Brazil is China’s biggest Latin American trade partner until November 2006

26 March 2007

Beijing, China, 26 March – In the first 11 months of 2006 Brazil was China’s largest trade partner in Latin America, according to figures from the Chinese Academy of Social Sciences published Friday by the official press.

Until November of last year Brazil had trade with China of US$18.5 billion, said the People’s Daily, an official newspaper of the Chinese Communist Party.

Brazil, Mexico, Chile, Argentina, Venezuela, Peru and Panama accounted for 80 percent of all China’s trade with Latin America in 2006.

Trade between China and Latin America is expected to reach US100 billion by 2010, a figure which analysts consider will be easy to reach, according to People’s Daily.

“It is absolutely possible to reach this level of trade,” said Jiang Shixue, the sub-director of the Institute for Latin America of the Academy of Social Sciences, cited by the paper.

According to the Latin America and Caribbean development report for 2006/2007, due to the rapid growth of trade between the two regions, bilateral trade may reach US$80 billion by the end of this year.

In 2006, bilateral trade reached US$70.2 billion, while in 2005 this figure was US$50 billion, according to People’s Daily.

China is an official member of the Caribbean Development Bank and should soon be part of the Inter-American Development Bank.

As well as this, Beijing has observer status at the Economic Commission for Latin America and the Caribbean, of the American Nations Organizations and the Latin American parliament. (macauhub)