The new trend in Latin American trade has a country name: India. In 2017, the region's total trade (imports + exports) with India grew by 30%, driven mainly by the export of Latin American goods to the Asian country.
The figures are not huge yet. Total trade with India in 2017 amounted to $29.1 billion, one tenth of the $295.9 billion trade with China, and a fraction of the $692.1 billion with the United States.
However, the Asian nation already ranks eighth among the region's top trading partners. With last year's growth, it surpassed The Netherlands and Italy.
This is a trend, not a short-term phenomenon. According to the Inter-American Development Bank, in the last 10 years (until 2017) India climbed from 28th to 5th place for Argentine exports; 32nd to 8th place for Brazilian exports; 26th to 6th for Chilean exports, and 47th to 15th for Mexican exports. Overall, Latin American exports to India have multiplied by 16 since 1995.
Additionally, there is considerable growth potential. India's GDP growth rate averaged 7.8% over the last 10 years. It will remain at that level until 2020 and then will increase above 8%, the International Monetary Fund estimates. Over the same period, the global economic output will grow at a rate of 3.7% per year and advanced economies at 1.8%.
India is the second most populous country on the planet with 1,300 million inhabitants, 500 million of whom are...