #555555;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The services covered include a wide range of sectors and sector-specific regulatory provisions exist for postal and courier services, telecommunications and financial services.<o:p></o:p></span></span></div>
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<span style="color: #555555;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The agreement also contains advanced provisions on the movement of professionals for business purposes, such as managers or specialists that EU companies post to their subsidiaries in Mercosur countries.<o:p></o:p></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b><span style="color: #555555;">E-commerce</span></b><span style="color: #555555;"><o:p></o:p></span></span></div>
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<span style="color: #555555;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The agreement contains general rules regarding e-commerce that aim to remove unjustified barriers to trade made by electronic means, bring legal certainty for companies and ensure a secure online environment for consumers, with their data being appropriately protected.<o:p></o:p></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b><span style="color: #555555;">Government procurement</span></b><span style="color: #555555;"><o:p></o:p></span></span></div>
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<span style="color: #555555;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">For the first time, Mercosur countries will open up their government procurement markets. EU companies will be able to tender for contracts with public authorities, such as central government ministries and other governmental and federal agencies, on an equal footing with companies from Mercosur countries.<o:p></o:p></span></span></div>
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<span style="color: #555555;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The trade agreement will also make the tendering process more transparent. Each Mercosur country has agreed to publish contract notices for the procurement covered by the agreement online at a national single point of access.<o:p></o:p></span></span></div>
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<span style="color: #555555;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The EU has offered Mercosur suppliers reciprocal access to the EU procurement market at central level, meaning procurement by EU institutions, and by central government contracting authorities in EU Member States.<o:p></o:p></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b><span style="color: #555555;">Intellectual Property Rights</span></b><span style="color: #555555;"><o:p></o:p></span></span></div>
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<span style="color: #555555;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The agreement includes solid provisions covering Intellectual Property Rights on copyright, trademarks, industrial designs, geographical indications and plant varieties. The section on Intellectual Property Rights also includes comprehensive provisions on the protection of trade secrets.<o:p></o:p></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">More information <a href="http://trade.ec.europa.eu/doclib/press/index.cfm?id=2040" style="color: #954f72; text-decoration: underline;">http://trade.ec.europa.eu/doclib/press/index.cfm?id=2040</a><o:p></o:p></span></div>
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<b><span style="color: #404040;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Mercosur-EU trade<o:p></o:p></span></span></b></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">The EU is Mercosur's second biggest trade in goods partner, accounting for 20.1% of the bloc's total trade in 2018.<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">The EU's exports to the four Mercosur countries totalled €45 billion in 2018. Mercosur's exports to the EU were €42.6 billion in 2018.<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">Mercosur's biggest exports to the EU in 2018 were agricultural products, such as foodstuffs, beverages and tobacco (20.5%), vegetable products including soya and coffee (16.3%) and meats and other animal products (6.1%).<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">The EU's exports to Mercosur include machinery (28.6%), transport equipment (13.3% of total exports), chemicals and pharmaceutical products (23.6%).<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">The EU exported €23 billion of services to Mercosur while Mercosur exported € 11 billion of services to the EU in 2017.<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">The EU is the biggest foreign investor in the region, with an accumulated stock of investment that has gone up from €130 billion in 2000 to €381 billion in 2017.<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #555555;"><span style="mso-list: Ignore;">§<span style="font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: #555555;">Mercosur is a major investor in the EU, with stocks of €52 billion in 2017.<o:p></o:p></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>Mercosur's major trade partners</b></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">China remains as the largest trading partner with 130 billion ( exports-46 bn and imports from Mercosur 84 bn)</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> US is the second largest with 92 billion of which 54 bn are exports and 38 bn imports from Mercosur).</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>India-Mercosur trade</b></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">India's trade with the four Mercosur member countries was 11.13 billion dollars in 2018-19. Of this, exports were 4.7 billion dollars and imports 6.43 billion.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The Mercosur-EU should not seriously affect India’s business with Mercosur since the products exported by India are different from EU’s exports. However, there is concern in the case of few products such as pharmaceuticals and cars. The intellectual property clause in the FTA might cause some problems for India’s export of generic pharmaceuticals. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Preferential Trade Agreement (PTA) was concluded in march 2005. Preferential duty ( 10-20 percent in most cases) is given to 452 Indian products entering mercosur and reciprocal concession to 450 products of mercosur entering India. The PTA has become effective from June 2009.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Duty discount for 452 Indian exports as follows:</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">10 % : 394 products <br style="overflow-wrap: break-word;" />20 % : 45 products <br style="overflow-wrap: break-word;" />100%: 13 products </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Duty discount on 450 Mercosur exports:</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">10 % : 93 products <br style="overflow-wrap: break-word;" />20 % : 336 products <br style="overflow-wrap: break-word;" />100 % : 21 products </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The two sides decided to expand the PTA by including more items and make deeper tariff cuts. Negotiations have been going on for the last several years. This is a good time for India to press Mercosur to finalize the negotiations for expansion of the India-Mercosur PTA. Mercosur should find it very easy and simple to conclude the expanded PTA with India in comparison to the tough and complicated FTA with EU. President Bolsonaro has said that Mercosur is looking forward to sign trade agreements with more countries.</span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-88245606414645376162019-06-24T23:10:00.001-07:002019-07-13T07:00:14.824-07:00 Latin America is more important for India’s exports than some neighbours and traditional trade partners<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">India exported more to the distant (15000 km) Guatemala ( 305 million dollars) than to the neighbouring (3400 km) Cambodia ( 196 million</span><span style="font-size: 14pt;">$)in 2018-19,.</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">India</span><span style="font-size: 14pt;">’s export of 181 million dollars to the remote and small Uruguay (15000 km away; population 3.4 million) is more than to Kazhakstan ( 143 milliondollars) which is 1600 km from Delhi and has more than five times population with 18 million.</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">India exported more (216 m $) to Dominican Republic </span><span style="font-size: 14pt;">(DR) than to the near by Uzbekistan ( 201 m) which has double the population of DR.</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">India’s exports to Central America ( 968 million dollars) are more than to the Central Asian Republics ( 442 m</span><span style="font-size: 14pt;">$) although the latter is close by and has more population (72 million) than Central America’s 42 million.</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">India’s exports to Mexico ( 3.84 billion</span><span style="font-size: 14pt;">$) are more than the exports to Myanmar ( 1.2 bn), Russia (2.4 bn), Canada (2.9 bn) or Egypt (2.9 bn) or Nigeria ( 3 bn).</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Mexico is the number one market for India's export of cars at 1281 million dollars. Car exports to Latin America ( 1839 m) is 26% of India's global exports of 6958 m</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Mexico is the second largest destination for India’s vehicle exports with 1.61 billion dollars. This is more than the exports to neighbouring Bangladesh – 1146 million, Nepal -738 m, Srilanka – 473 m. </span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">India’s vehicle export to Colombia ( 360 m) is four times the export to neighbouring Myanmar -72 m.</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">India’s motorcycle exports to Colombia ( 216 m) are more than the exports to Srilanka ( 215 m) and Nepal ( 186 m). Colombia is the third largest export destination in the world for Indian motorcycles. In 2014-15 it was the top destination, now overtaken by Bangladesh (261 m) and Nigeria (240 m).</span><o:p></o:p><u1:p></u1:p></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Motor cycle exports to Latin America at 573 m are 27% of India's global exports.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt;">The above statistics should open the eyes of those who might think that Latin America is less important for India’s exports on the ground that the region is too far and less familiar.<u1:p></u1:p>2018-19 is not the first year that Latin American countries have overtaken neighbours and traditional partners as more important for India’s exports. This trend has started since 2010 when the Indian exporters started exploring the Latin American market more seriously. Even with longer shipping time and heavier freight cost, Indian goods have become competitive in Latin America. Some brands such as Bajaj, Hero, Mahindra and Tata have become popular in the region. Indian motor cycles have become the leaders with the highest market share in a few countries.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">President Juan Manuel Santos riding a Hero motor cycle which is being produced in Cali, Colombia </span></div>
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<a href="https://1.bp.blogspot.com/-Af0b9cdhnVI/XRG6RvOcnDI/AAAAAAAAFTM/QYIJD6Gc26kOlwzjlVJ-6IHoMRb0PU_oACLcBGAs/s1600/hero%2Bin%2Bcolombia.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="415" data-original-width="625" height="212" src="https://1.bp.blogspot.com/-Af0b9cdhnVI/XRG6RvOcnDI/AAAAAAAAFTM/QYIJD6Gc26kOlwzjlVJ-6IHoMRb0PU_oACLcBGAs/s320/hero%2Bin%2Bcolombia.jpg" width="320" /></span></a></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; color: #1d2129;">The growing importance of Latin America to Indian companies is best illustrated by the success story of UPL. This largest Indian agrochemical firm, has more business in Brazil (1.2 billion dollars) than in India. Brazil's share is 25% of the global business of UPL. Latin America accounts for 1.6 billion dollars (34% ) of the total global revenue of 4.7 bn of UPL. The region’s share is more than that of Europe, US or Asia.</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: 14pt;">Trade </span></b><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">According to the figures just released by the Ministry of Commerce, India’s exports to Latin America increased by 9.6% in 2018-19 ( April to March) reaching 13.16 billion dollars from 12 billion in 2017-18. The Imports from the region went up by 5.3% to 25.73 billion from 24.44 bn in 2017-18. Total trade with the region has gone up by 6.7% to 38.89 bn from 36.45 bn last year.</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Mexico has overtaken Brazil as the top trading partner of India in Latin America for the first time in 2018-19. </span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Trade with the 19 countries of Latin America is given in the table below:</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;"> Figures in millions of dollars</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: 14pt;">Country</span></b><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: 14pt;">exports</span></b><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: 14pt;">imports</span></b><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: 14pt;">Total trade</span></b><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Mexico</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">3841</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">5577</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">9418</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Brazil</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">3800</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">4406</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">8206</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Argentina</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">563</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">1955</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">2518</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Colombia</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">1117</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">1055</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">2172</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Chile</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">990</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">1238</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">2228</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Peru</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">721</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">2405</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">3126</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Venezuela</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">165</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">7259</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">7424</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Ecuador</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">298</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">219</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">517</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Bolivia</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">105</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">852</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">957</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Uruguay</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">181</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">43</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">224</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Paraguay</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">161</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">21</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">182</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Guatemala</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">305</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">16</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">321</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Panama</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">227</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">39</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">266</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Honduras</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">167</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">18</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">185</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Costa Rica</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">136</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">51</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">187</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">El Salvador</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">79</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">4</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">83</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Nicaragua</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">54</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">4</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">58</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Dominican Republic</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">216</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">567</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">783</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Cuba</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">35</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">4</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">39</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: 14pt;">Total</span></b><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.85pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: 14pt;">13161</span></b><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: 14pt;">25733</span></b><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 116.9pt;" valign="top" width="156"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: 14pt;">38894</span></b><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: 14pt;">Exports</span></b><o:p></o:p><u1:p></u1:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="background-color: white; line-height: 15.6pt; margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Mexico is the top destination in the region, having overtaken Brazil in the last two years.</span><o:p></o:p><u1:p></u1:p></span></div>
<div class="MsoNormal" style="background-color: white; line-height: 15.6pt; margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="background-color: white; line-height: 15.6pt; margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Vehicles are the leading item of exports to Latin America which accounts for 18% of India’s global vehicle exports.India’s exports of 460 m % of motor cycles to Latin America are 22% of India’s global exports ( 2127 m). Major destination of vehicle exports in the region are: Mexico -1.62 billion dollars, Colombia-360 million, Brazil -319 m, Chile -305 m and Guatemala -90 m.</span><o:p></o:p><u1:p></u1:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">The region has emerged as a significant destination for pharmaceutical exports. Major importersof Indian pharmaceuticals: Brazil – 270 million dollars, Chile -91 m, Peru -70 m, Colombia- 62 m, Mexico – 49 m and Guatemala -43 m. </span><o:p></o:p><u1:p></u1:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">The main export items of India to the region are given in the table below</span><o:p></o:p><u1:p></u1:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;"> Figures in million US Dollars</span><o:p></o:p><u1:p></u1:p></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; color: black;"><tbody>
<tr><td style="border: 1pt solid windowtext; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">vehicles</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">3296</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Organic chemicals</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">1219</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Equipments and machinery</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">1167</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">pharmaceuticals</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">920</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Chemical products</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">861</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Iron and steel products</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">813</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Synthetic fibres </span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">619</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">textiles</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">613</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Plastic products</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">540</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Diesel</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">417</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">cotton</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">390</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">dyestuff</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">382</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Aluminium products</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">302</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Rubber products</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">253</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: 14pt;">Imports</span></b><o:p></o:p><u1:p></u1:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Latin America contributes to India’s strategic energy and food security by supplying 12% of India’s global imports of 117 billion dollars of crude and 22% of India’s vegetable oil.</span><o:p></o:p><u1:p></u1:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">The competition of Latin American crude and edible oil have put pressure on the monopoly suppliers of these items from the Middleast and South East Asia ( Indonesia and Malaysia supply palm oil) to offer to India lower prices and better terms.</span><o:p></o:p><u1:p></u1:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">The suppliers of crude were: Venezuela – 7.25 billion dollars, Mexico – 4.27 billion, Brazil – 1.6 bn, Colombia – 571 m, Ecuador -128 m and Argentina – 47 m.</span><o:p></o:p><u1:p></u1:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">The region has abundant reserves and the potential to meet India’s needs of Lithium ( for electric vehicles) and pulses in the long term.</span><o:p></o:p><u1:p></u1:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">India has started importing raw gold from Latin America in the last five years. Peru is the top supplier at 2.2 billion dollars, followed by Bolivia 849 million, Brazil -541 m, Dominican Republic – 537 m and Colombia -380 m. The direct imports from the region have helped India to cut costs by saving from the margins paid to gold sellers in Switzerland and UAE.</span><o:p></o:p><u1:p></u1:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Venezuela continued as the main source of imports in the region with its crude oil supply. But this will go down drastically this year since India has been forced to stop import of Venezuelan oil by the US sanctions. But India can source more crude from other Latin American suppliers.</span><o:p></o:p><u1:p></u1:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;"> Figures in million US Dollars</span><o:p></o:p><u1:p></u1:p></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; color: black;"><tbody>
<tr><td style="border: 1pt solid windowtext; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Petrolum crude</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">14080</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">gold</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">4556</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Vegetable oil</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">2194</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">copper</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">1364</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Equipments and machinery</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">1054</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Wood and pulp</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">454</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Raw sugar</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">437</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">chemicals</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">290</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Iron and steel products</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">281</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Fruits and vegetables</span><o:p></o:p><u1:p></u1:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0in 5.4pt; width: 233.75pt;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">154</span><o:p></o:p><u1:p></u1:p></span></div>
