India’s exports to Latin America were 20.2 billion dollars in 2024

India’s exports to Latin America in 2024 (January-December) increased marginally to 20.2 billion US dollars from 19.7 billion in 2023.

Top destinations:

Brazil         6.54 billion

Mexico      5.72 bn

Colombia 1.38 bn

Chile         1.14

Argentina 1.0

Peru           947 million

Guatemala 616 m

Main exports:

Vehicles 4.66 bn

Chemicals 3 bn

Equipments and machinery 3 bn

Pharmaceuticals 1.75 bn

Exports of Motorcycles have increased to 1.4 billion dollars in 2024 from 928 m in 2023. India is the second largest supplier of motorcycles to Latin America after China.

Imports 

Imports from Latin America increased to 26 bn in 2024 from 24.5 bn in 2023

Major sources of import:

Brazil  5.25 billion dollars

Peru  4.73 bn

Argentina 3.45 bn

Colombia 3.1 bn

Mexico 2.92 bn

Venezuela 2.07 bn

Dom Republic  731 million

Bolivia 410 m

Peru has emerged as the second major Latin American supplier  in 2024 overtaking Mexico which has become fifth after Argentina and Colombia.  Main reason is reduction in imports of Mexican crude oil in 2024. 

On the other hand, Venezuela had supplied 2 billion dollars of crude oil in 2024 after the stoppage of supply in the previous 3 years due to US sanctions. Now that the Trump administration has retightened the sanctions, Venezuela  would not  be able to keep up the exports in 2025.

Main imports:

Gold  7.11 bn

crude oil 7.1 bn

veg oils 3.47 bn

copper 2.4 bn

raw sugar 1.78 bn

For the first time in Indo-Latin American trade history, gold has overtaken crude oil as the # 1 item of imports in 2024. 

Peru has almost doubled its gold supplies to 4.4 bn in 2024 from 2.4 bn in 2023. Bolivia which had supplied 2.79 bn of gold in 2022 has supplied only 404 million in 2024.

The import of raw sugar is from Brazil and it is refined and reexported to other countries 

India’s importance to Latin America

In 2024, India was the 5th largest destination for Latin America’s exports after US, China, Canada and Spain. This means India is more important than Germany, UK, France or Japan.

India was the 7th largest supplier of goods to Latin America 

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Source: International Trade Centre ( joint agency of WTO and UNCTAD) Geneva