10 Essential Economies Driving Latin America’s Exports
The Latin American economy plays a major role in the global economy.
As the largest nation in the region, Brazil generates almost half of all Latin American exports. Five South American exporters that have recently grown in value are Guyana, Argentina, Ecuador, Uruguay, and Malvinas.
The Latin American economy is growing due to the GDP of the region’s four biggest economies: Brazil, Argentina, Colombia, and Mexico. These countries’ economies contribute to the region’s 6% growth. This has caught the attention of businesses and investors worldwide.
Keep reading to learn about the top 10 economies driving Latin American exports worldwide.
See also: 10 Most Developed Countries in Central and South America
10 Essential Economies Driving Latin American Exports
The main exports from Latin America are agricultural products and natural resources such as petroleum, iron, and copper. This list contains details on the exports and their countries of origin.
1. Exports from Argentina
Argentina is a major agricultural exporter, second only to Brazil, and an important part of the Latin American economy. Argentina’s total agricultural exports average $42 billion per year.
Because of Argentina’s temperate climate and extensive area, the production of row crops is vast. The most important crop is the soybean complex, and Argentina is the largest exporter of soybean oil and soybean meal in the world. They also export beans, corn, wheat, meat, dairy, wine, and fruit.
Argentina’s top exports:
- Soybean meal ($9.2 billion)
- Corn ($4 billion)
- Soybean oil ($3.88 billion)
- Delivery trucks and cars ($7.38 billion)
- Soybeans ($2.82 billion)
- Meat ($2.5 billion)
- Mineral fuels including oil ($2.9 billion)
2. Exports from Brazil
The third-largest agricultural exporter in the world is Brazil, making it key to the Latin American economy. The nation is the largest exporter of coffee, sugar, and orange juice around the world. They also export soybeans, poultry, and beef. Brazil is the biggest competitor to the United States in the international sales of soybeans. It’s also the third-largest producer of corn and the largest cereal exporter.
Brazil’s top exports:
- Soybeans ($26.1 billion)
- Crude petroleum ($24.3 billion)
- Iron ore ($23 billion)
- Corn ($7.39 billion)
- Sulfate chemical woodpulp ($7.35 billion)
3. Exports from Chile
The fourth-largest agricultural exporter in Latin America is Chile. They export an average of $19 billion per year. Chile exports nuts, edible fruit, salmon, and other types of fish. In lesser quantities, they also export cellulose pulp and paper, wine, and beef. The Chilean agribusiness is expected to keep growing.
Chile’s top exports:
- Copper ore ($18.4 billion)
- Refined copper ($13.4 billion)
- Sulfate chemical woodpulp ($2.82 billion)
- Fish fillets ($2.79 billion)
- Pitted fruits ($1.96 billion)
4. Exports from Colombia
The seventh-largest exporter in Latin America is Colombia. Their annual sales are about $6.6 billion. They export large amounts of coffee and fresh flowers that account for two-thirds of agricultural exports in Colombia. They also export sugar, fruit, and cereals. Colombia is a key player in the global market as the third-largest exporter of coffee after Vietnam and Brazil.
Colombia’s top exports:
- Crude petroleum ($13 billion)
- Coal briquettes ($5.62 billion)
- Refined petroleum ($2.91 billion)
- Coffee ($2.38 billion)
- Gold ($1.48 billion)
5. Exports from Ecuador
Ecuador exports about $9 billion per year in agricultural goods. It is the fifth-largest exporter in the region. Ecuador’s exports include bananas, tuna, flowers, cocoa, and shrimp. They have consolidated themselves as a leading global supplier of fruit with a market share of about 30%. Ecuador also exports fresh roses, making them the third-largest fresh flower exporter worldwide.