</td></tr>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Plastic products</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">145</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;"> </span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: 14pt;">The Market</span></b><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Latin America is a large market of 600 million people with a combined GDP of 6 trillion US dollars. The regions’ imports are around a trillion dollars.</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">The economies of the region are doing relatively well. The GDP of the region is projected to grow by a modest 1.3% in 2019 and continue its growth trajectory in the medium and long term. The average inflation and external indebtedness are in manageable figures. Democracy has become stronger in the region with more political stability.</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">The only exceptions are Venezuela and Argentina.</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Venezuela’s GDP is forecast to shrink by 10%. The country suffers from hyperinflation of several hundred thousand percent, devaluation of the currency by 99%, shortages of essential consumer items and energy shortage. The economic misery is compounded by the political crisis, break down of instituitions and social instability. The US sanctions have made the economic situation worse. </span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Argentina’s GDP is expected to contract by 1.2% in 2019. The inflation is over 40% and the country has contracted a debt of 57 billion dollars from IMF. The country is preparing for elections in October. It is hoped that 2020 will see recovery of the economy.</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">Brazil and Mexico, the two largest markets are set to grow in the coming years with the new Presidential terms starting from the beginning of 2019. </span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: 14pt;">Moving forward</span></b><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">India’s exports can be increased to 25 billion dollars in the next five years if the exporters, the export promotion councils, the government and the embassies coordinate with a plan of action seriously and systematically. India should get inspiration from the Chinese who have set a target of 500 billion dollars of trade with Latin America by 2025 taking it up from their 2018 <span style="background-color: white;">figures of 148 billion exports and 157 billion imports.</span></span><span style="background-color: white;"> </span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 11pt;"><br /></span><span style="background-color: white;">The Commerce Ministry of India should revive its Focus LAC programme which had helped in the past in encouraging and supporting Indian exporters to explore the business opportunities in Latin America.</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">The Indian government should consider extending large Lines of Credit to support Indian exports. While China has given 150 billion dollars of credit to the region, India has given less than 300 million. </span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">India should open embassies in countries such as Ecuador, Bolivia, Paraguay and Dominican Republic.</span><o:p></o:p><u1:p></u1:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 14pt;">This is a good time to accelerate the economic push into Latin America which has started attaching importance to India, the third largest export destination for the region’s exports after US and China. Disenchanted with the protectionist US and Europe and determined to reduce the overdependence on China, the Latin Americans see India as a large and growing market as well as a benign economic partner for win-win in the long term.</span><o:p></o:p><u1:p></u1:p></span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-57558999550635656092019-04-07T02:28:00.003-07:002019-04-07T08:30:13.964-07:00 Latin America contributes the largest share of the business of the largest Indian agrochemical firm UPL<div dir="ltr" style="text-align: left;" trbidi="on">
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Latin America accounts for 1.6 billion dollars (34% ) of the total global revenue of 4.7 bn of UPL. The region’s share is more than that of Europe, US or Asia.<br />
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UPL, the largest Indian agrochemical firm, has more business in Brazil (1.2 billion dollars) than in India. Brazil's share is 25% of the global business of UPL.<br />
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<a href="https://3.bp.blogspot.com/-ORL8iTnog1w/XKoW77xLrcI/AAAAAAAAFO8/vNti6dclhgwJb2UBaSXBHYFhH1pFHWpeQCLcBGAs/s1600/rajju%2Bshroff.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="416" data-original-width="415" height="320" src="https://3.bp.blogspot.com/-ORL8iTnog1w/XKoW77xLrcI/AAAAAAAAFO8/vNti6dclhgwJb2UBaSXBHYFhH1pFHWpeQCLcBGAs/s320/rajju%2Bshroff.jpg" width="319" /></a></div>
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Rajju Shroff, founder and chairman of UPL<br />
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UPL has manufacturing units in Brazil, Argentina and Colombia. It has a large Research and Development Centre for seeds in Argentina.</div>
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UPL is now the top Indian private sector investor in the region.</div>
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In 2018 UPL, had acquired Arysta Lifesciences for 4.2 billion dollars, the largest foreign acquisition by an Indian company in the last ten years.</div>
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UPL has become the 5th largest crop protection chemical firm in the world with sales in 130 countries, 48 manufacturing units and 10500 employees.<br />
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<a href="https://2.bp.blogspot.com/-n9hdXQIQJMI/XKoXDP_gjkI/AAAAAAAAFPA/C9CVhf_PbTMfxzCMUZtqvySiRW9E_DIlACLcBGAs/s1600/jai%2Band%2Bvikram.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="787" data-original-width="559" height="320" src="https://2.bp.blogspot.com/-n9hdXQIQJMI/XKoXDP_gjkI/AAAAAAAAFPA/C9CVhf_PbTMfxzCMUZtqvySiRW9E_DIlACLcBGAs/s320/jai%2Band%2Bvikram.jpg" width="227" /></a></div>
<span style="font-family: inherit;"> Vikram and Jai Shroff, the brothers who run the company</span></div>
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UPL's focus on South America is logical in view of the fact that South America is an agricultural super power with large fertile land area, abundant water and ideal climate. This natural blessing is complemented by the innovations and best practices of South American scientists, agronomists and entrepreneurs. The region has the potential to bring in another 40 million hectares of land for agriculture and feed 400 million more people of the world. This means more business in the coming years for UPL.</div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-89365581935850026152019-03-22T20:05:00.003-07:002019-04-05T15:13:11.676-07:00India and Latin America becoming important to each other's exports<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">India’s exports to Latin America in 2018 (January-December) increased by10.9% to 12.9</span><span style="font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;"> <span style="color: #616161;">billion dollars in 2018. This is higher than the 9.1% increase in India’s global exports. The increase in export to Latin America is creditable in view of the </span>following two unfavourable developments: The regions’ imports in 2018 had gone down by 10.2% to 894 billion dollars from 996 bn in 2017 and: <span style="color: #616161;">the region</span>al <span style="color: #616161;">GDP </span>growth rate was just <span style="color: #616161;">margina</span>l at 1<span style="color: #616161;">.1% last year. </span></span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">India had exported more to Mexico than to neighbours such as Iran (2.85 bn), Myanmar (1.2bn) or traditional partners such as Canada ( 2.39 bn), Russia ( 2.33 bn), Egypt (2.79 bn) and Nigeria ( 2.74 bn)</span><span style="font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">.<span style="color: #616161;"></span></span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Exports to the distant Uruguay at 189 million dollars is more than the exports of 178 million to Cambodia which has four times more population in the neighbourhood.</span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">India exported more to the </span><span style="font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">remote and unfamiliar<span style="color: #616161;"> Guatemala (305 m) than to the </span>nearby <span style="color: #616161;">Uzbekistan (193 m)which has twice the population of Guatemala.</span></span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">India’s exports of 918 m to Central America (6 countries with population of 47 m) was more than the 589 m exported to Central Asia (8 countries with population of 95 m).</span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Mexico continued as the largest export destination with 3.83 billion dollars, having overtaken Brazil (since 2016) which accounted for 3.56 billion. The other top destinations were: Colombia 1.08 bn, Chile 925 m, Peru 758 m, Argentina 631 m and Ecuador 306 m.</span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Vehicles continued to the top export to Latin America with 3.5 bn dollars, followed by chemicals- 2bn, equipments and machinery-1.1 billion, pharmaceuticals-877 m, iron and steel-775m, textile materials-668 m, apparels-590 m, plastic products-560m and aluminium products-451m</span><span style="font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">.</span><o:p></o:p></div>
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<span style="font-size: 14pt;">India’s vehicle exports to Mexico are more than its exports to large neighbouring markets such as Bangladesh or Indonesia. Mexico is the second largest global destination for India’s vehicle exports, after US. </span><o:p></o:p></div>
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<span style="font-size: 14pt;">Colombia is the fourth largest global destination of India’s motorcycle exports. In 2015, Colombia was the number one destination.</span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Car exports to the region were 2.1 billion, motorcycles-499m and tractors-78m. </span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Latin America accounts for 30% of India’s global exports of vehicles and 23% of motorcycle exports. Mexico has maintained its position as the leading destination with 1.7 bn dollars, followed by Colombia 334 m, Chile 326m, Brazil307m, Peru170m and Guatemala-95m</span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">It is interesting that India’s pharmaceutical exports have gone up by 21% to 877 million dollars from 725 m in 2017. Brazil was the number one destination at 257 m, followed by Chile-82m, Colombia-64, Mexico-56, Vnezuela-55, Guatemala-35m, Dominican republic-34m and Ecuador-30m. Argentine domestic lobby has managed to restrict India’s exports to just 9 million dollars. Indian exporters need to focus on the large Mexican market which remains under explored.</span><o:p></o:p></div>
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<b><span style="font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Latin American exports to India</span></b><o:p></o:p></div>
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<span style="font-size: 14pt;">Latin America is also equally happy with its increase of its exports to India by 9.9% to 26 billion dollars from 23.4 bn in 2017.</span><o:p></o:p></div>
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<span style="font-size: 14pt;">India was the third largest global destination of Latin American exports in 2018. The region exported more to India ( 26 billion dollars) than to their traditional European partners such as Germany-19 bn, France-8 bn, UK-9bn, Spain-16 bn, Italy-10 bn or even Japan-20 billion.</span><o:p></o:p></div>
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<span style="font-size: 14pt;">Obviously, the Latin Americans have started attaching importance to the large and fast growing market of India.</span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Venezuela was the main source of imports with 7.4bn dollars followed by Mexico-5bn, Brazil-4.6bn, Peru-2.5bn, Argentina-1.8bn, Chile-1.7bn, Colombia 1bn, Bolivia 763m and Dominican Republic 549m.</span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Major imports were: crude oil-13.5bn, gold-4.4bn, Veg oil-2.2bn, copper-2bn,equipments and machinery-990m and raw sugar-567m.</span><o:p></o:p></div>
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<span style="font-size: 14pt;">India is the third largest market for Latin American crude (after US and China) and for gold exports ( after US and Switzerland). </span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Venezuela continued to be the top supplier of crude with 7.4bn, while Mexico supplied 3.7bn, Brazil-1.5bn, Colombia-574m, Ecuador-127m and Argentina-47m.</span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">It is significant that gold imports have jumped from 1.6bn in 2016 to 4.4 bn in 2018. Peru was the largest supplier with 2.2bn dollars while Bolivia supplied-760m, Dom Republic-510m, Brazil-487m and Colombia-360m</span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Most of the vegetable oil (soy oil) came from Argentina while Chile was the largest source of copper. Raw sugar was imported from Brazil for refining and reexports. </span><o:p></o:p></div>
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<strong><span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Total trade with Latin America in 2018 </span></strong><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">India’s trade reached 38.7 billion dollars in 2018 increasing by 10.2% from 35 bn in 2017</span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Mexico emerged as the largest trading partner in the region with total trade of 8.7 bn, followed by Brazi 8.2 bn, Venezuela 7.4 bn, Peru 3.2 bn, Chile 2.6 bn, and Colombia 2 bn.</span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">This is the first time that Mexico has overtaken Brazil as the largest trading partner of India in Latin America.</span><o:p></o:p></div>
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<b><span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Investment</span></b><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">UPL continued its bullishness increasing its investment to over a billion dollars in Latin America. This largest Indian agrochemical company does more business in Latin America than in India. </span><span style="font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Some <span style="color: #616161;">Indian autoparts</span>, pharma<span style="color: #616161;"> and IT companies have increased their investment and operations in the region.</span></span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">There have been some minor increase in Latin American investments in India in food processing and other sectors.</span><o:p></o:p></div>
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<b><span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Prospects in 2019.</span></b><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">The Latin American GDP is projected to increase by 1.7% in 2019. Brazil and Mexico the two largest economies are expected to show 2 plus percent of GDP growth in 2019. The pro-business Bolsonaro administration will have positive impact on investment and trade</span><span style="font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;"> in Brazil, which has recovered from political and economic crisis of the last few years<span style="color: #616161;">. Except for Venezuela and Argentina all the other 17 countries in the region will experience reasonably positive growth in the 2019. </span></span><o:p></o:p></div>
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<span style="font-size: 14pt;">The region’s exports were 916 billion dollars and imports 894 bn in 2018</span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Average inflation of the region had gone up to 8.5% in October 2018 from 5% in 2017. Venezuelan hyperinflation went up to six digits, Argentina’s inflation stood at a high of 45% in October 2018. Except for these two, all other countries had only single digit inflation. Brazil’s inflation rate was 4.6% while Mexican rate was 4.9%.</span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Given the better prospects of the Latin American market, India’s exports to the region can be expected to increase by another 10% in 2019.</span><o:p></o:p></div>
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<b><span style="font-size: 14pt; letter-spacing: 0.4pt;">Challenges</span></b><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Venezuela’s GDP is expected to fall by 10% in 2019, on top of the 50% contraction in the preceding four years. Given the worsening political and economic crisis following the US sanctions, Venezuela is set to collapse in 2019. </span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Consequent to the US sanctions on Venezuelan oil exports, India will minimise</span><span style="font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">/stop<span style="color: #616161;"> the Venezuelan purchases in 2019.</span>But no serious problem.. There are other Latin American countries from which India can increase crude imports.</span><o:p></o:p></div>
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<span style="color: #616161; font-family: "arial" , sans-serif; font-size: 13.5pt; letter-spacing: 0.4pt;">Argentina is likely to suffer a GDP contraction of 1.8% in 2018 after the 2.6% reduction in 2017. Argentine economy cannot avoid further challenges in 2019 consequent to the austerity conditions imposed by IMF which has lent the country over 50 billion dollars.</span><o:p></o:p></div>
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<span lang="EN-US" style="font-size: 14pt;">The recent political developments in the two biggest Latin American countries pose some challenges for Indo-Latin American relations. Bolsonaro, the new President of </span><span style="font-size: 14pt;">Brazil has downgraded the strategic partnership with India, established by President Lula. He is pro-Trump and Pro-christian Europe and dislikes South-South cooperation.</span><o:p></o:p></div>
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<span style="font-size: 14pt;">India’s relations with Mexico, the second largest country in the region after Mexico, is also becoming less substantive under the new President Lopez Obrador. He is fully absorbed in his domestic priorities and does not have time for foreign policy. </span><o:p></o:p></div>
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<span style="font-size: 14pt;">But the foreign ministries and business leaders of both Brazil and Mexico are likely to </span><span style="font-size: 14pt;">sway their governments to realise the importance of India for their countries in the long term.</span><o:p></o:p></div>
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<b><span style="font-size: 14pt;">China-Latin America</span></b><o:p></o:p></div>
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<span style="font-size: 14pt;">Chinese trade with Latin America reached 305 billion dollars in 2018. Of this their exports were 148 billion and imports 157 bn. The Chinese have a target of 500 billion dollars of trade and 250 billion investment by 2025.</span><o:p></o:p></div>
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<span style="font-size: 14pt;">They have given credit of 150 billion dollars and invested over 110 billion dollars in the region.</span><o:p></o:p></div>
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<b><span style="font-size: 14pt;">Suggestions for action</span></b><o:p></o:p></div>
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<span style="font-size: 14pt;">The Commerce Ministry of India should revive its Focus LAC programme which had helped in the past in encouraging and supporting Indian exporters to explore the business opportunities in Latin America. There could be a 10 year plan to take our exports to 30 billion dollars. Annual plans and reviews should be instituitionalised. China has 10 year plan to take trade to 500 billion and investment 250 bn in the period 2015-25.</span><o:p></o:p></div>
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<span style="font-size: 14pt;">The Export Promotion Councils should also have their own sectoral 10 year plans. They should take delegations atleast once a year to the region and should participate in Latin American trade fairs regularly. Both the councils and embassies should be asked to prepare professional market studies.</span><o:p></o:p></div>
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<span style="font-size: 14pt;">India should expedite conclusion of trade agreements with Mexico, Colombia and Peru which are major destinations for exports. </span><o:p></o:p></div>
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<span style="font-size: 14pt;">India could become a member of the Inter American Development Bank in whose projects Indian companies can participate. China and South Korea are already members. </span><o:p></o:p></div>
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<span style="font-size: 14pt;">The annual India-Latin America Business Conclave needs to be scaled up and organised regularly by pooling and coordinating the efforts of CII and FICCI and other trade bodies and export promotion councils with substantive financial support by the government. ECLAC, IADB, CAF ( Latin American Bevelopment Bank), BCIE ( Central American Dev Bank) CDB ( Caribbean Dev Bank) and such regional organisations and banks should be coopted as permanent participants/sponsors in the Business Conclaves.</span><o:p></o:p></div>
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<span style="font-size: 14pt;">Indian universities need to be encouraged to open Latin America study centres and Spanish and Portuguese language courses. China has 65 Latin America study Centres. India has only three centres: one in JNU, another in Jindal University and the third in Goa University.</span><span style="font-size: 16pt;"> </span><o:p></o:p></div>
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<span style="font-size: 14pt;">Latin America business events should be organised in second tier manufacturing centres such as Tiruppur, Coimbatore, Jullundur, Ludhiana, Kanpur, Ahmedabad etc in collaboration with Export Promotion Councils, CII, FICCI and other trade bodies as well as Latin American embassies in Delhi.</span><o:p></o:p></div>
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<span style="font-size: 14pt;">Heads of pharma regulatory agencies and Health Ministers from the region could be invited to visit India to see for themselves India’s manufacturing and quality control, so that they loosen the restrictions on registration of Indian pharma in their countries. </span><o:p></o:p></div>
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<span style="font-size: 14pt;">Eximbank should transfer its Latin America office from Washington DC to Sao Paulo/Buenos Aires to focus exclusively on the region. </span><o:p></o:p></div>
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<span style="font-size: 14pt;">India should extend large lines of credit to Latin American countries as it is doing in the case of Asia and Africa. While China has extended about 150 billion dollars of credit to Latin America, India’s credit is just under two hundred million dollars. A one billion dollar LOC for the region could be announced during the proposed visit of President to Latin America later this year. China has given credit of 150 billion.</span><o:p></o:p></div>
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<b><span style="font-size: 14pt;">Sources of Statistics</span></b><span style="font-size: 14pt;">: ECLAC, Santiago and ITC Geneva</span><o:p></o:p></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-60738077008854689672018-12-26T18:42:00.000-08:002018-12-26T20:29:47.771-08:00 India’s exports have increased to Latin America in 2018 <div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://www.blogger.com/null" name="_MailOriginal"><span style="font-family: "arial" , sans-serif; font-size: 14pt;"> </span></a><span style="font-family: "arial" , sans-serif; font-size: 14pt;"> </span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">India’s exports to Latin America have increased by 13.3% to 10 billion dollars in the first three quarters of 2018 as against 8.87 billion in the same period in 2017. Vehicles were the leading item of exports with 2.8 billion dollars. <o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">Although exports to the top markets Mexico and Brazil have declined slightly in 2018, this has been offset by the increase in the exports to Colombia, Chile, Peru Argentina and the other countries in the region. <o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">Exports to Mexico were down to 2.6 billion in 2018 from 2.8 billion in 2017. Exports to Brazil decreased to 2.1 billion in 2018 from 2.4 bn in 2017. But the exports to Colombia have increased to 797 million dollars in 2018 from 657 m in 2017; Chile 696 m in 2018 from 536 m in 2017; Peru 581 m in 2018 from 530 in 2017; Argentina 530 m in 2018 from 519 m in 2017; Ecuador 241 m from 197 m and; Guatemala 227 m from 196 m.<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">India’s imports from the region have also gone up by 14.4% to 19.5 billion dollars in the first nine months of 2018 as against 17.04 billion in the same period last year. The increase is mainly due to the increase in crude oil prices. Crude oil accounted for fifty percent of the imports. Gold imports have increased to 3.35 billion in the first nine months of 2018. The third most important item was soy oil worth 1.8 billion followed by 1.55 bn of copper.<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">Sterlite and Sterling & Wilson (of Shapoorji group), KEC and Karamtara of India have got about two billion dollars of power transmission and solar projects in Brazil in 2018 and all of them are upbeat about more contracts and investment in the region. Aditya Birla Group and UPL who have large investments in the region have done well in 2018 and have plans for expansion of business.<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">The Latin American investment in India has gone down after the sale of Brazilian Gerdau’s steel plant in India for about 120 million dollars. However, the Mexican company Cinepolis continues to invest and has increased the number of multiplexes in India.<o:p></o:p></span></div>
