Brazil Becomes Number 1 Market in EU Among Latin American Countries

Brazil's and EU's flags According to a Latin Business Chronicle analysis of 2007 trade data from Eurostat, Brazil has replaced Mexico as the European Union's top market in Latinamerica. Meanwhile Latinamerica trade with the European Union continues to grow at faster levels than with the United States, the analysis shows.

"That's not surprising since the European economies keep growing, while the United States is slowing down," says Isaac Cohen, president of US-based consultancy Inverway and a former director of the Washington office of the United Nations Economic Commission for Latin America and the Caribbean (CEPAL).

EU trade with Latinamerica grew by 11.5% in 2007 to record of 160 billion euros equivalent to 245 billion US dollars. EU exports to Latin America reached 71.4 billion euros, up 12.8%, while EU imports from Latinamerica grew by 10.5% to 88.6 billion euros.

That means Latinamerica trade with the EU is growing nearly twice as much as its trade with the United States, which only grew by 6.2% last year.

EU also continues to have a much smaller trade deficit with Latinamerica than the United States: last year it reached 17.3 billion euros (US$ 26.5 billion), up 1.7% from 2006. By comparison, the US deficit reached US$ 100.5 billion. However, the EU still lags the US in terms of total trade with Latin America.

Last year's EU trade with the region was less than half of U.S.-Latin America trade.

Mercopress

Tags:

You May Also Like

Port of Santo's city in São Paulo

US and Brazilian Businessmen Rebel Against Brazil’s Red Tape

Brazilian and American entrepreneurs are working together in a campaign to pressure the Brazilian ...

Heaven’s Gate

University can be paradise, but in Brazil the road to it couldn’t be more ...

Dozens of Brazilian Mothers Hold Public Group Breastfeeding in Protest

A group of mothers held a group session on breastfeeding in São Paulo, in ...

Brazil Expecting 80,000 from Around the World to Hospital Fair

A delegation of sixteen representatives of the medical product industry in Egypt arrived yesterday ...

Brazil’s Former Chief of Staff Has His Day Before Ethics Council

A lot is going on in BrasÀ­lia, Brazil’s capital, at the moment. At least ...

Almost 70% of Brazilian Exports to Arabs Come from Agribusiness

Agribusiness was the main base for Brazilian exports to the Arabs last year. Of ...

Jewelry Arabia to Bring Brazil US$ 3.4 Million

The 13th edition of Jewelry Arabia, one of the largest jewellery fairs in the ...

Rio’s Flip Side

Our driver was from the favela and he drove the jeep with an ease ...

Land Ahoy!

Brazil has close to 12 million landless peasants. Although the country’s constitution guarantees the ...

Preventive Censorship: Brazil’s Latest Weapon to Muzzle the Press

Reporters Without Borders has recently voiced its concern about a wave of Brazilian court ...

WordPress database error: [Table './brazzil3_live/wp_wfHits' is marked as crashed and last (automatic?) repair failed]
SHOW FULL COLUMNS FROM `wp_wfHits`