Latin Finance - November/December 2009 - 6

The New Latin America – Asia Trade Corridor G lobal trading patterns have changed in significant ways in recent years. One of the most notable changes has been that the growth of trade between Latin America and Asia has outpaced trade growth between all other regions of the world. This new trade corridor between Latin America and Asia is a natural outcome of comparative advantage. Latin America has an abundance of varied raw materials – such as agricultural, energy, and mining products – to meet emerging Asia’s robust demand, while emerging Asia is a low-cost producer of manufactured items such as electronics, textiles, and clothing, for which Latin America is a stable and growing market. This new trade corridor has developed to the point where China is among the top five export destinations for nearly all major countries in Latin America, and China is one of the top five import sources for all major Latin American countries. In 2008, China imported a total of USD 38.4bn from Argentina, Brazil, Chile, and Peru according to our calculations. As a top 5-source import source for Argentina, Brazil, Chile, Colombia, Mexico, and Peru in 2008, China exported USD 72.9bn to those countries. In fact, the most recent monthly trade data from Brazil have shown that China is now the biggest customer of Brazil, surpassing the US, which has fallen to the number 2 spot. For the whole of 2008, Brazil exported USD 20bn in goods to China and imported USD16.4bn according to the UN Comtrade database. While the size of the trade numbers with China are impressive by any definition, it is important to note that it is not all about China. South Korea and Japan are also key trade partners of most countries in Latin America. This too is a relatively recent development and the pattern of goods traded is similar to that traded with China. A second, related development has been the changing composition of Latin America’s export destinations in recent years. There has been a clear shift away from North America (i.e. the US and Canada) and toward Asia and other emerging economies. The WTO’s International Trade Statistics for 2008 – the latest consistently defined figures across countries – show the changing nature of Latin America’s export patterns. North America remained the predominant export market in 2007, with a 30% share of exports. However, this has fallen from nearly 39% of the total in 2000. The decline in North America’s share has been mirrored by a rise in the share of Latin America’s exports destined for other emerging markets. Exports to Asia as a share of total exports rose steadily from 9.7% in The changing pattern of Latam’s export markets 45 40 35 30 25 20 15 10 5 0 38 .8 34 .5 30 .0 26 .1 22 .6 24 .4 19 .8 2000 2003 2007 21 .2 21 .2 13 .0 16 .1 9. 7 1. 41 2. 2 2. 7 .4 1. 9 1. 8 0. 6 1. 3 1. 3 N. America Intra-Latam Europe Asia Africa Middle East CIS Source: WTO International Trade Statistics 2008 Advertorial

Latin Finance - November/December 2009

Table of Contents for the Digital Edition of Latin Finance - November/December 2009

Latin Finance - November/December 2009
Contents
Latam-China Flows
Petrobras Interview
Best Boutiques
Banks of the Year 2009
Itau Unibanco Interview
Mexico: How to Capitalize on Crisis
Colombia: Local Shop Repels Foreign Pretenders
Chile: Pefecting the Art of Retail
El Salvador: A Foreign-owned Bank Dominates
Infrastructure & Energy Awards
Private Equity Fundraising
Latin Finance - November/December 2009 - Latin Finance - November/December 2009
Latin Finance - November/December 2009 - Cover2
Latin Finance - November/December 2009 - Contents
Latin Finance - November/December 2009 - 2
Latin Finance - November/December 2009 - 3
Latin Finance - November/December 2009 - 4
Latin Finance - November/December 2009 - 5
Latin Finance - November/December 2009 - 6
Latin Finance - November/December 2009 - 7
Latin Finance - November/December 2009 - 8
Latin Finance - November/December 2009 - 9
Latin Finance - November/December 2009 - 10
Latin Finance - November/December 2009 - 11
Latin Finance - November/December 2009 - 12
Latin Finance - November/December 2009 - 13
Latin Finance - November/December 2009 - 14
Latin Finance - November/December 2009 - 15
Latin Finance - November/December 2009 - 16
Latin Finance - November/December 2009 - 17
Latin Finance - November/December 2009 - Latam-China Flows
Latin Finance - November/December 2009 - 19
Latin Finance - November/December 2009 - 20
Latin Finance - November/December 2009 - 21
Latin Finance - November/December 2009 - 22
Latin Finance - November/December 2009 - 23
Latin Finance - November/December 2009 - Petrobras Interview
Latin Finance - November/December 2009 - 25
Latin Finance - November/December 2009 - 26
Latin Finance - November/December 2009 - 27
Latin Finance - November/December 2009 - Best Boutiques
Latin Finance - November/December 2009 - 29
Latin Finance - November/December 2009 - 30
Latin Finance - November/December 2009 - 31
Latin Finance - November/December 2009 - Banks of the Year 2009
Latin Finance - November/December 2009 - 33
Latin Finance - November/December 2009 - 34
Latin Finance - November/December 2009 - Mexico: How to Capitalize on Crisis
Latin Finance - November/December 2009 - 36
Latin Finance - November/December 2009 - 37
Latin Finance - November/December 2009 - 38
Latin Finance - November/December 2009 - Colombia: Local Shop Repels Foreign Pretenders
Latin Finance - November/December 2009 - Chile: Pefecting the Art of Retail
Latin Finance - November/December 2009 - 41
Latin Finance - November/December 2009 - 42
Latin Finance - November/December 2009 - El Salvador: A Foreign-owned Bank Dominates
Latin Finance - November/December 2009 - 44
Latin Finance - November/December 2009 - 45
Latin Finance - November/December 2009 - 46
Latin Finance - November/December 2009 - 47
Latin Finance - November/December 2009 - 48
Latin Finance - November/December 2009 - 49
Latin Finance - November/December 2009 - Infrastructure & Energy Awards
Latin Finance - November/December 2009 - 51
Latin Finance - November/December 2009 - 52
Latin Finance - November/December 2009 - 53
Latin Finance - November/December 2009 - 54
Latin Finance - November/December 2009 - Private Equity Fundraising
Latin Finance - November/December 2009 - 56
Latin Finance - November/December 2009 - Cover3
Latin Finance - November/December 2009 - Cover4
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