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<u1:p><span style="font-family: "arial" , sans-serif; font-size: 14pt;">The increase in India’s trade with Latin America is creditable given the fact that the region has had a modest GDP growth of 1.1% in 2018. The growth is projected to increase it to 1.7% in 2019, according to the December annual report of the UN Economic Commission for Latin America and Caribbean. Brazil is expected to improve its growth from 1.3% in 2018 to 2% in 2019 while Mexico’s growth rate is expected to decline slightly to 2.1% from 2.2% in 2018. Next year, Dominican Republic is expected to have the highest growth rate of 5.7%, followed by Panama 5.6% and Bolivia 4.3%. Peru’s growth in 2019 is projected at 3.6% and that of Chile 3.3 and Central America 3.3%.<u1:p></u1:p><o:p></o:p></span></u1:p></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">The region’s imports are estimated to have grown by 12% to 1045 billion dollars while exports expanded by 10% to 1050 billion.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">During the first ten months of 2018, average inflation in the region rose from 5.3% in October 2017 to 7 % in October 2018, which is quite reasonable by Latin American standards. The only exceptions are Argentina and Venezuela. Argentina’s inflation has doubled from 22.9% in October 2017 to 45.5% in October 2018. Venezuela has stopped publishing inflation data and it is estimated to be in five digits.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">The ratio of the external debt to gdp of Latin America has remained at a healthy 37% with 842 billion dollars of reserves while external debt is 1873 billion.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">Three out of the 19 countries in the region are forecast to suffer negative growth in 2019. These are Venezuela -10% ( better than the 15% contraction in 2018), Argentina -1.8% ( worsening from 2.6% contraction in 2018) and Nicaragua -2% (better than the 4.1% contraction in 2018).<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">Venezuela has suffered 55% GDP contraction in the last five years. The country, which used to attract over a million Colombian and other South American workers, has seen emigration of almost three million Venezuelans as refugees. The ruling Chavista regime has no clue or competence to stop the deterioration of the economy and the country continues in the path of self destruction hopelessly.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">Nicaragua is moving towards political uncertainty and economic strain due to the authoritarian tendencies of President Ortega and his family.<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">The Brazilian economy is set to improve, with the pro-business centre right President Bolsonaro taking over in January 2019. He has promised to reduce taxes and open up the market. However, he will check and control the Chinese acquisition spree of Brazilian assets. He will promote closer ties with US and Europe.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">In contrast to the right turn of Brazil, Mexico has turned to the left. The radical leftist Lopez Obrador has become President since 1 December 2018. He will increase spending on social welfare. Although he is critical of the big corporations making huge profits, he has a positive track record of working with private companies in the improvement of Mexico city when he was Mayor. <u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">Colombia and Chile have elected in 2018 pro-market Presidents while the new President of Peru is pragmatic and a moderate Leftist.<u1:p></u1:p>The pro-business President Macri will struggle to retain power in the elections due in October 2019. The Argentine people are not happy with the 50 billion dollar plus IMF credit he has taken to come out of the foreign exchange and funding deficit. Many blame the IMF for worsening the economic situation of the country in the past with its harsh conditionalities.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">The Odebrecht corruption scandal across Latin America and the Car Wash case of Brazil have brought down some political and business leaders and have strengthened the anticorruption movement in the region. Consequently, the governments have become more cautious and transparent in awarding large contracts.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">Sources of statistics<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 14pt;">Latin American economy </span><a href="https://repositorio.cepal.org/bitstream/handle/11362/44327/46/S1801133_en.pdf" style="color: #954f72;"><span style="font-family: "arial" , sans-serif; font-size: 14pt;">https://repositorio.cepal.org/bitstream/handle/11362/44327/46/S1801133_en.pdf</span></a><span style="font-family: "arial" , sans-serif; font-size: 14pt;"><o:p></o:p></span><u1:p></u1:p></div>
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<u1:p><span style="font-family: "arial" , sans-serif; font-size: 14pt;">Indo-Latam trade: ITC Geneva </span></u1:p><span style="font-family: "arial" , sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-22434167278846868062018-09-12T04:47:00.003-07:002018-09-12T04:47:22.649-07:00India’s exports to Latin America keep increasing...<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://www.blogger.com/u/1/null" name="_MailOriginal"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></a><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></div>
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<span style="font-family: Arial, sans-serif; font-size: 14pt;">India’s exports to Latin America increased by 16% in 2017-18 ( April to March) reaching 12 billion dollars from 10.38 billion in 2016-17, according to the Commerce Ministry of India.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 14pt;">India’s exports of 160 million dollars to the distant and small Uruguay (15000 km away; population 3.4 million) is more than the exports of 133 million to Uzbekistan which is 3000 km from Delhi and has a larger population of 31 million.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 14pt;">India’s exports of 292 million dollars to the distant Guatemala is more than the exports of 133 million to the neighbourly Cambodia.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 14pt;">India exports more to Central America ( 956 million dollars) than to the Central Asian Republics ( 365 m) although the latter is closeby and has more population.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 14pt;">India’s exports to Mexico ( 3.78 billion) are more than the exports to Iran(2.65 bn), Thailand(3.65 bn), Russia(2.13 bn), Canada(2.5 bn)or Egypt(2.4 bn)<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 14pt;">Latin America remained as the leading destination for India’s exports of vehicles which reached 3.76 billion. Mexico continued as the largest market for India’s vehicle exports with 2.02 billion.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 14pt;">Mexico continued its position as the top destination in the region after having overtaken Brazil in recent years. <u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 14pt;">India’s exports and imports in 2017-18 ( in million dollars) are in the table below:<u1:p></u1:p><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;"> country</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">exports</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">imports</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Total trade</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Mexico</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">3783</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">3930</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">7713</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Brasil</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">3064</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">5498</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">8562</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">argentina</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">709</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">2229</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">2938</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Colombia </span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">939</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">593</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">1532</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Peru </span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">761</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">2377</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">3138</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">chile</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">764</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">2092</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">2856</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Venezuela </span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">79</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">5866</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">5945</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">ecuador</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">280</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">194</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">474</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Bolivia </span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">105</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">667</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">772</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">paraguay</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">168</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">167</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">335</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">uruguay</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">160</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">25</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">185</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">panama</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">227</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">43</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">270</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">guatemala</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">292</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">16</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">308</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Dominican republic</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">197</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">646</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">843</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Costa Rica</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">134</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">67</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">201</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">honduras</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">146</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">13</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">159</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">El salvador</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">70</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">9</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">79</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">nicaragua</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">87</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">4</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">91</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Cuba </span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-right-color: windowtext; border-right-width: 1pt; border-style: none solid none none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">42</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-right-color: windowtext; border-right-width: 1pt; border-style: none solid none none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">2</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-right-color: windowtext; border-right-width: 1pt; border-style: none solid none none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">44</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<b><span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Total<u1:p></u1:p></span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.6pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<b><span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">12007<u1:p></u1:p></span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<b><span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">24438<u1:p></u1:p></span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 112.65pt;" valign="top" width="150"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<b><span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">36445<u1:p></u1:p></span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;"> </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<b><span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">India’s main exports</span></b><span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;"> ( figures in million dollars)</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; color: black;"><tbody>
<tr><td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">vehicles</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">3759</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Equipments and machinery</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">1007</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Organic chemicals </span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">973</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Iron and steel products</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">805</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">pharmaceuticals</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">779</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Chemical products</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">630</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Synthetic fibres</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">635</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">textiles</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">591</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Plastic products</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">483</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">cotton</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">363</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">dyestuff</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">327</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
</td></tr>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Rubber articles</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">243</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Major destinations of vehicle exports: Mexico-2027 million dollars, Chile-284 m, Brazil-278 m, Colombia-255m, Peru-218 m, Argentina-142 m, Guatemala-98 m, Ecuador-75m, Costa Rcia-66m and Bolivia-59m</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Major destinations of pharma exports: Brazil-229 million dollars, Chile-65m, Colombia-55m, Venzuela-55m, Peru-40m, Dominican Republic-35m, Guatemala-32m and Ecuador-32m</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">India’s major imports</span></b><span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">in million dollars</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Crude oil</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">10490</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">gold</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">3663</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">copper</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">3007</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Vegetable oil</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">2649</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Raw sugar</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">920</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Equipments and machinery</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">861</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">aircrafts</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">464</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Wood pulp</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">503</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Iron and steel</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">350</span><u1:p></u1:p><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Gold imports which started three years back have increased steadily reaching the second position last year. The raw sugar is imported from Brasil for refining and reexports. Peru was the top supplier with 1.78 billion dollars, followed by Bolivia-663 million, Dominican republic-584 m, Colombia-308m, Brazil-289m and Mexico 37m<u1:p></u1:p></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Venezuela continued to be the top source of imports of crude oil with 5.86 billion dollars, followed by Mexico-2.77 bn, Brazil-1.56 bn, Colombia 177 million and Ecuador 85 m.<u1:p></u1:p></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Chile maintained its position as the top supplier of copper and Argentina as major supplier of soy oil<u1:p></u1:p></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">Trade<u1:p></u1:p></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">India’s trade with Latin America increased to 36.44 billion dollars in 2017-18 from 30.04 billion in the previous year. The imports will go up significantly in 2018-19 due to the higher prices of oil, the main import from the region. <u1:p></u1:p></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Arial, sans-serif; font-size: 14pt;">India’s exports will increase slightly in 2018-19, given the subdued GDP growth of 1.5% in 2018. Argentina is expected to suffer a small GDP contraction, Venezuelan GDP is projected to go down by 10%<o:p></o:p></span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-70724730006892018132018-09-01T21:28:00.000-07:002018-09-01T21:34:47.825-07:00 Latin American economic growth is going to be more subdued in 2018<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 14pt;">Latin America’s GDP growth rate is projected at 1.5% in 2018, according to the August 2018 economic survey of ECLAC (UN Economic Commission for Latin America and Caribbean). This is less than the growth of 2.2% predicted in April 2018. The region’s mild growth is being helped by the recovery in domestic demand and moderate increase in the prices of commodities.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">South America’s growth rate would be 1.2% in 2018; Central America’s 3.4%; and Mexico’s 2.2%. The only exception to regional growth is Venezuela whose GDP is expected to shrink by 10% in 2018 after the contraction of 12% in 2017. </span><u1:p></u1:p><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Total GDP of the region has come down from the peak of 6.25 trillion dollars in 2014 to 5.7 trillion in 2017.</span><u1:p></u1:p><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Average inflation of the region which was 5.7% in 2017 is likely to go up marginally to around 6% in 2018. Exception is Argentina with a continuing high inflation rate of 29%. Venezuela, has stopped publishing inflation figures. According to ECLAC the Venezuelan inflation has skyrocketed from 302% in 2016 to 2,582% in 2017 and more in 2018. But IMF and others put the hyperinflation in five figures.</span><u1:p></u1:p><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">The average urban open unemployment rate of the region in 2018 is 9.2%, as against 9.3% in 2017.</span><u1:p></u1:p><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Latin America’s exports have declined to 445 billion dollars in the first six months of 2018 from 573 billion in the same period in 2017. The imports have also decreased to 434 billion in the first six months in 2018 from 444 billion in the corresponding period last year.</span><u1:p></u1:p><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Gross external debt of the region stood at 1.8 trillion in 2017. This means an external debt to GDP ratio of just 41% in 2017. This is a healthy situation and in any case much better than many developed economies and some emerging markets in other regions. Most of the countries have comfortable foreign exchange reserves and the region’s total forex reserves was 852 billion dollars in June 2018. Again, Argentina and Venezuela are outliers. Argentina has just requested IMF to prepone the release of the second instalment of 50 billion rescue package. Venezuela’s reserves of 8.5 billion dollars is dangerously inadequate. <o:p></o:p></span><u1:p></u1:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 14pt;">The region had received 134 billion dollars of FDI in 2017. Almost half of it went to Brazil, followed by Mexico-26 billion, Argentina-10, Colombia-10 and Peru-6.5.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Colombia is the most promising market in the region upbeat with a new president who has a fresh start after the end of the FARC guerrilla war. About 40 percent of the country which was under FARC control at one time has now been liberated. This means new investment in agriculture, mineral exploration, industries and infrastructure.</span><u1:p></u1:p><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Mexico has survived the threats and bullying of Trump. His administration has just concluded a FTA with Mexico which is a great relief for both the markets.</span><u1:p></u1:p><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Brasil will hold elections amid continuing political uncertainties. The economy has tentatively recovered from the recession of 2015-16. In any case, the worst is over. </span><u1:p></u1:p><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Argentina, despite the market-friendly Macri is facing high inflation, rapid currency depreciation and low growth. The IMF rescue will give temporary relief but the country is in for some more pain.</span><u1:p></u1:p><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Venezuela stands out as the hopeless one in the region with political turmoil, economic disaster, hyper inflation, shortage of essential items and breakdown in public services. Over a million Venezuelans have escaped the misery by emigrating to other countries in the region. <u1:p></u1:p>It is ironical. In the past Venezuela had given asylum to exiles from other Latin American countries under repressive military dictatorship. More than a million Colombians as well as Peruvians and Bolivians used to emigrate to the then prosperous Venezuela for work. Now it is the other way. </span><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></span><br />
