China and Latin America - China Has Become the Second Largest Trading Partner of Latin America

Since the beginning of the 21st century, China-Latin America economic and trade relations have continued to develop steadily. Latin America has become one of the most dynamic regions in China’s trade cooperation. China’s Ministry of Commerce (MOC) said on November 29 that China has become the second largest trading partner of Latin America, and Latin America is the second largest destination for Chinese overseas investment, following Asia.

MOC spokesperson Gao Feng said, Latin America is a natural extension of the 21st Century Maritime Silk Route. In recent years, China’s economic and trade cooperation with Latin American and Caribbean countries has developed in an all-around way, with larger scale and wider scope. The two sides have achieved fruitful cooperation in trade, investment and project contracting.

In 2017, China’s trade with Latin American and Caribbean countries reached US$257.8 billion, up 18.8% year-on-year. From January to September this year, trade volume between the two sides increased by 20% year-on-year, reaching US$228.6 billion. In 2017, a direct investment stock of Chinese enterprises in Latin America reached US$387 billion, and the total amount of contracts for construction projects was US$164.2 billion, and the turnover of the completed construction contract was US$112.9 billion.

China and Latin American countries have strong economic complementarity, and cooperation between the two sides in the economic and trade field is promising. China has huge market demand and foreign investment capacity. It is estimated that in the next five years, China will import US$2 trillion of commodities from countries and regions involved in the Belt and Road Initiative. The first China International Imports Expo (CIIE), held in Shanghai early November, may trigger negotiations on free trade zones and increased imports to China.

Entrepreneurs in China and Latin America are also constantly seeking cooperation. As a representative from digital economy industry, JUMORE helps the Chinese and Latin American enterprises to establish cooperation.

JUMORE has established cooperation with more than 20 Latin American countries and began to provide services to them, building a “Digital Silk Road” for cooperation between China and Latin American countries, which works to facilitate Latin American enterprises to enter the Chinese market, and Chinese companies to enter the Latin American market.

JUMORE provides convenient channels and safety guarantee for the efficient cooperation between Chinese and Latin American companies, and injects new vitality into the bilateral trade development. JUMORE is full of confidence in the prospects of China-Latin America economic and trade cooperation and is willing to work with Latin American enterprises to bring the China-Latin America economic and trade cooperation to a new higher level.

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