Latin America and Africa have relations solid store with the exchange adding $18.5 billion by the end of 2021.
The main exports from the region to Africa are food such as maize, sugar, dairy products, soybeans, chicken prey, among others.
Egypt is considered one of the main and most important trading partners for Latin America, because during 2021 it made purchases for 4,073 million US dollars, which is equivalent to 22% of the total exports.
Exports to the Republic of South Africa stand out with 2,244 million dollars, followed by Morocco with 1,690 million dollars.
From 2019 to 2021, the export of 12 main products from Latin America to Africa increased by 26%.
Among these are oilseeds, which increased between 34% and 86% in the same year.the same is the case with dairy products, which had an increase in purchases of 23% and 25%.
For its part, corn was one of the products with the greatest stability and even showed growth in marketing between 2017 and 2021. For its part, soybeans increasingly conquered the market.
African countries have more exports from Latin America than imports into the region, meaning that the Latin American region has benefited from sales on the African continent.
For its part, Argentina doubled its purchases from the African continent in 2021 compared to 2019, while Brazil increased imports by 72% compared to 2020.
While from the Moroccan market imported goods for 2.908 million US dollarsrepresenting a share of 23.7% of the total amount in 2021. South Africa is considered the second supplier of goods for USD 2.179 million, with a share of 17.8%.
In this sense, Carlos Ronderos, regional director of the World Trade Center Association for Latin America, recalls that “Africa is considered the continent of the 21st century; It has significant growth in imports and exports.
In view of this scenario, the World Trade Center of Latin America seeks to promote the commercial exchange of regional business with the African continent at the annual assembly of the Organization to be held from April 23.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