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 14pt;"><span style="background-color: white; color: #1d2129; font-variant-ligatures: normal; orphans: 2; widows: 2;">ECLAC is the knowledge partner of CII in the forthcoming India-Latin America Business Conclave to be held in Santiago, Chile on 1-2 October 2018</span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">ECLAC survey </span><a href="https://repositorio.cepal.org/bitstream/handle/11362/43965/121/S1800544_en.pdf" style="color: #954f72;"><span style="font-family: Arial, sans-serif;">https://repositorio.cepal.org/bitstream/handle/11362/43965/121/S1800544_en.pdf</span></a></span><span style="font-family: calibri, sans-serif;"><u1:p></u1:p></span><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-52331265782656672072018-07-12T21:06:00.002-07:002018-07-13T04:24:50.837-07:00Thoothukudi's loss is Sao Paulo's gain...<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "arial" , sans-serif;">Latin America received 156 billion dollars of Foreign Direct Investment (FDI) in 2017, according to the report published by the UN Economic Commission for Latin America and Caribbean (ECLAC) this week. Of this South America received 111 billion dollars, Mexico and Central America 45 billion.<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">As usual, Brazil was the number one recipient in the region with 71 Billion dollars, followed by Mexico-32 bn, Colombia-14 bn, Argentina-12 bn, Peru-7 bn, Chile-6 bn , Panama-6 bn and Costa Rica-3 bn. Brazil was the</span><span style="font-family: "arial" , sans-serif;">fourth largest FDI recipient in the world.</span><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">FDI in Brazil was mostly acquisition of assets by Chinese firms. Foreigners are taking advantage of the low value of assets in Brazil, caused by the political uncertainty, the aftermath of the Car Wash scandal which has severely damaged the big Brasilian corporations and the drying up of domestic investment. The largest investment (acquisition) in Latin America in 2017 was by the State Grid of China which invested 6.7 billion dollars in the energy sector of Brazil. The third largest investment in the region was also by a Chinese company State Power Investment Corporation in the renewable energy sector of Brazil with 2.3 billion dollars..<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">In contrast to Brasil, most of the FDI in Mexico went into greenfield investments strengthening especially the automobile, electronic and aerospace sectors in which Mexico has become a significant global player. Thanks to FDI, the Mexican automotive industry reached historic levels of production, exports and FDI in 2017, despite the uncertainty generated by the renegotiation of NAFTA. Today, 9 of the 10 largest manufacturers and the great majority of tier-1 suppliers in the world have operations in Mexico. There are some 2,600 plants producing parts, pieces and components, almost 600 of which are tier-1. In 2017, Mexico was the world’s seventh largest producer and fourth largest exporter of vehicles, as well as the sixth largest producer of car parts. <o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Mexico has also emerged as the world’s second largest exporter of electronic equipment (mainly television sets), the third largest exporter of computers and the fifth largest exporter of communications equipment. <o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">In Mexico, there are some 300 firms, the great majority of them foreign, specialized in manufacturing parts and components for aeroplanes that are assembled in other countries. In the past five years, Mexico has positioned itself third, behind China and the United States, as a destination for FDI in the aerospace industry.<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">India has not made any large investment in the region in 2017, although </span><span style="font-family: "arial" , sans-serif;">Mexico has attracted a series of investment by medium and small Indian companies in recent years. Motherson Group has 15 autoparts plants in Mexico employing 22000 Mexicans. JK Tyres has 3 plants.The latest investment is by Parle in biscuit manufacturing in Mexico. </span></div>
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<span style="font-family: "arial" , sans-serif;">In 2017, there was one significant Latin American investment in India. Grupo Bimbo of Mexico (</span><span style="font-family: "arial" , sans-serif;">the largest bread maker in the world) </span><span style="font-family: "arial" , sans-serif;">has acquired two Indian firms Harvest Gold and Ready Roti to make bread and rotis in India.</span><br />
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<span style="font-family: "arial" , sans-serif;">In 2018, Sterlite has won in auctions six Brazilian power transmission line projects, for which the company has committed 1.7 billion dollars of investment. Sterlite is bullish and is confident of winning more auctions in the future and has announced intention to invest 4 billion dollars in Brazil in the next four years. This is the largest ever project contract done by an Indian company in Latin America. The company is also exploring opportunities in Argentina, Chile and Mexico.</span><br />
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<span style="font-family: "arial" , sans-serif;"><a href="https://3.bp.blogspot.com/-DOhm4W4wKhA/W0iKF2DBT7I/AAAAAAAAFGs/7E9LAeNXFzktbnvUGsYsvP3MIiox-PhzQCLcBGAs/s1600/sterlite.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="502" data-original-width="1140" height="140" src="https://3.bp.blogspot.com/-DOhm4W4wKhA/W0iKF2DBT7I/AAAAAAAAFGs/7E9LAeNXFzktbnvUGsYsvP3MIiox-PhzQCLcBGAs/s320/sterlite.png" width="320" /></a></span></div>
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<span style="font-family: "arial" , sans-serif;">The CEO of Sterlite says, </span><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; color: #282828;">“We went to Brazil because the regulatory framework and the demand-supply scenario there are similar to what we have in India. What he did not say is "</span>Thoothukudi's (Tuticorin) loss is Sao Paulo's gain..."</span></div>
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<span style="font-family: "arial" , sans-serif;">ECLAC report </span><a href="https://repositorio.cepal.org/bitstream/handle/11362/43690/1/S1800411_en.PDF">https://repositorio.cepal.org/bitstream/handle/11362/43690/1/S1800411_en.PDF</a><span style="font-family: "arial" , sans-serif;"> </span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-38106794889214775702018-04-05T19:14:00.001-07:002018-04-11T05:07:47.766-07:00India’s trade with Latin America has started growing again..<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><i><span style="color: #4472c4; font-family: "arial" , sans-serif;">Highlights</span></i></b><u1:p></u1:p><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<i><span style="color: #4472c4; font-family: "arial" , sans-serif;">India’s trade with Latin America grew by 24% in 2017 to 36.3 billion dollars, after the decline in 2015 and 2016. The exports have increased by 15% to 12.9 billion and imports by 28 %to 23.4 bn in 2017 from the previous year. The trade is poised to grow in the coming years in view of the increase in the economic growth forecast for the region and the higher global prices of commodities.</span></i><i><span style="font-family: "arial" , sans-serif;"></span></i><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<i><span style="color: #4472c4; font-family: "arial" , sans-serif;">India’s exports to some Latin American countries were more than the exports to neighbouring countries and traditional trade partners. India exported more to the distant Costa Rica than to the neighbouring Cambodia: more to Mexico than to Indonesia or Thailand. </span></i><u1:p></u1:p><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<i><span style="color: #4472c4; font-family: "arial" , sans-serif;">Vehicles are the largest part of India’s exports to Latin America, which accounted for 3.7 billion dollars ( 23%) of India’s global exports. Mexico is the top destination of India’s global vehicle exports. </span></i><u1:p></u1:p><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<i><span style="color: #4472c4; font-family: "arial" , sans-serif;">The Trump factor and the fear of China has motivated the Latin Americans to attach more importance to India, which is their fourth largest destination for global exports. They export more to India than to their old trade partners such as Germany, Spain, France, UK or Japan. </span></i><u1:p></u1:p><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<i><span style="color: #4472c4; font-family: "arial" , sans-serif;">This is an opportune time for India to intensify its engagement with serious and systematic trade promotion with Latin America</span></i><i><span style="font-family: "arial" , sans-serif;">. <span style="color: #4472c4;">Twenty billion dollars of exports in the next five years is an achievable target.</span></span></i><u1:p></u1:p><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<b><span style="font-family: "arial" , sans-serif;">India- Latin America trade in 2017</span></b><u1:p></u1:p><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/null" name="_MailOriginalBody"><span style="font-family: "arial" , sans-serif;"><span style="color: black;">India’s trade with Latin America in 2017 ( January to December) was 36.3 billion dollars, of which exports were 12.9 billion and imports 23.4 billion. </span><o:p></o:p></span><u1:p></u1:p></a></div>
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<span style="font-family: "arial" , sans-serif;">Trade with the region increased by 24% in 2017 from the previous year, helped by the recovery of Latin American economies and the increase in their global imports. After reaching a peak of 49 billion in 2014, the trade had come down in 2015 and 2016 due to the recession in the region and the drastic fall in the global prices of crude oil and minerals imported by India from the region.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Mexico is the top trading partner of India with 8.5 billion dollars followed by Brazil, Venezuela and Argentina, as seen from the table below.<u1:p></u1:p><o:p></o:p></span></div>
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<b><span style="font-family: "arial" , sans-serif;">India’ trade with Latin American countries in 2017 (January-December) in Million US dollars<u1:p></u1:p></span></b><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<b><span style="font-family: "arial" , sans-serif;">India’s exports<u1:p></u1:p></span></b><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<b><span style="font-family: "arial" , sans-serif;">imports<u1:p></u1:p></span></b><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<b><span style="font-family: "arial" , sans-serif;">Total trade<u1:p></u1:p></span></b><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">5020</span></div>
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<span style="font-family: "arial" , sans-serif;">3352</span></div>
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<span style="font-family: "arial" , sans-serif;">8372</span></div>
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</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">2873</span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">5099</span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">7972</span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Venezuela<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">82<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">5898<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">5980<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Argentina<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">661<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">2486<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">3147<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Peru<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">729<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">2068<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">2797<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Chile<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">745<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">1700<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">2445<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Colombia<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">912<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">647<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">1559<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Dominican Rep<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">196<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">595<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">791<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Bolivia<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">99<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">598<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">697<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Ecuador<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">265<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">329<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">594<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Panama<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">234<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">135<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">369<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Paraguay<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">150<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">155<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">305<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Guatemala<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">282<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">18<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">300<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Uruguay<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">189<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">24<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">213<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Costa Rica<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">134<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">69<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">203<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Honduras<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">142<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">15<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">157<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Nicaragua<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">79<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">4<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">83<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">El Salvador<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">66<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">9<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">75<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">Cuba<u1:p></u1:p><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">46<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">2<u1:p></u1:p><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<span style="font-family: "arial" , sans-serif;">48<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<b><span style="font-family: "arial" , sans-serif;">Total<u1:p></u1:p></span></b><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<b><span style="font-family: "arial" , sans-serif;">12884<u1:p></u1:p></span></b><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<b><span style="font-family: "arial" , sans-serif;">23383<u1:p></u1:p></span></b><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 109.8pt;" valign="top" width="146"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt; text-align: center;">
<b><span style="font-family: "arial" , sans-serif;">36267<u1:p></u1:p></span></b><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<b><span style="font-family: "arial" , sans-serif;">India’s exports to Latin America<u1:p></u1:p></span></b><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">India’s exports have gone up by 15% in 2017 from the previous year, although they have fallen by almost 50% from the peak of 2014. Diesel exports to the region which reached several billion dollars in 2013-14 has come down to just about hundred million in 2017. <u1:p></u1:p><o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Mexico was the top destination ( 5 billion dollars) of India’s exports to Latin America, having overtaken Brazil ( 2.8 billion) in recent years. Colombia ranked as the third largest destination, followed by Chile, Peru and Argentina. It is interesting to note that Guatemala has emerged as the sixth largest destination with 282 million dollars.<u1:p></u1:p><o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">In 2017, India’s exports to some Latin Americans countries were more than the exports to neighbouring countries and traditional trade partners. Examples:<u1:p></u1:p><o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">- India’s exports of 134 million dollars to Costa Rica ( distance 15000 km, population 5 million) was more than the exports of 120 million to Cambodia which is just 3500 km away and has a population of 16 million<u1:p></u1:p><o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">- India’s exports of 142 m to Honduras which is 15000 km away with a population of 9 m was more than the exports of 118 m to Kazhakstan, just 1600 km away with a population of 18 m.<u1:p></u1:p><o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">- India ‘s exports of 282 million to the distant Guatemala are more than the combined exports to Cambodia or Kazhakstan.<u1:p></u1:p><o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">- Exports to Mexico ( 5 bn) were more than the exports to Japan (4.5 bn), Srilanka (4.4 bn) South Korea (4.3 bn), South Africa (4 bn) Indonesia (3.8 bn) Thailand ( 3.59 bn), Canada ( 2.3 bn) and Russia ( 2.14 bn). <u1:p></u1:p><o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">-exports to Brazil ( 2.87 bn) were more than to Iran (2.6 bn) and Egypt ( 2.34 bn). <u1:p></u1:p><o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">-Exports to Colombia ( 911 m ) were more than the exports to Scandinavian countries such as Sweden ( 754 m) and Denmark( 760 m). <u1:p></u1:p><o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">-Exports to Chile (745 m) were more than the exports to Portugal (736 m) <u1:p></u1:p><o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">-Exports to Peru (729 m) were more than the exports to Ireland (517 m), Austria ( 437 m), Greece ( 423 m). <u1:p></u1:p><o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">India ranked as the 7<sup>th</sup>largest supplier of goods to Latin America in 2017.<u1:p></u1:p><o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: "arial" , sans-serif;">The composition of the main exports is given in the table below:<u1:p></u1:p><o:p></o:p></span></div>
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<b><span style="font-family: "arial" , sans-serif;">Major exports of India to Latin America - in million US Dollars<u1:p></u1:p></span></b><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; color: black;"><tbody>
<tr><td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Vehicles<u1:p></u1:p><o:p></o:p></span></div>
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<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">3672<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Organic chemicals<u1:p></u1:p><o:p></o:p></span></div>
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<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">910<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Iron and steel products<u1:p></u1:p><o:p></o:p></span></div>
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<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">781<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Pharmaceuticals<u1:p></u1:p><o:p></o:p></span></div>
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</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">725<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Equipments and machinery<u1:p></u1:p><o:p></o:p></span></div>
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</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">650<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Chemical products<u1:p></u1:p><o:p></o:p></span></div>
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</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">607<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Synthetic fibres and filaments<u1:p></u1:p><o:p></o:p></span></div>
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<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">603<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Plastic products<u1:p></u1:p><o:p></o:p></span></div>
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<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">451<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Raw cotton<u1:p></u1:p><o:p></o:p></span></div>
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<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">354<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Aluminium products<u1:p></u1:p><o:p></o:p></span></div>
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<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">316<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Dyestuff<u1:p></u1:p><o:p></o:p></span></div>
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</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">304<u1:p></u1:p><o:p></o:p></span></div>
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<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Garments and made ups<u1:p></u1:p><o:p></o:p></span></div>
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<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">276<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
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</td></tr>
</tbody></table>
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<span style="font-family: "arial" , sans-serif;">Vehicles (mainly cars and two wheelers) continue to be India’s top exports to the region, reaching 3.67 billion in 2017. Vehicle exports in 2017 have increased by 12% from 2016 and an impressive 38% from 2015. Vehicles are the number one item of India’s exports to Mexico, Colombia, Argentina, Peru, Chile, Guatemala, Ecuador and Panama. India is the sixth largest supplier of vehicles to Latin America.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Mexico is the leading destination for India’s vehicle exports to the world accounting for 12% of the total exports of 16.2 billion. With 2 billion dollars of imports, Mexico’s share is 55% of India’s exports to the region. India’s vehicle exports to Mexico have been consistently growing in the last few years and has doubled from 2015 and tripled from 2013 figures. This is incredible in the light of the fact that Mexico itself is the fourth largest exporter of vehicles in the world with 101 billion dollars in 2017.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Surprisingly, India’s vehicle exports to Colombia have declined from 546 million dollars in 2014 to 254 m in 2017.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Organic chemical exports which remained around 800million dollars in the last four years has crossed 900 million dollars in 2017. Brazil and Mexico account for 60% of India’s exports to the region.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">It is heartening to note that India’s pharma exports have increased to 724 million dollars in 2017 from 650 m in 2016. Brazil has maintained its position as the largest market for Indian pharma with 212 million dollars, followed by Chile-63 m, Venezuela-57 m and Colombia 52 m. India is the sixth largest supplier of pharma to Latin America. It is important to note that India’s pharma exports to Latin America are more than that of China (343 million in 2017)<u1:p></u1:p><o:p></o:p></span></div>
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<b><span style="font-family: "arial" , sans-serif;">India’s imports from Latin America<u1:p></u1:p></span></b><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">India’s imports have increased to 23 billion dollars in 2017 from 18 billion in 2016. This is mainly due to the rise of crude oil prices and the growth in imports of gold from the region. Gold imports have overtaken the imports of vegetable oil and copper which are being sourced regularly from the region.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">The top imports of India from Latin America are given in the table below:<u1:p></u1:p><o:p></o:p></span></div>
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<b><span style="font-family: "arial" , sans-serif;">Main items of India’s imports from Latin America – in million US Dollars<u1:p></u1:p></span></b><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; color: black;"><tbody>
<tr><td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Crude oil<u1:p></u1:p><o:p></o:p></span></div>
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<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">10597<u1:p></u1:p><o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Gold and other precious metals <u1:p></u1:p><o:p></o:p></span></div>
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<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">3206<u1:p></u1:p><o:p></o:p></span></div>
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<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">Vegetable oil<u1:p></u1:p><o:p></o:p></span></div>
