China-LAC Trade Volume Grows 45% in 2021

Despite the COVID-19 pandemic, trade between China and Latin America has been growing at a rapid pace. The trade volume grew a staggering 45% in the first three quarters of this year, according to data released by the 14th China-LAC Business Summit.

More than 2,700 Chinese enterprises are operating across Latin America, reported china.org citing the China Council for the Promotion of International Trade.

The communist government-funded as many as 138 infrastructure projects across the region between 2005 and 2020.

At the recently held Summit, businesses from China and Latin America signed eight trade agreements, reported news outlet. Considering the report, most of the agreements were on minerals, medical equipments, and auto parts.

China has long been a major importer of minerals from the region, but these days the communist country is also buying a huge amount of beef from countries such as Brazil and Uruguay.

China accounted for 60 to 80% of beef and mutton exports from Latin America, stated Uruguayan Ambassador Fernando Lugris.

Argentina, whose relationship with the United States is waning because of the new government’s socialist policies, is reportedly exporting a huge amount of animal husbandry products to China.

Argentina’s Salta provincial government has also agreed to purchase lithium carbonate from a company based in China’s Tibet.

As part of the agreement, Tibet Summit Resources Co will build a factory to produce battery-grade lithium carbonate in the Argentinean province.

The summit called for “continuing to promote infrastructure connectivity, promoting financial integration, and cooperation on innovation,” reported the news outlet.