India's rising exports in Latin American Markets

 

Over the years, Latin American countries have become crucial trade partners to India. It's quite surprising for you to know that India exports more to Latin American countries than neighbouring Asian nations. Some of the important trading partners from Latin American countries are Mexico, Brazil, Argentina, Chile and Peru.

According to India import export data, Latin American markets were responsible for over $19 Billion dollars worth of Indian exports during the financial year 2023. Brazil was the leading destination for India's exports having imports worth $6 billion in the last fiscal year. India's key exports to Brazil include wires, cables, petroleum oils, glassware, iron and steel, its articles, etc. ISA CTEEP, Kingspan Isoeste and Inox Tech Comércio are the leading Brazil import companies to India.

Mexico was the second leading market for Indian exports. Mexico import data shows that around $5.3 billion imports from India recorded in the last fiscal year. India's most demanded items in the Mexican market were aluminium, iron steel, copper, glassware, items. Macsteel International, Aluminio De Baja California and Galvaprime were among the major Mexican companies for India's exports.

Brazil and Mexico combined contributed more towards India's exports compared to Japan, Indonesia, Vietnam, Thailand, Russia, Sri Lanka and Egypt. India customs data suggests, India exports to these countries were respectively Indonesia ($5.9 Billion), Vietnam ($5.4 Billion), Japan ($5.1 Billion), Thailand ($5 Billion), Russia ($4.2 Billion), Sri Lanka ($4.1 Billion) and Egypt ($3.5 Billion) during fiscal year 2023.

Whereas, other prominent destinations for India's exports were Colombia, Chile and Argentina. In 2023, India exported around $1.2 billion worth of goods to Colombia. Copper, Gold, Machine Tools, Iron and Steel Articles were among the top demanded goods in Colombia. Grupo Siderurgico Reyna, PARD and Dexco were the top Colombian  import companies.

On the other hand, Chile imported over $1.2 billion worth of items from India. Textiles, Footwears, Copper, Aluminium and Iron & Steel Articles are top imports of Chile from India in the past fiscal year. Elecnor, Cencosud Retail and Sandvik Mining & Construction were among the top Chile import companies to India. 

Whereas, Argentina import data reflects that over $1.08 billion worth items imported from India in the fiscal year 2023. India’s key exports to Argentina include mainly metals like copper, aluminium, gold, iron and steel articles. Flowserve, Vestiditos and Neophos are the leading Argentina import companies to India. 

In terms of overall exports to Latin American countries, the main export items are cars, motorcycles, pharmaceuticals, machinery and petroleum products. In 2023, India's car exports to Latin America went up by 25% worth over $6.6 billion. Mexico, Chile, Peru and Panama were the major markets for India's car exports.

Motorcycles were other profitable export items from India with exports crossing $2.27 billion registering 37% growth last year. Colombia was the leading destination for India's motorcycle exports followed by Guatemala, Argentina, Honduras and Peru.

Whereas, Pharma exports reached $1.6 billion in 2023. Among the major export destinations for India's pharmaceuticals were Brazil, Mexico, Chile and Venezuela. On the other hand, Crude Oil was the most imported item by India from Latin American countries. 

According to India import data, Crude oil imports from Latin American nations were recorded to be $7.5 Billion followed by Gold ($6 Billion), Cooking Oil ($2.8 Billion), Sugar ($1.8 Billion), Copper ($1.7 Billion) and Machineries ($956 Million). The most favoured Latin American destinations by India for imports were Colombia, Mexico, Brazil, Argentina, Peru and Venezuela.

Indian companies which are looking to expand their exports to Latin American countries can bank upon the intelligence of global import export data provider. Through trade intelligence, Indian companies can identify opportunities in top Latin American countries, main imports by products,  price, quantity, import and export companies contact details. It will cost less and enhance more productivity.