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<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 225.25pt;" valign="top" width="300"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , sans-serif;">2812<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Copper<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">2589<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Raw sugar<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">1045<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Equipments and machinery<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">812<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Wood<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">350<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Plastic products<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">195<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Organic chemicals<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">182<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Fresh fruits and vegetables<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">112<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Pharmaceuticals<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">82<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Venezuela has remained as the top source of India’s imports from the region. Out of the 10.59 billion crude imports from the region, Venezuela accounted for 5.89 billion, Mexico-2.39 billion and Brazil-1.72 bn. Crude imports from Colombia have been down to just 270 million dollars in 2017 from 4.1 bn in 2013. Imports from Ecuador have also come down to just 225 million from almost a billion in 2014. <u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">India has started importing gold from Latin America in recent years. Peru is the major source of import in the region with 1.47 billion dollars, followed by Bolivia with 593 million dollars. Imports from Bolivia started only in 2015. Dominican Republic has supplied gold worth 536 million dollars while Colombia supplied 266 million, Brazil 247 m and Mexico 92 m.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">India imports 44% of its copper requirements from Latin America. Chile is the world’s largest supplier of copper to India with 1.4 billion dollars, followed by Brazil-590 million dollars and Peru-536 m.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Argentina is the second largest global supplier of edible oil to India accounting for 20% of India’s total imports. In 2017, Argentina supplied 2.27 billion dollars worth soy oil while Brazil supplied 390 million and Paraguay 144 million.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Renuka Sugar of India imports a billion dollar worth raw sugar from Brazil, refines it in India and reexport the refined sugar to Asia and Middleeast.<u1:p></u1:p><o:p></o:p></span></div>
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<b><span style="font-family: "arial" , sans-serif;">Prospects<u1:p></u1:p></span></b><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Given the increase in the growth of the economies of the region in 2018-19 and the higher prices of commodities, India’s trade with the region should continue to grow in the coming years. The GDP growth of Latin America is projected to increase to 2.2% in 2018 from 1.3 % in 2017. Before that, the region’s GDP had contracted in 2015 and 2016. </span><span style="background-color: white; font-family: "arial" , sans-serif;">The growth of the region in 2018 will be driven by increase in domestic demand, higher exports and favourable growth of global economy and trade. The commodity prices which increased by 13% in 2017 are expected to maintain the same level of prices in 2018 too. Except for Venezuela</span><span style="background-color: white; font-family: "arial" , sans-serif;">(whose GDP has been shrinking in the last four years), all the other countries will increase their economic growth. Brazil, the largest economy in the region has turned around already with positive growth.Inflation, external debt and other macroeconomic indicators of the region are generally under control in the region except for Venezuela which could suffer more economic and political disasters in the future.<u1:p></u1:p></span><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Mexico, Brazil and Colombia, the three largest markets for India’s exports to the region, will have presidential elections this year. While the leftist Lopez Obrador is leading in the opinion polls in Mexico, there is no clear leader in Colombia. In Brazil, the conviction of Lula has compounded the political uncertainties. Irrespective of the electoral outcome, the three countries are expected to sustain their economic growth in the coming years.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">The Trump factor has forced the Latin Americans to review their dependence on US and reach out to other large markets. China has, of course, become the largest investor, creditor and the second largest trading partner for the region. However, the Latin Americans are very uncomfortable with the hidden agenda and non-transparent investment and trade practices of the Chinese. The Latin Americans do not find Europe appealing, given Brexit and the protectionist trends there. In this context, the large and fast-growing Indian market has become the focus for Latin American political and business leaders. Latin America has been exporting more to India than to their old trade partners such as Germany, France, Italy, Spain, UK or Japan. In 2017, India was the fourth largest market for Latin American exports after US, China and Canada. India is the top destination for Latin American vegetable oil exports: second largest market for crude exports; and the fourth largest for copper and gold exports. India is the 9<sup>th</sup>largest supplier of goods to Latin America and is the seventh largest trading partner.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">The ongoing talks to expand the Indo-Mercosur PTA and the proposed Trade Agreement with Peru should help the trade to grow. In addition, India should consider signing FTAs with Mexico and Colombia which are the number one and number three markets for India’s exports in the region. The Central American region of seven countries including Dominican Republic accounts for over a billion dollars of India’s exports with a 10% share in the region. The Commerce Ministry and the Export Promotion Councils should focus on these markets which have been under explored by Indian exporters. <u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">For India’s exports, Latin America is a large and growing market of 620 million people, 5.5 trillion dollars of GDP and close to a trillion dollars of imports. The region is also useful to India’s strategic energy security and to some extent food security (edible oil and pulses). For the Latin Americans, India is even more important as a long term export market. Over one hundred Indian companies have invested about twelve billion dollars in Latin America and a dozen Latin American companies have invested over a billion dollars in India. The businesses from both sides are discovering and exploring new complementarities and synergies between the two markets, laying the foundation for a win-win long term economic partnership.<u1:p></u1:p><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">This is an opportune time for India to intensify its engagement seriously and systematically and invest more resources in trade promotion with Latin America. India should target 20 billion dollars of exports in the next five years and 1.5 billion dollars of increase per year. To reach this achievable target, the government should invest annually atleast 15 million dollars which is just one percent of the expected increase. The Chinese have given a cumulative credit of 150 billion dollars to Latin America while the Indian credit to the region is just under 300 million dollars. India should consider giving atleast one percent ( 1.5 billion dollars) of the Chinese figure, to promote exports and investment in the region. India should intensify its export promotion (more business delegations, participation in trade fairs, market studies and buyer-seller meets) to Latin America in collaboration with export promotion councils and chambers of commerce and industry who should be asked to prepare annual plans as well as 3-5 year plans. The government of India should invest in the upcoming CII India-LAC Business Conclave in Santiago, Chile 26-27 September to make it in a bigger scale and make the Conclave a not-to-be missed annual event for Indian and Latin American business.<u1:p></u1:p><o:p></o:p></span></div>
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<b><span style="font-family: "arial" , sans-serif;"> Sources</span></b><span style="font-family: "arial" , sans-serif;">: ITC Geneva for trade and ECLAC Santiago for economic data.<u1:p></u1:p></span><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-37807988568030242352017-12-26T01:10:00.000-08:002017-12-26T01:10:18.373-08:00Latin American market in 2017-18 and prospects for Indian business <div dir="ltr" style="text-align: left;" trbidi="on">
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Latin America's GDP growth is projected to increase to 2.2% in 2018 from 1.3% in 2017, according to the 14 December report of the UN Economic Commission for Latin America and Caribbean(ECLAC). Although the growth of 2.2% is modest, it would be the highest since 2013.</div>
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The GDP growth prediction for the major countries are: Brazil - 2%, Mexico-2.4%, Argentina-3% and Colombia-2.6%. Panama will have the highest growth with 5.5%, followed by Dominican Republic-5.1% and Nicaragua-5%. In South America, the growth champion in 2018 will be Bolivia with 4%. Venezuela is the only country which will face GDP contraction, at 5.5%. The consolation is that the contraction would be less than the 2017 figure of 9.5%.</div>
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The growth of the region in 2018 will be driven by increase in domestic demand, higher exports and favourable growth of global economy and trade. The commodity prices which increased by 13% in 2017 are expected to maintain the same level of prices in 2018 too.</div>
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In 2017, imports of the region are estimated to increase by 11% to 949 billion dollars and exports by 9% to 929 billion. The trend of increase in trade is expected to be maintained in 2018.</div>
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The average inflation of the region has come down to 5.3% in 2017 from 7.3% in 2016. It is creditable that the inflation of the region has remained in single digit in the last ten years. The highest was 7.9% in 2015. The only black sheep is Venezuela with a four digit inflation. Argentina is struggling with a double digit inflation of 22.9% in 2017.</div>
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The ratio of external debt to the GDP of the region in 2017 was a manageable 38.6%. It is important to note that it has remained below 40% in the last decade. This means that Latin America has come out of its bad old habit of excessive external borrowing and debt default is a thing of the past. </div>
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The international reserves of the region reached 851 billion dollars in 2017, the highest in the last ten years. Venezuela is the only country with the problem of acute foreign exchange shortage. </div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The stronger macroeconomic fundamentals, the financial discipline of the governments and their Inclusive Development policies augur well for growth and prosperity of the region in the future.</span></div>
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<b>Political developments</b></div>
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In the elections held in December, the business-friendly billionaire Sebastian Pinera was elected as President of Chile. Lenin Moreno, who was elected as President of Ecuador in February, is more moderate and pragmatic than his predecessor Rafael Correa who had confrontations with foreign companies and got carried away by his anti-imperialist rhetoric. Argentina, Brazil, Peru and Paraguay have changed their leftist governments with centre right ones in recent years. While the Pink Tide of the last decade seems to have receded for the moment, the good news is that there is a clear trend of moving towards a pragmatic centre and avoiding extreme left or right. Even the centre-right governments have pro-poor policies and higher public spending for health and education.</div>
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In 2018, Brazil, Mexico, Colombia, Costa Rica, Paraguay and Venezuela will have presidential elections. Although Lula is leading in the opinion polls, he faces the risk of disqualification if his conviction in the corruption case is confirmed by the Supreme Court. The right wing media gives generous coverage to Bolsanaro, the extreme rightist candidate but he is not expected to make it. Alckmin, the non-controversial former governor of Sao Paulo state has a chance. Meanwhile the current temporary president of Brazil is pursuing some reforms, privatisation and liberalisation, some of which could materialise. The country will have more political stability in 2018 after the four scandal-filled disastrous years since 2014.</div>
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In Mexico, Lopez Obrador, the leftist candidate who lost narrowly in the last two elections, is the favourite to win. His strong personality and nationalistic position is considered as positive to stand upto Trump who heaps insults upon the Mexicans. Although Obrador is against the opening of the energy sector to private sector, he is not likely to roll back significantly the reforms already done.</div>
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In Colombia, President Manuel Santos will leave office after having achieved peace in the country with the FARC agreement. FARC, in its new avtar as a political party, will participate in the 2018 elections but they have very limited chances. The next president of the country will have a fresh start focussing on economic development free from the war burden. Thanks to the end of the guerrilla war, vast new areas of the country have now opened up for agriculture, mining, oil exploration and infrastructure development.</div>
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While most of Latin America has firm democratic foundations, three countries have remained as exceptions. The political crisis in Venezuela will continue in 2018 and could get even worse. President Maduro of Venezuela will try to get reelected in 2018 by hook or crook. Honduras is living upto its reputation of “Banana republic” with its ongoing agitation against the reelection of President Hernandez after alleged electoral malpractices. Cuba, which was opening up, has slowed down its reforms in reaction to Trump’s revival of the failed policy of restrictions and isolation of Cuba. Raul Castro will step down as President in April 2018 but will continue as the communist party head.</div>
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The Car wash corruption scandal in Brazil has given a traumatic shock to the business and political elite of Brazil. Over 150 business leaders, executives and politicians have been arrested, of which a majority has been convicted. Many large Brazilian infrastructure companies have been blacklisted for government contracts and credit facilities. It will take quite some time for the affected Brazilian firms to come out of this stain. The Odebrecht scandal has claimed many victims among politicians in other countries too. The Vice President of Ecuador is already in jail and the Peruvian Congress had almost impeached President Kuczynski in December for involvement in the Odebrecht bribery scheme. Before 2014, Odebrecht was the largest Latin American infrastructure company and had done many prestigious projects in the region. </div>
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These scandals have given a strong anti-corruption message to the region, where corruption was accepted as part of doing business. But the scandals have left many infrastructure projects paralysed, delayed or scrapped in Brazil besides other countries. They have tarnished the reputation of the Brazilian companies and have opened the field to Chinese and other foreign firms in the region. </div>
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<b>Latin America is more serious about India now </b></div>
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Trump has revived the Ugly Gringo fears of Latin Americans. Humiliated by Trump’s insults and anti-NAFTA stand, Mexico is keen to diversify its trade partnership. Other Latin Americans too are disgusted by the protectionist policies and Caudillo tantrums of Trump. They are also disillusioned with Europe which is mired in trade protection, anti-immigration and other such issues. On the other hand, China has emerged as the second largest trading partner of Latin America overtaking European Union. It has given around 150 billion dollars of credit and invested around 120 billion dollars in the region. But the Latinos are wary of the non-transparent and sometimes high-handed business practices of the Chinese and the hidden agenda of Chinese government owned enterprises. Realising the risk of the overwhelming dominant presence of China, they want to reduce their overdependence.</div>
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Caught between the bullying Trump, indifferent Europe and the trust deficit with the Chinese, the Latin Americans have started looking more seriously at India, which has become more important for Latin America's exports than any European country. In 2016, Latin America exported 16.7 billion dollars of goods to India while their exports to Germany were 14.4 billion, Spain-13.5bn, UK-10 bn, Italy-9.3 bn and France – 7.2 bn. In 2014, India was the third largest export destination for Latin America’s exports after US and China. The Latin American business is attracted by India's huge and growing market. They have taken note that India has already overtaken China in GDP growth rate and the Indian population is set to exceed that of the Chinese in the coming years. </div>
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The Latin Americans perceive India as a non-threatening and benign economic partner. India's growth story within a large, diverse and sometimes chaotic but vibrant democracy resonates with Latin American aspirations and realities. The Indian culture and traditions of yoga, meditation, philosophy and Gurus are comfort zones for them. The Indian companies have a positive image in the region. The Latin Americans appreciate the contribution of Indian pharma companies to lower the cost of medicines and increase the share of affordable generics in their markets. They are inspired by the success story of Indian IT companies which have helped human resource development by employing over 25,000 young Latin Americans in their operations in the region.</div>
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<b>India’s exports to Latin America</b></div>
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In the fist six (April-September) months of 2017-18 fiscal year, India’s exports to Latin America have increased by an impressive 17% reaching 6.2 billion dollars. It is heartening to note that the growth is seen across all the six major markets of the region: Brazil, Mexico, Argentina, Colombia, Peru and Chile.</div>
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India’s exports to some Latin American countries are larger than the exports to some neighbouring countries and traditional trade partners. For example, India exports more to Mexico than to Thailand, Myanmar, Iran, Canada, Russia, Egypt or Nigeria.</div>
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Latin America is the largest destination for India’s vehicle exports with Mexico as the largest for cars and Colombia for motorcycles. In some countries such as Guatemala and Colombia, Indian motor cycle brands are the leaders with the highest market share. </div>
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Indian companies have started getting infrastructure projects and contracts for supply of equipments and machinery in the region. Sterlite Power Grid of India has won a billion dollar power transmission line project in Brazil in the public auction held in December this year. Other major companies such as Shapoorji and Palonji, Suzlon, KEC, Praj, Paharpur Cooling and Thermax have got business in the region. BFL Hydro, a small company from Bengaluru is doing a mini hydel project in Honduras. </div>
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India’s total exports to the region were 6.2 billion dollars in the period April to September 2017. It was 10.4 billion dollars in 2016-17. There is potential for<span style="color: black;"> </span><span style="color: black;">India to increase its exports to 20 billion dollars in the next five years to Latin America which </span><span style="color: black;">is a large and growing middle income (over 8000 dollars of per capita income) market of 19 countries with a total population of 615 million and GDP of over 5 trillion dollars</span></div>
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<b>New paradigm of synergies and complementarities</b></div>
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In the past, distance was perceived as the major barrier for trade with Latin America. The economists saw Indian and Latin American exporters as competitors for the same consumer markets of the developed world, exporting raw materials and importing finished products. But these perceptions and theories have been upended with a new paradigm of business in the 21st century. The Indian and Latin American companies and markets are discovering new synergies and complementarities.</div>
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- Reliance imports crude oil from Brazil, refine it in Jam Nagar and export diesel to Brazil besides other countries. Renuka Sugar imports a billion dollar worth raw sugar from Brazil, refine it in India and then export the refined sugar to Asia and Middle East. A Brazilian firm Surya Brasil imports henna ingredients from India, makes its own brand of products and export them to twenty countries including India. </div>
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- Chile, Peru and Argentina export fresh fruits and vegetables to India.</div>
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-Two dozen Indian IT firms have been using the distance and different time zone factors as advantages by developing a new 12/12 business model in which they do near-shore delivery of services to their US clients for 12 hours from the same time zone in Latin America and shift to India for the next 12 hours. They employ 25,000 Latin American staff from Mexico to Chile. </div>
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<span style="font-family: Arial, Helvetica, sans-serif;">It is worth noting that India has beaten China in export of pharmaceuticals to Latin America. What is even more impressive is that India imports substantial quantities of bulk drugs from China, converts them into finished products in India and export to Latin America.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Latin America has become a regular new source for India's imports of crude oil in the last fifteen years, supplying 15-20 percent of India’s global imports. Crude oil is the largest global export of Latin America, which has the capacity to double its exports in the future. Having lost a substantial part of exports to the US (which has started shale oil production), the Latin Americans are now more keen to diversify and penetrate large oil importing markets such as India and China. This fits in perfectly with India’s strategic energy security policy to diversify its import sources and reduce over dependence on the volatile Middle East. In any case, the Latin American crude option has put pressure on the the suppliers from Middle East (who had enjoyed undue monopoly in the past) to better their prices and terms of supply to India. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-size: small;">While India has achieved self sufficiency in cereals, there is perpetual shortage of edible oil and pulses which are being imported in ever increasing quantities. India has been sourcing soy and sunflower oil as well as pulses from South America. Since the gap between India</span>’<span style="font-size: small;">s demand and production has been widening due to the relentless increase in population and consumption, India’s import from South America will go up in the future. </span>Indian agriculture faces daunting challenges caused by the diversion of agricultural land for other purposes ( residential, commercial, industrial and infrastructural uses), shortage of water and low productivity due to inadequate investment by most farmers whose land sizes are small. On the other hand, South America has vast tracts of fertile land, abundant water, advanced technologies and best practices with which the region has emerged as a global agricultural powerhouse. Argentina and Brazil are world leaders in some areas of agricultural research and innovation. The region has the potential to bring in another 40 million hectares of land into agriculture and feed an extra 500 million people. </span></div>
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In 2017, Indian firms have increased their investment in Mexico and Brazil especially in auto parts, IT and agrochemicals. It is interesting that UPL, the largest Indian agrochemical company has more revenue in Latin America than in India. This is a good time for acquisitions in Brazil where the asset prices are depressed due to the political and economic situation. The Chinese have invested over 50 billion dollars buying up Brazilian power plants, mines and oil fields.</div>