Ecuador’s top exports:
- Crude petroleum ($7.85 billion)
- Crustaceans ($3.89 billion)
- Bananas ($3.43 billion)
- Processed fish ($1.2 billion)
- Refined petroleum ($947 million)
6. Exports from Mexico
Mexico’s agricultural exports total $26 billion with 6% annual growth. It is the third-largest exporter after Brazil and Argentina. Most Mexican exports remain concentrated in the United States but they have found new markets such as Europe, Hong Kong, Japan, and Canada. Mexico also signed a new trade agreement with China. Mexico is the leading exporter of avocados, tomatoes, hot sauce, papayas, beer, and tequila.
Mexico’s top exports:
- Cars ($53.1 billion)
- Computers ($32.4 billion)
- Vehicle parts ($31.2 billion)
- Delivery trucks ($26.9 billion)
- Crude petroleum ($26.6 billion)
Check out the 10 Most Magnificent Cities in Mexico You Don’t Want to Miss if you’re planning a trip to Mexico.
7. Exports from Peru
Peru exports an average of $7.4 billion in recent years. Peru is the sixth-largest exporter in Latin America with diverse exports including fish oil, fishmeal, fruits, nuts, and vegetables. Peru is also developing new large-scale crops such as avocados, cranberries, asparagus, and peppers. Peru’s mild winters allow the country to grow its crops all year long, making it excellent for business.
Peru’s top exports:
- Copper ore ($12.2 billion)
- Gold ($6.76 billion)
- Refined petroleum ($2.21 billion)
- Zinc ore ($1.65 billion)
- Refined copper ($1.62 billion)
8. Exports from Venezuela
Venezuela exports an average of $3.6 billion annually. They export industrial materials such as aluminum, steel, and cement. Other important exports include electronics, automobiles, foodstuffs, and beverages. The agriculture in Venezuela is also strong and includes rice, fish, corn, coffee, pork, and beef.
Venezuela’s top exports:
- Crude petroleum ($12.2 billion)
- Refined petroleum ($761 million)
- Acyclic alcohols ($337 million)
- Gold ($235 million)
- Iron reductions ($161 million)
9. Exports from Paraguay
Paraguay exports an average of $7.79 billion per year. Paraguay is the sixth-largest producer of soy in the world after Argentina, Brazil, the U.S., China, and India. The country produces about 5 million tons of maize, 6 million tons of sugarcane, and 3 million tons of cassava. Paraguay also exports rice, wheat, oranges, yerba mate, and sorghum.
Paraguay’s top exports:
- Soybeans ($1.58 billion)
- Electricity ($1.57 billion)
- Soybean meal ($692 million)
- Frozen bovine meat ($557 million)
- Bovine meat ($468 million)
10. Exports from Bolivia
Bolivia exports an average of $552 million per year. Bolivia’s leading export is soybean. They also export coffee, cotton, and sugarcane. Although they have vast forests, Bolivia’s timber industry is small. Bolivia is a smaller contender, but its exports contribute to making the Latin American economy a strong one globally.
Bolivia’s top exports:
- Petroleum gas ($2.37 billion)
- Gold ($1.85 billion)
- Zinc ore ($843 million)
- Soybean meal ($533 million)
- Soybean oil ($289 million)
Travel to Latin America
Now that you’ve read the list of everything Latin America exports and learned more about the Latin American economy, where would you like to go first? Latin America is full of rich goods and fertile land. Many love to visit Latin America, while others move there. (Check out the Top 10 Best Places to Live in Latin America.) Traveling abroad is an unforgettable experience and an investment you’ll never regret. By choosing to visit any of these Spanish-speaking countries, you’ll be immersed in the Spanish language and the Latin American culture.
Spanish continues to grow in the U.S. According to The Economist, a person can earn $50,000 to $125,000 extra just by knowing a foreign language. If you move to one of these incredible cities, it’ll open doors so that you can start a business or work there!
Learning Spanish empowers you to make your travels more fun and enjoyable! To prepare for your trip to Latin America, sign up for a free 1-to-1 class with a friendly, certified, native-speaking teacher at Homeschool Spanish Academy.
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