China to Become South America’s Top Trading Partner by 2015
China will replace the European Union as South America’s most important trading partner by 2015, according to the Germany’s Der Spiegel magazine online.
Foreign trade between Asia and South America has increased rapidly since the turn of the century and has continued to grow with the development of many Latin American countries. Ecuador, for instance, is growing by 5% per year, while Peru is growing by 5.5%, Colombia by 4.5%, Chile by 5.5% and Brazil by 4%.
The IMF has further predicted that Latin America as a whole will grow by 4.1% in 2013, with poverty levels dropping to their lowest in 20 years.
Asia presently accounts for more than 25% of South America’s total trade. Analysts predict that if current trends continue, China will take over the EU’s role as South America’s most important trading partner in two to three years.
China’s increasing links with South America stem partly from Beijing’s desire to gain access to resources such as copper, iron ore, soybeans and oil. Conversely, political and economic turmoil in Europe have prevented various European countries from taking advantage of South America’s ongoing development.
However, South America is said to be eager to reduce its dependence on trade with China as political leaders continue to promote improving technical knowledge and skills over reliance on mining limited natural resources.
DISCLAIMER: The statements, views and opinions expressed in pieces republished here are solely those of the authors and do not necessarily represent those of TMS. In accordance with title 17 U.S.C. section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. TMS has no affiliation whatsoever with the originator of this article nor is TMS endorsed or sponsored by the originator. “GO TO ORIGINAL” links are provided as a convenience to our readers and allow for verification of authenticity. However, as originating pages are often updated by their originating host sites, the versions posted may not match the versions our readers view when clicking the “GO TO ORIGINAL” links. This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.
Click here to go to the current weekly digest or pick another article:
- The Hawaii Navy Base Fueling Trump's Quest for 'Super Duper' Missiles
- Duterte Does the Right Thing for a Change
- Coronavirus Emergency: Here's What We Know So Far
- Deforestation, Oil Spills, and Coronavirus: Crises Converge in the Amazon
- W.H.O and China: A Case of Geo-Political Misdirection
- The Pandemic of Fear: A View from Moscow
LATIN AMERICA & THE CARIBBEAN:
- Colombian Political Figures, Activists Reject US Troops' Arrival
- Experts: Cuba Is Close to the Post-COVID Stage
- Venezuela: Gold Kept at Bank of England Needed to Fight COVID-19
- Global Economy: Oil vs COVID-19
- Oil Plunges below Zero for First Time in Unprecedented Wipeout
- Self-Extinction of Neoliberalism? Don’t Bet on It