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In 2017, there have been more joint ventures in entertainment business. “ Thinking of him”. a film on Tagore’s romance with the Argentine celebrity Victoria Ocampo was coproduced by an Argentine-India venture and was premiered in the Goa Film festival in November. Prabhakar Sharan from Motihari in Bihar became a hero in a Latin American film “ Enredados: La Confusion” ( Entangled: the confusion) produced in Costa Rica and released in February. It is the first Latin American film produced in the Bollywood style of songs and dance. </div>
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This is an opportune time for India to take the win-win economic partnership with Latin America to the next level, when the Latin Americans are the most serious about India. The appointment of Mr Suresh Prabhu as Commerce Minister of India is welcome news for economic relations with Latin America. He has been taking interest in the region in the last several years much before he became minister. He has deep knowledge and understanding of the region. A stand alone visit to the region by Prime Minister Modi and announcement of credit of a billion dollars would also help.</div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-66709243321960008282017-10-04T21:52:00.002-07:002017-10-04T21:55:24.819-07:00India’s exports to Mexico continue its steady increase<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: 18px;">India’s exports to Mexico have increased by 17 percent to 2.84 billion dollars in the period January-July 2017 from 2.43 billion in the same period in 2016. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The main drivers of this steady increase are the engineering products. Vehicle (mostly cars) exports have gone up by 23.5% in 2017 reaching 1.15 billion dollars from 929 million in 2016. In fact, the vehicle exports have doubled from 2015. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Export of other engineering products ( equipments, machinery, products of iron, steel and aluminium) have also showed an impressive jump of 21.7% reaching 689 million dollars in 2017 from 566 m in 2016.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Mexico has overtaken Brazil as the largest destination of India’s exports to Latin America in the last two years. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Mexico’s exports to India have almost doubled from 743 million dollars in 2016 to 1.35 billion dollars in 2017. Crude oil is the main export accounting for 69% of the exports.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The total trade of India with Mexico has reached 4.19 billion dollars in 2017 (Jan-July) from 3.17 billion in the same period in 2016.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Despite Trump’s NAFTA threats, Mexico’s economy has been growing and has attracted new investments. Mexico’s global imports and exports have shown increase in 2017. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The Trump factor has made Mexico to focus more on diversification of its trade partnership. As part of this strategy, Mexico is keen to engage India, which is its tenth largest export market and 12th ranked global import source.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Indian companies continue to invest in Mexico. The latest investor is Indian autoparts company Sakthi which has set up a plant in Durango in Mexico to make suspension and break systems. The initial investment is 30 million dollars.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;">Mexican companies are upbeat about India's growth story and continue to invest in India.</span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-10360404452388177612017-08-23T20:12:00.002-07:002017-08-23T20:12:37.552-07:00India is more important for Latin American exports than Germany, UK, France, Spain and Italy<div dir="ltr" style="text-align: left;" trbidi="on">
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India has become more important as an export destination for Latin America than their their traditional European trade partners such as Germany, UK or France. In 2016 Latin America exported 16.7 billion dollars of goods to India while their exports to Germany was 14.4 billion, Spain-13.5bn, UK-10 bn, Italy-9.3 bn and France – 7.2 bn.</div>
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India was the sixth largest export destination for Latin America in 2016, after US, China, Netherlands, Canada and Japan. In 2014, India was in the third rank with 29 billion dollars ahead of Japan, Netherlands and Canada. The main reason for the drop in Latin American export to India in 2016 is the sharp fall in prices of oil, the main Indian import from the region.</div>
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India is the number one destination of Latin America's vegetable oil exports, the second largest importer of Latin American crude oil, third for the region's exports of copper, fourth for gold and also fourth for ores. </div>
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India, as a major export market, is not a wonder of one or two years. India has emerged as a large and growing market for Latin American goods in recent years and is going to continue its ranking in the years to come. India has already overtaken China in GDP growth rate and is set to surpass China in population too. </div>
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Petroleum crude, copper, gold, ores and vegetable oil are among the top global exports of the region and at the same time these are the major imports of India from the world. India is going to increase its imports of these items in the future both globally and from Latin America in view of the of the growing gap between domestic demand and production. The increasing Indian population (15 million a year) and consumption power of the new middle class as well as the need for fuelling the high growth of the economy will continue to drive the rise in imports. This Indian need is complemented by Latin America's potential to export more with its ample resources. </div>
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<span style="font-family: Arial;">Indian agriculture faces daunting challenges caused by the diversion of agricultural land for other purposes, shortage of water and low productivity due to inadequate investment by most farmers whose land sizes are small. On the other hand, South America has vast tracts of fertile land, abundant water, technologies and best practices with which the region has emerged as a global agricultural powerhouse. Besides soy and sunflower oil, the region can supply palm oil to India. Some countries in the region have started palm plantations and exports of oil. This will help India to reduce the over dependence on the monopoly suppliers Malaysia and Indonesia and bring down prices. South America has started exporting small quantities of pulses to India which is the largest importer in the world.</span></div>
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<span style="font-family: Arial;">Apart from petroleum crude, vegetable oil, minerals, sugar and gold, Latin America exported to India in 2016 manufactured products such as equipments and machinery ( 432 million), iron and steel (227m), chemicals ( 200 m) electrical equipments ( 173 m) and plastic products ( 172 m). Latin American firms are yet to explore the opportunities offered by the huge investment India is making in infrastructure including highways, airports, ports, power and renewable energy as well the huge Indian "retail revolution” which opens possibilities for supply of value added food and consumer products from Latin America.</span></div>
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<span style="font-family: Arial; font-size: 16px;">Latin American governments and business need to proactively explore the large long term opportunities offered by India with more business delegations, participation in Indian trade fairs, market studies and </span><span style="font-family: Arial;">strengthening of commercial sections of the embassies. </span></div>
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<span style="font-family: Arial; font-size: 16px;">More detailed report in my previous blog…</span></div>
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<a href="http://businesswithlatinamerica.blogspot.in/2016/07/india-long-term-bet-for-latin-americas.html#links"><span style="font-family: Arial; font-size: 16px;">http://businesswithlatinamerica.blogspot.in/2016/07/india-long-term-bet-for-latin-americas.html#links</span></a></div>
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Source of statistics: ITC Geneva</div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-91306561395942203132017-08-04T19:09:00.006-07:002017-08-04T19:44:40.085-07:00 Latin America is increasing its imports in 2017.<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: "arial" , "helvetica" , sans-serif;">Latin America is projected to increase its imports by 6% in 2017, according to the 3 August report of the Economic Commission for Latin America and Caribbean ( ECLAC). This is welcome news coming after the decline of imports in the last four years since 2013.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The region is resuming GDP growth (1.1%) in 2017, after the contractions of 0.4% in 2015 and 1% in 2016.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Panama will have the highest growth rate of 5.6% followed by Dominican Republic – 5.3%, Nicaragua-4.7% and Costa Rica-4.1%. Brazil will have a modest growth of 0.4%, Mexico-2.2%, Argentina-2%, Colombia-2.1%, Peru-2.5% and Chile-1.4%. South America is expected to see growth of 0.6%; Central America and Mexico, 2.5%. Venezuela will suffer 7.2% GDP contraction..no surprise. In the last three years, Venezuela has lost almost one third of its GDP.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The economic recovery of the region is being driven by the rise in domestic consumption and demand, the increase in global prices of commodities exported by the region and favourable global economic conditions. Commodity prices are expected to rise by 12% on average compared with 2016. In particular, energy prices are expected to increase by 19%, and metals and minerals by 16% and food prices by 3%.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The exports of the are projected to expand by 8%. Average inflation of the region has fallen from 7.3% in 2016 to 5.7% in May 2017. However, Argentina’s inflation stood at 24.7% while Venezuela’s rate has gone up over 600% and beyond control.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">It is interesting to note that despite the recession in 2016, the region attracted 141 billion dollars of foreign direct investment (FDI), an increase from 2015. Brazil received 71 billion dollars, Mexico-28 bn, Colombia –9 bn, Peru- 6.6 bn, Chile –5.1 bn, Panama-5 bn, Costa Rica- 2.6 bn, Argentina-2.4 bn, Dominican Republic- 2.4 bn and Guatemala- 1 bn.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Total External debt of the region has increased to 1.47 trillion dollars from 1.42 trillion in 2015 but the ratio of external debt to GDP is a manageable 35%.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Total international reserves of the region have increased to 831 billion dollars in May 2017 from 795 billion in December 2015. This is a comfortable level for the region except for Venezuela whose position has become insecure with just about 10 billion dollars but with some debt repayments due this year.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Venezuela has become the black sheep of the region with its political and economic crisis. It has buried itself in a deeper hall with the Constituent Assembly elections held this week. The election has been rejected by key Latin American countries besides US and EU. The Chavistas are moving the country to a Cuban model of dictatorship which is untenable in Venezuela and is bound to collapse. The economy is in a free fall with total mismanagement, the world’s highest inflation, multiple exchange rates, large scale corruption, shortages of essential consumer items and the destruction of the domestic industry. Caracas has become the capital of crime and violence in the region. It is just a matter of time for the Chavista regime to collapse.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Brazil avoided another Presidential impeachment last week. Although the country will continue to suffer from political turbulence, it appears that the current President Temer is likely to stay till the elections due in 2018. He might take more initiatives to bring about some economic reforms in the coming months to show off his legitimacy. In any case, he is in a position to try the difficult and impossible since he has no future as President and nothing to lose. He has been disqualified to stand for Presidential elections as a conviction for his violation of electoral rules. The economy has started recovery and is set to grow. However investment, infrastructure and public spending will continue to be low key in the aftermath of the ongoing corruption scandals involving companies and politicians.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Mexico is heaving a sigh of relief seeing that Trump’s bite is less worse than his bark. During his campaign, he attacked NAFTA as the worst deal ever signed by US. But now he has realised the limitations and is talking about just a review of the Treaty. He has gone soft on the border wall and his capacity to hurt Mexico has diminished. So NAFTA is safe and the Mexican economy is not going to be disrupted by Trump.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">India’s trade with the region should increase in 2017 from the 30 billion dollars in 2016, given the rise in commodity prices and the expected increase of global imports by the region. It is encouraging to note that India’s exports to Mexico had increased by over 20% in 2016. Vehicles have become the largest exports of India to the region at 3.4 billion dollars. The vehicle exports have been increasing significantly in recent years.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Indian investment in the region is coming down. Some companies such as Havells and Aegis have sold off their Latin Americans assets and operations. One of the sugar mills of Renuka in Brazil is being auctioned by the court in the first week of September. Renuka, which had invested about 500 million dollars in Brazil, has already declared bankruptcy. However, UPL, the largest Indian agrochemical company, is planning more acquisitions in Latin America. Its Brazilian turnover has overtaken its business in India.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The Indian business should get inspiration from China’s trade of 215 billion dollars with Latin America in 2016 and its investment of 110 billion dollars and credit of 141 billion dollars to the region. The Latin Americans want to reduce their over dependence on China and seek diversification and reach out to new markets such as India. There is tremendous potential for Indian business in the large and growing market of Latin America with a combined GDP of five trillion dollars and a population of 620 million. </span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-62934093409386804872017-08-02T20:05:00.001-07:002017-08-02T20:59:29.833-07:00NAFTA is safe and Trump has become less dangerous to Mexico<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "arial" , "helvetica" , sans-serif;">According to Economist (27 July) seventy percent of farmworkers in US are Mexicans. In California it is even higher at 90%. The farm industry, especially the fruits and vegetable part, faces serious problems of shortage of workers, after Trump's persecution of Mexicans. The American farmers had to plough under vegetables and fruits since they did not have enough pickers. The wages have gone upto 19 dollars per hour in some places.This means that US has to increase imports of <span class="text_exposed_show" style="display: inline;">fruits and vegetables.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The US has a provision for guest workers under H2A. In 2016 US imported 134,000 guest workers. The request for H2A visa have steadily increased from 55000 in 2011. Even Trump's son Eric has applied for 29 visas for workers for his vineyard.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">It is, therefore, not surprising that Trump barks less these days at Mexico under pressure from the farm lobby. He is just trying to tweak NAFTA a little for face saving rather than rip off the Treaty as he threatened during campaign. He had earlier claimed that NAFTA was the worst ever deal signed by US. He has now realised that most of the Mexican factories which export to US using NAFTA belong to his own American buddies who have set up assembly and manufacturing units in Mexico to cut costs. In fact, Mexico has helped US companies to reduce their over dependence on China for manufacturing and diversify. Today Mexico has become more competitive than China in the production of cars and appliances thanks to the Chinese wage rise. Trump can only bully those American companies who want to set up new plants in Mexico but not those who are already established there. If Trump stops the ongoing flow of Mexican-made products into US, the American industry will suffer more since they cannot quickly shut their Mexican shops and restart in US.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Mexico has also hinted that it can play its trump card. They have announced that they will reduce/stop import of corn and some other food products from US and source them from Argentina and Brazil. This has alarmed the US exporters of such products who are now putting pressure on Trump administration. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">If Trump wants to reduce trade deficit he should go after China with whom the US trade deficit is a massive 366 billion dollars while it is just 66 bn with Mexico in 2016.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">So NAFTA is safe and Trump is no longer a serious threat but just a minor nuisance to Mexico.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">According to a Pew research centre study, more Mexicans have left US than arrived in the period 2005-14 even before the apparition of Trump. </span></div>
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The Trump Wall seems to have become like a Magical Realism..Trump, the Caudillo, is set for 'one hundred years of solitude'.</div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-31431379637191662552017-07-19T22:55:00.003-07:002017-07-19T22:59:00.256-07:00India's trade with Latin America in 2016-17<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: arial, helvetica, sans-serif;">For those who think that Latin America is too far and cost of freight is too high and therefore the region should be less important for India’s trade, here is the eye opener from the 2016-17 (April-March) statistics of the Commerce Ministry of India.</span><br />
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<span id="OLK_SRC_BODY_SECTION"><span style="font-family: "arial" , "helvetica" , sans-serif;">-In 2016-17, India exported more to Mexico (3.5 billion dollars) than to neighbours such as Thailand (3.1 bn), Myanmar (1.7bn) and Iran (2.4 bn) or traditional trade partners Russia-1.9 bn and Canada-2 bn.</span></span></div>
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-India’s exports to Colombia ( 787 m) were more than the exports to some West European countries such as Austria, Ireland or Scandinavian countries.</div>
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-Guatemala had imported (243 m) more from India than some Central Asians and East European countries.</div>
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-India’s trade with Dominican Republic (900 m) was more than the trade with Portugal, Greece and some other European countries.</div>
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For those who think that it is very difficult for India to compete with the Chinese exports, here is another piece of information:</div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">India beat China in export of pharmaceuticals to Latin America. India’s exports were 651 million dollars in comparison to China’s 404 million in 2016. In fact, in the last five years, India has been exporting more pharma to Latin America than China. <span style="background-color: white; orphans: 2; text-align: justify; widows: 2;">What is even more interesting is the fact that India imports bulk of its raw materials from China, converts them into finished formulations and exports them.</span></span></div>
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<b><span style="font-family: "arial" , "helvetica" , sans-serif;">Trade in 2016-17</span></b></div>
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<span id="OLK_SRC_BODY_SECTION"><span style="font-family: "arial" , "helvetica" , sans-serif;">India’s trade with Latin America in 2016-17 was 30 billion dollars of which export was 10.4 billion and imports 19.6 bn. The trade has gone up slightly from 29.7 billion in 201-16 but down from 43 billion in 201-15. The main reasons for the decrease in trade are the fall in commodity prices imported by India from Latin America and the recession of the region in 2015 and 2016. India’s import of crude oil from the region fell to 9.5 billion dollars in 2016-17 from 20 bn in 2014-15 thanks to the decrease in oil prices from over 100 dollars to less than fifty. The volume of crude imports had in fact increased.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Figures in million US dollars</span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">2016-17<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">2015-16<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">2014-15<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">India’s exports<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">10.4<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">10<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">13.7<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">India’s imports<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">19.6<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">19.7<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">29.3<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Total<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">30<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">29.7<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">43<o:p></o:p></span></span></div>
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<span lang="EN-US"><o:p><span style="font-family: "arial" , "helvetica" , sans-serif;"> India’s trade in 2016-17 in million US dollars</span></o:p></span></div>
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<br /></div>
<table align="left" border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; margin-left: 6pt; margin-right: 6pt;"><tbody>
