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Welcome to Latin American Caribbean Federation of India (LACFI)
Latin American Caribbean Federation of India (LACFI) provides a dynamic link for the promotion of commercial and economic relationship between India and the Latin American World. An active forum for Indian Businessmen who have close contacts with the Latin American World, the Federation constantly strives to identify new areas of mutual co-operation and ensures the smooth flow of trade, investments, joint ventures and technology.
Latin America is identified by four major regional markets: Mexico, South America, Central America and the Caribbean. It continues to be a major market opportunity for the U.S. with exports to the region valued at over $300 billion per year. High market growth opportunities are emerging in many industrial sectors through out Latin America.
Over the past several years, Latin American governments have taken advantage of a very favorable global environment, and able to respond to domestic and international economic fluctuations. More recently, global slowdown fears are starting to weigh on the region's financial markets (Equities, Currencies and Commodities being impacted).
India-Latin America & Caribbean Conclave
(L-R) Shri Anand Sharma, Minister for Commerce & Industry, Govt. of India; H E Jorge Glas Espinel, Vice President of Ecuador; Mr S Gopalakrishnan, Co-Founder & Executive Vice Chairman, Infosys Ltd and Mr Chandrajit Banerjee, Director General, CII at the India-Latin America and Caribbean Conclave at New Delhi.
India's trade with Latin America in 2012
- India's trade with Latin America increased to 41 billion dollars in 2012 from 29 bn in 2011.
- India's exports to the region was 12 billion dollars, the same figure as in 2011.
- Imports from the region went up to 29 bn in 2012 from 15 bn in 2011.
- Argentina which had been the third largest destination (corresponding to its position as the third largest market of the region) of India's exports, slipped down to sixth position with just 573 million dollars.
- Exports to Colombia crossed the billion dollar mark for the first time with 1042 million dollars. Colombia is number three for Indian exports after Brazil (5043 m) and Mexico (2698 m).
- Peru was the fourth largest destination with 742 million dollars and Chile climbed to fifth rank with 658 million dollars.
- The highest increase in exports in 2012 were in the cases of Chile (64 %) and Peru (45%).
- Exports to Brasil and Venezuela went down in 2012. Exports to Brasil were 5043 m $ in 2012 down from 6080 m in 2011. Exports to Venezuela declined to 301 m in 2012 from 580 m in 2011. Exports to Argentina increased only marginally from 560 m in 2011 to 573 m in 2012.
Highlights of India's imports from Latin America in 2012:
- Venezuela was the top source of imports with 14106 m $, up from 6653 min 2011. Crude oil was the major import.
- Brazil was the second largest source of imports
- Imports from Mexico increased to 3340 m from 1770 m in 2011. Crude oil was a significant part of the imports.
- Imports from Chile (copper mostly) increased to 2637 m from 1780 m in 2011 while imports from Argentina (soya oil) went up marginally to 1264 m from 1210 in 2011.
In terms of total trade, Brasil retained its position as India's largest trading partner with 10620 m $ followed by Mexico (5531 m) and Venezuela (4463 m)
-Exports to Argentina and Venezuela suffered from local restrictions, controls and policy uncertainties. These are the only two countries which have gone back to the bad old system of foreign exchange controls. Brazil has become slightly protectionist in trade and its GDP growth in 2012 was around just one percent.
- In contrast, Mexico, Colombia, Chile and Peru (these four have joined together and formed Pacific Alliance recently) follow open foreign trade policies. Their macroeconomic policies are more stable, predictable and pro-business. Peru is the latest rising star in growth and investment. Colombia's prospects are brightening with their control over the guerillas and drugs and pursuit of pragmatic policies. Mexico has become more optimistic and confident after having regained its manufacturing and exports growth. The new young and dynamic President Enrique Pena Nieto has raised the expectations even more. Chile has, of course, remained as the most stable and best managed economy of the region.