Fast-tracking growth
* Exports to Latin American countries rise 19% to $22.41 billion in FY23 from FY22.
* India's exports to Brazil at $9.9 billion are higher than those to traditional partners such as Japan at $5.46 billion.
* Car exports to Latin America accounts for one-third of India's global car exports at $6.68 billion.
* Mexico is the second largest global market for Indian cars at $9.73 billion.
* Exports to Mexico at $5.2 billion are more than the exports to $3.15 billion to Russia.
* Exports of $273 million to remote Honduras are more than outbound shipments of $220 million to Cambodia.
Indian companies have played a significant role in this growth with a strong presence in sectors like agriculture, energy including renewables, information technology, pharmaceuticals, manufacturing and automobiles among others in the region. Indian companies have invested around $15 billion and also exports refined products to the region.
Other major markets are Chile, Peru, Columbia, Ecuador, Panama and Guatemala. Motorcycle exports also constitute one-third of India's global exports and Colombia is the number one as a market for our motorcycles, our two wheelers.
Meanwhile, the Latin American region is a big source of gold, copper and other mineral concentrates and also wood. India's gold imports from the region was in excess of $6.5 billion mainly from Bolivia, Peru, Brazil, Colombia, Dominican Republic, Argentina, Mexico and Ecuador.
My take
We have a brisk trade going on with the countries of the Latin American region. May the volume increase further.
Tailpiece.
Got up a trifle before 6, the chores and was ready by a quarter past 10.
A quiet Saturday.
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