<tr><td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><b><span style="font-family: "arial" , "helvetica" , sans-serif;">Country<o:p></o:p></span></b></span></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><b><span style="font-family: "arial" , "helvetica" , sans-serif;">exports<o:p></o:p></span></b></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><b><span style="font-family: "arial" , "helvetica" , sans-serif;">imports<o:p></o:p></span></b></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;"><b>Total trade</b><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Brazil<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">2408<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">4115<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">6523<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Argentina<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">512<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">2500<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">3012<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Uruguay<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">189<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">13<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">202<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Paraguay<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">125<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">155<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">280<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Venezuela<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">62<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">5512<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">5574<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Mexico<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">3473<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">2944<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">6417<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Colombia<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">787<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">594<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">1381<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Peru<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">699<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">1077<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">1776<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Chile<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">676<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">1226<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">1902<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Ecuador<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">199<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">356<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">555<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Bolivia<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">80<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">174<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">254<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Guatemala<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">243<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">22<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">265<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Costa Rica<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">160<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">59<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">219<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Honduras<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">136<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">22<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">158<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Nicaragua<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">87<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">3<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">90<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">El Salvador<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">60<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">6<o:p></o:p></span></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">66<o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">Panama</span></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">222</span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">202</span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">424</span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">Dominican Republic</span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">225</span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">675</span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">900</span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span lang="EN-US"><o:p> </o:p></span>Cuba</span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span lang="EN-US"><o:p> </o:p></span>42</span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><o:p><span style="font-family: "arial" , "helvetica" , sans-serif;"> 1</span></o:p></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><o:p><span style="font-family: "arial" , "helvetica" , sans-serif;"> 43</span></o:p></span></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><b><span style="font-family: "arial" , "helvetica" , sans-serif;">Total<o:p></o:p></span></b></span></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><b><span style="font-family: "arial" , "helvetica" , sans-serif;">10485<o:p></o:p></span></b></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><b><span style="font-family: "arial" , "helvetica" , sans-serif;">19656<o:p></o:p></span></b></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; padding: 0cm 5.4pt; width: 106.45pt;" valign="top" width="106"><div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;"><b>30041</b><o:p></o:p></span></span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span lang="EN-US"></span></span></div>
<div class="MsoNormal" style="font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br clear="all" /><o:p></o:p></span></span></div>
</div>
<br /><span id="OLK_SRC_BODY_SECTION"></span>
<div style="-webkit-line-break: after-white-space; -webkit-nbsp-mode: space; word-wrap: break-word;">
<span id="OLK_SRC_BODY_SECTION"><span style="font-family: "arial" , "helvetica" , sans-serif;">
</span></span>
<div>
<span id="OLK_SRC_BODY_SECTION"><span style="font-family: "arial" , "helvetica" , sans-serif;">In 2016-17, Brazil was the largest trading partner with 6.5 billion dollars, followed by Mexico- 6.4 bn, Venezuela-5.6 bn, Argentina- 3 bn, Chile-1.9 bn, Peru-1.8 bn, Colombia-1.4 bn and Dominican Republic- 900 million.</span></span></div>
</div>
<div>
<b><span style="font-family: "arial" , "helvetica" , sans-serif;">India’s exports</span></b></div>
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<span id="OLK_SRC_BODY_SECTION"><span style="font-family: "arial" , "helvetica" , sans-serif;">Mexico was the largest destination of India’s exports with 3.5 billion, followed by Brazil-2.4 bn, Colombia-787 m, Peru-699 m, Chile- 676 m and Argentina-512 m. Export to Mexico has increased by 21% from last year while it has declined in the case of the other large markets such as Brazil, Argentina, Colombia, Peru and Chile.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Major exports of India</span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">vehicles<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">3408<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Equipments and machinery<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">861<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Organic chemicals<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">810<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Pharmaceuticals<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">651<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Iron and steel<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">623<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Chemical products<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">566<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Synthetic fibres<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">550<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">apparels<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">442<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Plastic items<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">350<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">Aluminium articles<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">207<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">diesel<o:p></o:p></span></span></div>
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<span lang="EN-US"><span style="font-family: "arial" , "helvetica" , sans-serif;">105<o:p></o:p></span></span></div>
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<span id="OLK_SRC_BODY_SECTION"><span style="font-family: "arial" , "helvetica" , sans-serif;">Latin America was the leading destination of India’s vehicle exports with a share of 23% of India’s global exports. Mexico continued to be the main buyer of Indian cars with 1.6 bn accounting for 25% of India’s global exports. Vehicle exports to Mexico have been steadily increasing in the last three years and the increase from last year was an impressive 39%. Colombia, which was the number one buyer of Indian motorcycles came down to the third rank in 2016-17 with imports of 185 m, after Bangla Desh and Srilanka. Latin America had imported from India in 2016-17 motorcycles worth 354 million dollars, which was 25% of India’ exports to the world.</span></span></div>
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<b><span style="font-family: "arial" , "helvetica" , sans-serif;">Imports</span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Major sources of imports were: Venezuela-5.5 bn, Brazil-4.1 bn, Mexico-2.9 bn, Argentina-2.5 bn, Chile-1.2 bn, Peru- 1 bn, Dominican Republic-675 m and Colombia-594 m.</span></div>
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<span id="OLK_SRC_BODY_SECTION"><span style="font-family: "arial" , "helvetica" , sans-serif;">Main imports: crude oil-9.5 bn, vegetable oil-2.9 bn, gold and precious stones-1.7 bn, copper 1.7 bn, raw sugar 1 bn ( imports mainly for refining and reexports to other countries) and wood-309 m.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The imports are set to increase given the growing demand for these items in India, driven by the increasing population and consumption as well as the high economic growth rate.</span></div>
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<span id="OLK_SRC_BODY_SECTION"><span style="font-family: "arial" , "helvetica" , sans-serif;"><b>Outlook for 2017-18</b></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The trade should go up next year with the recovery of the economies of the region in 2017. The GDP of Latin America had shrunk by 1.1% in 2015 and 0.5% in 2016. The GDP is expected to grow by 1.1% in 2017, helped by the recovery of global commodity prices. Except Venezuela, all the countries of the region have shown positive GDP growth. Even Brazil, which continues to suffer from political crisis, has turned around with positive growth this year. </span></div>
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<span id="OLK_SRC_BODY_SECTION"><span style="font-family: "arial" , "helvetica" , sans-serif;">Latin America will continue to contribute to India’s energy security with supply of crude oil. The region has large reserves and the capacity to increase production and exports to meet the increasing crude imports of India. South America has started supplying pulses which India has been importing more and more with the growing gap between consumption and domestic production. </span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #212121;">The collapse of TransPacific Partnership (TPP) following the withdrawal of US by the Trump administration is good for India. The TPP had extra clauses for patent protection going beyond the WTO standards and this would have affected India’s generic medicine exports to </span>Latin America.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The expanded Preferential Trade Agreement signed by Chile and India in 2016 has come into force from May 2017. Peru and India have agreed to start negotiations for a FTA/ PTA and this should also help in boosting the trade with the region. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: 16px;">Indian exporters should focus on the markets of Pacific Alliance (Mexico, Colombia, Peru and Chile) whose economies are growing more and whose trade policies are more stable, transparent and predictable with the least protectionism.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: 16px;">Latin Americans have started paying more attention to India especially after the arrogant and insulting remarks of Trump against Mexicans and his protectionist trade policies. They also want to reduce the over dependence on China which has used its dominance to hurt the region’s industries and given rise to other risks. They attach importance to India which has overtaken China in GDP growth rate and see India as a non-threatening trade partner in the long term.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: 16px;">India’s exports could be doubled to 20 billion dollars in the next five years, if the exporters target Latin America more seriously and systematically. </span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-23966172490760120892017-05-09T02:54:00.000-07:002017-05-09T02:57:36.881-07:00India beats China in pharmaceutical exports to Latin America and the World<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-color: white; line-height: 19.32px; text-align: justify;">India exported 651 million dollars of pharmaceutical products to Latin America as against China's 404 million in 2016. India has consistently beaten China in the last five years in pharma exports to Latin America, as seen from the tables below. What is even more interesting is the fact that India imports bulk of its raw materials from China, converts them into finished formulations and exports them. </span><br />
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<span id="OLK_SRC_BODY_SECTION"><span id="OLK_SRC_BODY_SECTION" style="color: black;"><span id="OLK_SRC_BODY_SECTION" style="color: black;">Exports in 2016 in millions of dollars</span></span></span></div>
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<b>India<o:p></o:p></b></div>
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<b>China<o:p></o:p></b></div>
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<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Brazil<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
195<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
127<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Chile<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
52<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
34<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Mexico<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
47<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
32<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Colombia<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
40.07<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
40.3<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Peru<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
37<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
42<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Venezuela<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
30<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
11<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Guatemala<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
30<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
12<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Dominican republic<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
30<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
11<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Ecuador<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
18<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
6<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Honduras<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
15<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
6<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Nicaragua<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
14<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
5<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Argentina<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
14<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
23<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Bolivia<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
13<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
3<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Costa Rica<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
11<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
7<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Cuba<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
11<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
19<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Panama<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
11<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
7<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
El Salvador<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
10<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
14<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Paraguay<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
7<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
4<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
Uruguay<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
3<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
6<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
<br /></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.9pt;" valign="top" width="142"><div class="MsoNormal">
<b>Total<o:p></o:p></b></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
<b>651<o:p></o:p></b></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 141.95pt;" valign="top" width="142"><div class="MsoNormal">
<b>404<o:p></o:p></b></div>
</td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
</div>
</div>
</div>
<div style="color: black;">
<span id="OLK_SRC_BODY_SECTION">Export figures in millions of dollars</span></div>
<span id="OLK_SRC_BODY_SECTION">
<span id="OLK_SRC_BODY_SECTION" style="color: black;"></span><br />
<div>
<div style="-webkit-line-break: after-white-space; -webkit-nbsp-mode: space; word-wrap: break-word;">
<div style="color: black;">
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-bottom-style: none; border-collapse: collapse; border-color: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial;"><tbody>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: windowtext; border-top-style: solid; border-top-width: 1pt; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 70.95pt;" valign="top" width="71"><div class="MsoNormal">
<o:p> year</o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: windowtext; border-top-style: solid; border-top-width: 1pt; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 70.95pt;" valign="top" width="71"><div class="MsoNormal">
2012<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: windowtext; border-top-style: solid; border-top-width: 1pt; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 70.95pt;" valign="top" width="71"><div class="MsoNormal">
2013<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: windowtext; border-top-style: solid; border-top-width: 1pt; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 70.95pt;" valign="top" width="71"><div class="MsoNormal">
2014<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: windowtext; border-top-style: solid; border-top-width: 1pt; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 71pt;" valign="top" width="71"><div class="MsoNormal">
2015<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: windowtext; border-top-style: solid; border-top-width: 1pt; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 71pt;" valign="top" width="71"><div class="MsoNormal">
2016<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 70.95pt;" valign="top" width="71"><div class="MsoNormal">
India<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 70.95pt;" valign="top" width="71"><div class="MsoNormal">
517<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 70.95pt;" valign="top" width="71"><div class="MsoNormal">
622<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 70.95pt;" valign="top" width="71"><div class="MsoNormal">
687<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 71pt;" valign="top" width="71"><div class="MsoNormal">
726<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 71pt;" valign="top" width="71"><div class="MsoNormal">
651<o:p></o:p></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: windowtext; border-left-style: solid; border-left-width: 1pt; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 70.95pt;" valign="top" width="71"><div class="MsoNormal">
China<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 70.95pt;" valign="top" width="71"><div class="MsoNormal">
333<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 70.95pt;" valign="top" width="71"><div class="MsoNormal">
387<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 70.95pt;" valign="top" width="71"><div class="MsoNormal">
392<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 71pt;" valign="top" width="71"><div class="MsoNormal">
442<o:p></o:p></div>
</td><td style="border-bottom-color: windowtext; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: windowtext; border-right-style: solid; border-right-width: 1pt; border-top-color: initial; border-top-style: none; border-top-width: initial; padding-bottom: 0cm; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; width: 71pt;" valign="top" width="71"><div class="MsoNormal">
404</div>
</td></tr>
</tbody></table>
</div>
</div>
</div>
<div style="color: black;">
<br /></div>
<div>
<div style="-webkit-line-break: after-white-space; -webkit-nbsp-mode: space; word-wrap: break-word;">
<div>
<div style="-webkit-line-break: after-white-space; -webkit-nbsp-mode: space; word-wrap: break-word;">
<div style="color: black;">
<span id="OLK_SRC_BODY_SECTION"><span id="OLK_SRC_BODY_SECTION" style="color: black;"><span class="Apple-style-span" style="background-color: #fefffe;"><span class="Apple-style-span" style="color: #1d2129; line-height: 19px;">India's exports are the less expensive generics in contrast to the costly patented products supplied by MNCs. This has given rise to a positive perception of India among Latin American governments and people </span></span><span class="Apple-style-span" style="background-color: #fefffe;"><span class="Apple-style-span" style="color: #1d2129; line-height: 19px;">as an important contributor to their objective </span></span><span class="Apple-style-span" style="background-color: #fefffe;"><span class="Apple-style-span" style="color: #1d2129; line-height: 19px;">to reduce the cost of health care. </span></span><span style="background-color: white; color: black; display: inline; float: none; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 18.421px; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"> In fact, the governments of Brazil and Chile had taken initiatives to invite and encourage the entry of Indian pharma companies into their countries to put pressure on the MNCs and local drug makers to increase the availability of generics and reduce the cost of medicines.</span></span></span></div>
</div>
</div>
<br />
<span id="OLK_SRC_BODY_SECTION">
<div>
<div style="-webkit-line-break: after-white-space; -webkit-nbsp-mode: space; word-wrap: break-word;">
<div style="color: black;">
<span id="OLK_SRC_BODY_SECTION" style="color: black;"><span class="Apple-style-span" style="color: #1d2129; line-height: 19px;"><span class="Apple-style-span" style="background-color: #fefffe;">India is also a major supplier of bulk drugs (pharmaceutical raw materials called as API) to the Latin American manufacturers of pharma products. The export of bulk drugs are over 300 million dollars. This helps the Latin American manufacturers to reduce their cost of production, thanks to the low cost inputs from India. </span></span><span class="Apple-style-span" style="background-color: #fefffe; color: #1d2129; line-height: 19px;">Indian pharmaceuticals are not considered as a threat to Latin American industry which has been hurt badly by the flooding of Chinese manufactured products in many sectors. </span></span></div>
</div>
</div>
<span id="OLK_SRC_BODY_SECTION" style="color: black;">
</span></span></div>
</div>
<span id="OLK_SRC_BODY_SECTION">
</span></span></div>
<span id="OLK_SRC_BODY_SECTION">
</span>
<div>
<div style="color: black;">
<span class="Apple-style-span" style="background-color: #fefffe; color: #1d2129; line-height: 19px;"><br /></span></div>
<div style="color: black;">
<span class="Apple-style-span" style="background-color: #fefffe; color: #1d2129; line-height: 19px;">Some Indian pharma companies have set up manufacturing plants in Brazil, Mexico and Argentina. Besides supplying to the local markets, these units also export to US and other countries outside the region. The Glenmark plant in Buenos Aires has become the company's global hub for the manufacture and export of oncological products to over twenty countries including US.</span></div>
</div>
<div>
<br /></div>
<span id="OLK_SRC_BODY_SECTION"></span><br />
<div>
<div style="-webkit-line-break: after-white-space; -webkit-nbsp-mode: space; word-wrap: break-word;">
<div>
<div style="-webkit-line-break: after-white-space; -webkit-nbsp-mode: space; word-wrap: break-word;">
<div style="color: black;">
<div>
<div style="-webkit-line-break: after-white-space; -webkit-nbsp-mode: space; word-wrap: break-word;">
<div style="color: black;">
<span id="OLK_SRC_BODY_SECTION"><span id="OLK_SRC_BODY_SECTION"><span id="OLK_SRC_BODY_SECTION"><span class="Apple-style-span" style="background-color: #fefffe; color: #1d2129; line-height: 19px;">The success and positive perception of Indian pharmaceuticals have helped in enhancing the image of other Indian companies as well as India in Latin America. The Latin American trust in the Indian medicines has helped in increasing their confidence in the quality of other Indian products. </span></span></span></span></div>
</div>
</div>
<span id="OLK_SRC_BODY_SECTION"><span id="OLK_SRC_BODY_SECTION"><span id="OLK_SRC_BODY_SECTION">
</span></span></span></div>
<br />
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UK is the second largest market for Indian pharma exports which stood at 464 million dollars in 2016. Exports to other developed markets in 2016 were: Australia-220 million, Germany-161m, France-145m, Netherlands-143m, Canada-143m and Belgium-125m. </div>
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<span id="OLK_SRC_BODY_SECTION" style="color: black;"><span id="OLK_SRC_BODY_SECTION">India is the largest exporter of generics (by volume) in the world, accounting for 20% of global export volume. T</span></span><span style="background-color: white; line-height: 19.32px;">he low cost of production and the large and strong base of scientific and technical human resources have given Indian exporters of generic medicines a </span><span style="background-color: white; line-height: 19.32px;">competitive advantage. The world has recognized India's role as the main contributor to the lowering of cost of health care including in the developed countries like US and UK. Western NGOs was well as foundations such as Bill and Melinda Gates Foundation, Doctors without Borders and Clinton Foundation buy Indian generics for use in their healthcare work in Africa. </span></div>
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There are, of course, many challenges the Indian pharma exports face. S<br />
