Xinhua news agency, Beijing, February, 1 (reporter Xi Yue) the statistics released by the General Administration of Customs of China recently revealed that, in the context of COVID-19’s heavy international trade, China’s trade with Latin America and the Caribbean (hereinafter referred to as &ldquo and &rdquo in Latin America) remained stable in 2020, and China’s exports to China increased by 0.1%.
Experts believe that under the epidemic situation, China and Latin America give full play to their respective industrial and resource advantages, cooperate with each other in terms of supply and demand, and increase trade dependence, highlighting the resilience and potential of bilateral trade cooperation.
Latin America’s exports to China are growing
China is the second largest trading partner in Latin America, which is one of the fastest growing regions in the world. According to the data released by the General Administration of Customs of China, Latin America’s exports to China will reach 165.879 billion US dollars in 2020, an increase of 0.1% over 2019.
Bruno de conte, a Brazilian economist, said that when other major trading partners in Latin America fall into recession due to the epidemic, China will be the only major economy with positive growth in the world in 2020 and the “Saviour” of the region’s exports;.
The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) recently released a report that affected by the epidemic, Latin American exports will drop by 13% in 2020, of which exports to the United States and the European Union will drop by 14% and 13% respectively. However, due to China’s rapid control of the epidemic and economic recovery, the region’s exports to China will continue to grow after March 2020, driven by agricultural and mineral exports.
This is the red wine exported to China by the cross-border e-commerce platform Pampa market, which was photographed in Buenos Aires, Argentina on November 6, 2020. (Xinhua news agency, photo by Martin Sabara)
Yue Yunxia, director of the Economic Research Office of the Latin American Institute of the Chinese Academy of Social Sciences, analyzed that it is not easy for Latin America to maintain its export growth to China in the case of economic recession caused by the epidemic, indicating that China still has great demand for agricultural products and resource products in the region.
China’s export structure to Latin America is more diversified
Yue Yunxia pointed out that in 2020, China’s exports to Latin America will decline slightly, among which the exports of manufactured goods, mechanical and electrical products and other traditional sectors will shrink, while the exports of medical and health sectors will grow, showing new structural changes.
After the outbreak of the epidemic in Latin American countries, China took advantage of its production capacity to meet the demand of Latin American anti epidemic, and became one of the main suppliers of medical equipment and anti epidemic supplies in Latin America. In addition to commodity trade, China has repeatedly donated materials to Brazil, Mexico and other countries, playing an important role in ensuring the sustainable supply of medical materials in Latin America.
De Conte said that in the face of the epidemic, China has provided medical equipment and materials to Latin America in the form of donation or trade, and recently Latin American countries have purchased vaccines from China. Brazil and Chile successively approved the emergency use of the new crown vaccine developed by China’s Kexing company in January this year. Peru has also purchased the new crown vaccine produced by Sinopharm.
On January 31, the second batch of new coronavirus vaccine produced by China Kexing company arrived at Santiago International Airport, capital of Chile. (Xinhua news agency, Ministry of health, Chile)
In addition to the medical and health sector, driven by the needs of people living at home during the epidemic period in Latin America, & lt; home economy & gt; related products are also popular in the local market, promoting the export of indoor fitness equipment and other household leisure products to Latin America. Yue Yunxia predicted that in 2021, this part of commodity exports will continue to become the highlight of China Latin America trade.
Trade between China and Latin America expected to rise
The International Monetary Fund recently released a report that Latin America’s economy is expected to grow by 4.1% in 2021. Zhou Mi, deputy director of the US University Institute of international trade and economic cooperation of the Chinese Ministry of Commerce, said that most Latin American countries will resume economic growth in 2021, and trade between China and Latin America is expected to rise.
Yue Yunxia said: “Latin America has always been one of the main export markets of China’s medical equipment and instruments. At the same time, China is a major producer of anti epidemic materials such as masks and ventilators, and the export of these products to Latin America will continue to expand. &”During the epidemic, China and Latin America tried online remote consultation, which provided an opportunity for the two sides to develop new medical service trade,” she said.
She pointed out that with the slow recovery of Latin American economy in 2021, the purchasing power of local people will also rise, and the traditional plate of China’s exports to the region is expected to gradually return to normal.
On December 10, 2020, health care workers provide medical services to an aboriginal in the Brazilian state of Amazon. (Xinhua news agency, Lucio & middot; tavola)
In addition, affected by the home isolation measures during the epidemic period, the online shopping demand of Latin American consumers increased significantly, and the e-commerce industry bucked the trend. Zhou Mi said that the development of e-commerce and other emerging trade modes during the epidemic period will further promote trade cooperation between China and Latin America. (participants: Gong Ruohan, Yin Nan)