March 01, 2002
'16'
NCTI STUDY ON GLOBAL IMPORTS OF LATIN AMERICAN COUNTRIES
National Centre for Trade Information (NCTI) has carried out a study of 28 Latin American Countries (LAC) under the Focus: LAC initiative of Department of Commerce, Ministry of Commerce & Industry. The LAC region offers a potential market to the Indian exporters. Latin America is the second fastest growing region in the world. The present recession in the market is just the part of world-wide global recession and is a temporary phase.
The top ten destination countries for Indian exports to Latin America are Mexico, Argentina, Brazil, Chile, Venezuela, Colombia, Panama, Peru, Uruguay and Grenada. The Indian Embassy in Brazil has confirmed a phenomenal increase in India’s export to Brazil which have grown two fold in last two years. India’s export to Brazil which was US $ 270 million in 2000, stood at US $ 505 million in November, 2001, and finally achieved a growth of more than 100% in the year 2001 over the previous year at US $ 542 million.
With annual import of US $ 388.30 billion by 28 Latin American Countries, the region remains an important destination for Indian exports. To explore the potential fully, gaining market intelligence in terms of trends in global imports of LAC and the region as a whole assumes significance. Though Mexico, Brazil, Argentina, Colombia, Chile, Venezuela may be termed as major importing countries of the region the importance of the combined market of other countries of the region should not be under estimated.
Latin America typifies an extremely diverse import basket. The major sectors identified in the report which have a good potential in LAC market for Indian exporters include: engineering goods, machinery, automobile & auto parts, plastics & articles, electronic products, iron & steel, articles of iron & steel, paper & paper products, mineral oils, pharmaceuticals, rubber and articles thereof etc.
The study acts as a preliminary guide for exporters by providing details of Latin America’s country-wise imports at the specific product level (6/8 digit HS Code Classification), major supplier countries and India’s position and potential.
Copies of reports in Print or CD-ROM can be obtained from NCTI at: Deputy General Manager (Resource Centre), National Centre for Trade Information, NCTI Complex, Pragati Maidan, New Delhi-110 001. Tel: 91-11-3371948/50/53, Fax: 91-11-3371979, E-mail: ncti@nda.vsnl.net.in and Website: www.ncti-india.com