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<span class="Apple-style-span" style="color: black; line-height: normal;">ome Indian companies including Ranbaxy had been caught and fined or their products banned by US FDA and its EU counterpart for violations of quality standards and authenticity of data. There is shortage of qualified pharma scientists for the research and development work. While the exports are dominated by a few large players, there are many small and medium companies which need technological and infrastructural support. There is need for strengthening of the Indian regulatory system and training and skill development of human resources for the industry in collaboration with the educational institutions. The Indian companies have profited by mass producing those products whose patents have expired. But they need to move beyond this business model and become innovative with more investment in research. The Government of India should also keep up its solid stand against pressures from US to change Indian patent laws.</span></div>
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<span id="OLK_SRC_BODY_SECTION">Pharmaceuticals are not a big deal or focus for China for whom it is the 39th largest export item. But China has started catching up fast. But for India, pharma assumes more importance as the fifth largest export item. Given this significance and the competitive advantage which India has, it is time for the government of India to give special focus to the pharma exports just as it has done successfully for IT. The government and the Indian pharmaceutical industry should work out a comprehensive strategic policy to increase the exports in the future. According to a June 2016 study by Assocham, India's pharma exports could reach 20 billion dollars by 2020.</span></div>
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<span class="Apple-style-span" style="color: black; line-height: normal;">While the large exports of IT and diamonds face downturn due to unfavorable global trends and economic situation, the exports of generic medicines offer a brighter prospect ahead in the short as well as long term. Both the developed as well as the developing world are concerned with the high cost of healthcare and the expensive patented medicines. They are keen to use more generics to cut down the cost of health care. This is an unmissable opportune time for India. </span></div>
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<span id="OLK_SRC_BODY_SECTION"><span class="Apple-style-span" style="background-color: #fefffe;"><b>Source of data: International Trade Centre, UN, Geneva </b></span></span></div>
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<span id="OLK_SRC_BODY_SECTION"><span id="OLK_SRC_BODY_SECTION" style="color: black;"><span id="OLK_SRC_BODY_SECTION" style="color: black;"><span id="OLK_SRC_BODY_SECTION" style="color: black;"><span style="font-family: "arial" , "helvetica" , sans-serif;">
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<a href="https://thewire.in/133449/pharmaceutical-drugs-exports-india/">https://thewire.in/133449/pharmaceutical-drugs-exports-india/</a></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-3692373004777698602017-04-25T22:15:00.000-07:002017-04-25T22:16:48.888-07:00Latin American GDP projected to grow by 1.1% in 2017<div dir="ltr" style="text-align: left;" trbidi="on">
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<span class="Apple-style-span" style="border-collapse: separate; border-spacing: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif; font-size: 16px;">Latin America is projected to have a GDP growth of 1.1% in 2017, according to the 24 April report of the UN Economic Commission for Latin America and Caribbean (ECLAC). This latest growth estimate is less than the prediction of 1.3% in ECLAC's December 2016 report.</span></span></div>
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<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif; font-size: 16px;">Venezuela is likely to suffer yet another economic contraction at 7.2% in 2017. The country is in a hopeless free fall. Its only hope is change of the Chavista regime which has no clues to stop the economic deterioration. The country is heading towards a political explosion and economic collapse. </span></div>
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<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif; font-size: 16px;">Brazil , the biggest economy faces internal problems while Mexico, the second biggest faces external challenges. Brazil is lurching from one political crisis to the next and is coming out with more and more incredible scandals of corruption. Earlier this month, the Supreme court has authorized investigation of <span class="Apple-style-span" style="color: #333333; line-height: 18px;">108 politicians which include nine ministers in President Michel Temer's government, three state governors, 29 senators and 42 members of the lower house of Congress</span>. Consequent to this, the corporate activities are paralyzed, bank credits frozen, infrastructure projects delayed and investments postponed. The Odebrecht corruption scandal has claimed victims in Colombia, Peru and other Latin American countries. China is taking advantage of the situation and buying up assets whose prices have come down due to the economic crisis. In the first four months of 2017 the Chinese have invested 5.7 billion dollars in Brazil. Last year they invested 11.9 billion dollars and they are the largest foreign investor in Brazil.</span></div>
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<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif; font-size: 16px;">The Brazilian situation has an adverse impact on Argentina which is finding it difficult to grow faster as expected under the business-friendly Macri government. </span></div>
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<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif; font-size: 16px;">Mexico faces challenging times with Trump's threats to build a wall, repatriate illegal Mexicans in US and change NAFTA to favor US more. Foreign investors have become more cautious about investing in Mexico which was emerging as the ' manufacturing hub' of Americas, becoming even more competitive than China in some manufacturing sectors such as cars and appliances.</span></div>
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<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif; font-size: 16px;">Peru and Colombia are the countries which show promise of higher growth. Being a larger market, Colombia should be considered as the best opportunity for business in the region.</span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-28790225375461344892017-03-26T19:56:00.000-07:002017-03-26T19:59:23.071-07:00 Mexico has emerged as the top destination of India's exports to Latin America<div dir="ltr" style="text-align: left;" trbidi="on">
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<span id="OLK_SRC_BODY_SECTION" style="font-size: 16px;"><span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Mexico has emerged as the top destination for India's exports to Latin America with a record high of 3.38 billion US dollars in 2016 (January- December). For those Indians who think that Mexico is too far and less important for India's trade than the neighbors or the traditional trade partners, here are the statistics to open their eyes: India's exports to Mexico in 2016 are more than its exports to the neighbors such as Indonesia –3.13 bn, Thailand-2.96 bn, Iran-2.41 bn and Myanmar-1.13 bn; and more than to the traditional partners: Russia-1.81 bn, Canada-1.97 bn, Australia-2.95 bn, South Africa-3.24 bn, Spain-3.36 bn, and Egypt-2.09 bn.</span></span></div>
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While India's exports to Latin America as a whole have declined in 2016, it is heartening to note that the exports to Mexico have increased by an impressive 22 percent from last year (2.77 bn) and doubled from 1.56 bn in 2012. In Latin America, Mexico has overtaken Brazil (2.3 billion dollars) in 2016 as the largest market for India's exports.</div>
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What is even more interesting is that Mexico has emerged as the biggest market for India's vehicle exports which amounted to 1.83 bn. Mexico accounts for 13% of India's global exports of vehicles which stood at 14.98 billon in 2016. This is remarkable in view of the fact that Mexico itself exports 80 billion dollars of vehicles and is the fourth largest exporter in the world. India's vehicle exports to Mexico have increased by an incredible 56% from 2015 (1.17 bn), 83 % from 2014 ( 1 bn) and from a mere 397 m in 2012. </div>
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The major exports to Mexico are: vehicles –1.83 bn, Other engineering goods – 590 million, chemicals – 333 m, textiles- 214 m, plastics-83 m and pharmaceuticals- 47 m.</div>
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India's imports from Mexico were 2.44 billion dollars in 2016, down from 3.44 bn in 2014 due to the drastic fall in the prices of crude oil which accounts for 60 % of India's total imports from Mexico. Crude imports in 2016 were 1.48 billion dollars, down from 2.74 bn in 2014. India is the third largest destination for Mexican crude exports which have the potential to increase in the coming years. The other import items: engineering products –593 million dollars, gold-77m, chemicals-76m, optical products –57 m, and ores-54m. </div>
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<span id="OLK_SRC_BODY_SECTION" style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Mexico is the second largest market in Latin America with a population of 126 million and GDP of 1.15 trillion dollars. It is a politically stable country with vibrant democratic credentials. The macroeconomic fundamentals are generally healthy and strong. The average inflation in the last decade was just 4.3%. The Mexican economy grew over 2% in the last two years, while Latin America as a whole had suffered GDP contraction in 2015 and 2016. The Mexican GDP growth rate in 2017 is projected to be around 2%. Mexico is the largest trading nation in Latin America, accounting for about 40% of the region's external trade. Its market is open with low tariffs and predictable and investor-friendly policy regime. In the last four years, it has carried out many reforms opening up the previously restricted sectors such as energy. It has become a manufacturing hub of Americas with global leadership position in some consumer appliances and competitive in aerospace and high-tech industries. Manufactured products account for over 80% of exports unlike the South American countries which are dependent on exports of raw materials and commodities. Mexico is blessed with rich reserves of gold, silver, copper and other minerals as well as oil. However, Mexico has its its own share of challenges which include drug-related violence and Trump's threats to deport Mexicans from US and disrupt NAFTA</span>. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span id="OLK_SRC_BODY_SECTION" style="font-family: "arial" , "helvetica" , sans-serif;">Thirteen Mexican companies have invested about a billion dollars in India. Around forty Indian companies have invested in Mexico in sectors such as pharmaceuticals, auto parts, IT and chemicals. Indian companies use Mexico as the platform for access to the markets of North and Central America with whom Mexico has signed FTAs. The Mexican Ambassador to India Melba Pria, known for her proactive economic diplomacy and riding in a colorful auto rickshaw with diplomatic number plate, has invited Indian IT professionals to use Mexico as the base for near-shore US operations, after Trump's H-1B visa restrictions. </span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span id="OLK_SRC_BODY_SECTION"><span style="font-family: "arial" , "helvetica" , sans-serif;">The Indo-Mexican trade of 5.82 billion dollars in 2016 have the potential to reach 10 bn in the next five years. After Trump's trade threats, Mexico is trying very seriously to reduce its over dependence on the US market which accounts for 81% of its exports and 50% of imports. It wants to diversify its trade partnerships and intensify its engagement with large markets such as India. This is, therefore, the most opportune and unmissable time for India to accelerate its trade promotion activities with Mexico.The Indian government could extend an invitation for state visit to the Mexican President Nieto who is keen on a strategic economic partnership with India. It is imperative for India to sign a Free Trade Agreement to remove the tariff disadvantages faced by India's exports vis-a-vis the exports from the 45 countries which have signed FTA with Mexico. </span></span></span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-49635207959453376682017-03-09T04:23:00.003-08:002017-03-09T04:23:52.183-08:00Trump triggers greater Latin American interest in India <div dir="ltr" style="text-align: left;" trbidi="on">
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" So far from God ….but so close to Trump", is the cry of the Mexicans these days to their patron saint, Virgin of Guadalupe, affronted by Trump's racist comments and accusation of Mexican immigrants as 'criminals, rapists and drug dealers'. They feel insulted by his demand for Mexican money to build the border wall. Not since the American annexation of Mexican territories and the US-Mexico war in the 19th century that the Mexicans are so outraged with the Big Brother. Trump has called NAFTA as the 'worst trade deal in human history' and has threatened to impose tariffs on imports from Mexico, which depends on US for 81 percent of exports and close to 50% of its imports. In 2016, Mexico's exports to US were 294 billion dollars and imports 231 billion. Traumatised by Trump, Mexico has started pursuing diversification of trade partnership focussing on large markets like India. </div>
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Like Mexico, Central America also fears deportation of large numbers of their citizens from US and loss of remittances. Cuba, which began normalization of relations with US, is back to the wall again by Trump's reversal of some of the policies of Obama administration. Colombia, Chile, Peru, Dominican Republic and the five Central American countries which have signed Free Trade Agreements with the US are apprehensive expecting the worst fromTrump. The Latin Americans cannot believe that the US, which preached and forced Latin American governments to open up their markets and liberalize imports in the name of "Washington Consensus", is doing exactly the opposite by resorting to protectionism. </div>
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During the annual CELAC (Community of Latin American and Caribbean States) summit in January this year, the leaders of the region were unanimous in their condemnation of the Wall and solidarity with Mexico. The outgoing Secretary General of UNASUR (South American Community) Ernesto Samper had said, "<span class="Apple-style-span" style="color: #111111; line-height: 24px;">U.S. President Donald Trump's migration policy and trade protectionism are threats to South America and the region must take a stand against them instead of appeasing him". </span>Mario Vargas Llosa, the celebrated Peruvian writer and Nobel Prize winner, whose latest novel is about the Fujimori dictatorship in Peru, has called Trump as an ' uncouth, populistic and nationalistic demagogue dangerous for Latin America'. The Latin Americans who had suffered long in the past from dictatorships are shocked that the Caudillo (typical Latino authoritarian strong man) has reappeared in North America in the form of Trump reviving their bad old memories of the 'arrogant Yankee'</div>
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While Trump is alienating the Latin Americans, the Chinese have steadily expanded their presence in the region. China has overtaken US to become the largest export destination for Brazil, Chile and Peru among others. It has replaced European Union as the second largest trade partner of the region. The Chinese target is 500 billion dollars of trade and 250 billion investment by 2025. China has given a credit of 21 billion dollars to Latin America in 2016 alone and their cumulative credit is an impressive 141 billion dollars, since 2005. They have captured the imagination of Latin Americans with announcement of mega infrastructure projects such as the Bi-Oceanic Railway between the ports of Santos in Brazil and Callao in Peru as well as the Nicaragua Canal project. But the Latin Americans have become conscious of the risks and perils of over dependence on China which has used its leverage to bully some countries in the region. In any case, the Latin Americans, who have come out of dictatorships just three decades back, are uncomfortable with the Chinese communist dictatorship and its non-transparent policies and intentions. Not surprisingly, the US think tanks and NGOs are stoking the fires of distrust of China by maligning Chinese projects and exaggerating the damage to region's industry and environment by the flooding of cheap Chinese products and extractive ventures.</div>
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The Latin Americans are disillusioned equally with Europe, with its rising nationalism, anti-immigrant agenda and trade barriers. </div>
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Caught between the bullying Trump, indifferent Europe and the suspect Chinese, the Latin Americans have started looking more seriously at India, attracted by its huge and growing market as well as its vibrant and diverse democracy. They have taken note that India has already overtaken China in growth rate and the Indian population is set to exceed that of the Chinese in the coming years.They do not feel threatened by the Indian exports or investment unlike in the case of Chinese. The Indian IT and pharma companies are perceived as having contributed positively to the region. India has already become the second largest market (after US) for crude oil, the largest export of Latin America. Since US is reducing imports of crude oil (thanks to the shale discoveries), India will become even more important a market for Latin American crude exports. In 2014, India was the third largest destination for Latin America's exports. The region had exported more to India than to Germany, France, UK, Italy, Spain and Japan. </div>
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Trump's withdrawal from TransPacific Partnership (TPP) is good for India. The TPP had extra protection for patents (pushed in by multinational corporations) which would have caused problems for the pharmaceutical exports of India to Mexico, Colombia and Chile, the Latin American members of TPP. If TPP had become successful, it would have inspired more such second generation trade agreements adversely impacting some of India's exports. </div>
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The Latin American economy has recovered from the recession of the last two years and has resumed growth in 2017. Except for Venezuela, the macroeconomic fundamentals of the region are generally stronger and growth prospects better. The region offers a large market of 614 million people with a combined GDP of 5.2 trillion dollars and per capita income of 8500 dollars. The region's imports are close to a trillion dollars. </div>
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<span class="Apple-style-span" style="font-family: Arial;">Distance is no longer a deterrent. Fresh fruits from Chile, Peru and Argentina are available in Indian markets. India exports more to the distant Guatemala than to the nearby Cambodia.India's exports to Brazil in 2014-15 were more than its exports to Japan, Korea, Malaysia, Indonesia, Thailand, France, Italy and Spain. India's exports to Mexio exceeded its exports to Russia, Canada and Australia.</span></div>
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<span class="Apple-style-span" style="font-family: Arial;">Latin America is the largest destination for India's car and motor cycle exports. Indian pharmaceutical exports to the region are around a billion dollars. Over twenty Indian IT and BPO companies have established operations in the region employing more than 25,000 local staff. Latin America, with a 15-20 percent share of India's crude oil imports, has come to stay as an important contributor to India's energy security helping India's strategic policy of diversification and reduction of over dependence on the Middle East. Besides large reserves of oil, the region is well endowed with minerals and agricultural potential which are useful for 'Make in India' and food security.The India- Latin America trade which was 30 billion dollars in 2015-16 has the potential to reach 100 billion in the near future. </span></div>
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<span class="Apple-style-span" style="font-family: Arial; font-size: 16px;">This is, therefore, the right time and an unmissable opportunity for India to intensify its win-win economic partnership with Latin America. One of the immediate measures to take is to increase the credit to the region to facilitate trade and investment. The cumulative Indian credit to the region is very much below one hundred million dollars while the Chinese credit is 141 billion. The negotiations for widening and deepening the PTA with Mercosur ( which has been going on indifferently for the last ten years) needs to be concluded without further delay. Trade Agreements could be signed with Mexico (the largest destination of India's exports to the region in the last two years) as well as with Colombia and Peru the other major markets. Prime Minister Modi should undertake annual visits to the region, like the Chinese President does.The Commerce and External Affairs Ministers of India need to engage their Latin American counter parts with a new message of serious partnership.The annual India-Latin America and Caribbean Business Conclave needs to be organized in a larger scale with more funds and high-level participation. Opportunities for Indian exporters and business in the region need to be disseminated regularly with the latest information on the economies and markets through trade and industry bodies and export promotion councils.</span></div>
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<span class="Apple-style-span" style="font-family: Arial; font-size: 16px;">Edited version of this appeared in The Wire</span></div>
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https://thewire.in/115239/donald-trump-triggers-greater-latin-american-interest-in-india/</div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0tag:blogger.com,1999:blog-7218714333441747486.post-25747424285864594222017-03-08T05:22:00.003-08:002017-03-08T05:27:59.474-08:00India's trade with Brazil has declined again.<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "arial"; font-size: 16px;">India's trade with Brazil has gone down by 28 % reaching USD 5.6 billion in 2016 (January to December) from 7.90 billion in 2015 after reaching a peak of 11.4 billion in 2014. India' exports declined by 42% to USD 2.48 billion while imports went down by 12% to USD 3.16 billion from the previous year.</span></div>
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<span class="Apple-style-span" style="font-family: "arial"; font-size: 16px;">India's main exports were: Agro chemicals for crop protection – 251 million, Diesel-169 m, polyester yarn- 151 m, chemicals-76 m and pharmaceuticals – 31 m</span></div>
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<span class="Apple-style-span" style="font-family: "arial"; font-size: 16px;">Major imports: raw sugar-884 m, crude oil-671 m, soya oil-378 m, copper sulphate-175 m, gold-88 m, copper products –88 m, pvc -70 m , ferro nickel– 40 m, iron ore-32 m.</span></div>
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<span class="Apple-style-span" style="font-family: "arial"; font-size: 16px;">In 2014, In<span style="background-color: white; color: black; display: inline; float: none; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 18.421px; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">dia's export of diesel was 3.52 bn dollars and crude oil imports were 2.3 billion dollars from Brazil. These have come down drastically.</span></span></div>
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<span class="Apple-style-span" style="font-family: "arial"; font-size: 16px;">Brazilian global imports had decreased by 20 % to 138 billion and exports by 3% to 185 billion in 2016. The Brazilian recession of the last two years and the fall in commodity prices are the main reasons for the decline. </span></div>
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<span class="Apple-style-span" style="font-family: "arial"; font-size: 16px;">But the good news is that the Brazilian economy is resuming growth in 2017 and the commodity prices are going up. The inflation has been contained in single digit and the external debt is under control. Foreign Direct Investment keeps pouring in, reflecting confidence of investors who take advantage of the lower cost of Brazilian assets. The political situation has become better and the government of President Temer is pro-business. These mean that t</span><span style="font-family: Arial, Helvetica, sans-serif;">he bilateral trade should grow in 2017. </span><span style="font-family: arial; font-size: 16px;">If the ongoing ( for the last ten years ) negotiations to widen and deepen the PTA with Mercosur is concluded without further delay, it could boost the trade with Brazil, besides other Mercosur members. </span></div>
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viswanathanhttp://www.blogger.com/profile/10833490711270796608noreply@blogger.com0