South America Trade Analysis

 

The fourth largest continent of the world South America encompasses 12 countries and holds a population of 420 million. It is a diverse and vibrant continent with a plethora of natural exquisite sites ranging from mountains, plains, landscapes, plateaus, and rolling hills with lush greeneries contributing to the tourism sector. South America Geographically present in between the Northern and Western Hemisphere is a region with rich cultural and historical significance; spread over a land area of 17.84 million square kilometers majority of the land area leads to the Colombia- Panama Border. 

With an abundance of natural resources and rapidly developing industries, the countries within the region are emerging as some of the top global traders across the world. The Import Export Data depicts that due to the increased efforts of the government authorities in building better trade relations with trade leaders, the total GDP of the continent has raised by a rate of 6% in 2023 worth 6 trillion. Free Trade Agreements, better infrastructure of ports for goods transportation, and tariff reduction are some of the common initiatives taken by the government. The trade of the region has risen by a rate of 3.6% and has recorded a staggering import and export value of 1.2 trillion US dollars and 1.32 trillion US dollars in 2023  

Top Traded Commodities of South America

The growing economy of the entire continent is mainly because of the import and export traded commodities which account for the GDP and annual trade revenues. The imports are as per the required domestic necessities whereas the exports are based on the production capabilities of the industries within the region. As per the South America Import Export Data, the top traded import and export commodities of the nation with trade values of 2023 are discussed below,

Import

• Cars and Automobiles( HS Code - 87) – The annual import revenue generated by the import of  Cars and Automobiles in 2023 – 45 billion US dollars

• Refined Petroleum( HS Code - 27) – The annual import revenue generated by the import of  Refined Petroleum in 2023 – 30 billion US dollars

• Broadcasting Equipment( HS Code - 85) – The annual import revenue generated by the import of  Broadcasting Equipment in 2023 – 25 billion US dollars

• Computers( HS Code - 84) – The annual import revenue generated by the import of  Computers in 2023 – 20 billion US dollars

• Integrated Circuits( HS Code - 85) – The annual import revenue generated by the import of  Integrated Circuits in 2023 – 15 billion US dollars

• Packaged Medicaments( HS Code - 30) – The annual import revenue generated by the import of  Packaged Medicaments in 2023 – 14 billion US dollars

• Telephone Sets( HS Code - 85) – The annual import revenue generated by the import of  Telephone Sets in 2023 – 12 billion US dollars

• Delivery Trucks( HS Code - 84) – The annual import revenue generated by the import of  Delivery Trucks in 2023 – 10 billion US dollars

• Crude Petroleum( HS Code - 27) – The annual import revenue generated by the import of  Crude Petroleum in 2023 – 8 billion US dollars

• Gold( HS Code - 71) – The annual import revenue generated by the import of  Gold in 2023 – 7 billion US dollars

Export

• Oil and Gas( HS Code - 27)  – The annual export revenue generated by the export of  Oil and Gas in 2023 – 300 billion US dollars

• Agricultural Products( HS Code - 84)  – The annual export revenue generated by the export of  Agricultural Products in 2023 – 120 billion US dollars

• Copper( HS Code - 74)  – The annual export revenue generated by the export of  Copper in 2023 – 70 billion US dollars

• Iron Ore( HS Code - 26)  – The annual export revenue generated by the export of  Iron Ore in 2023 – 40 billion US dollars

• Gold( HS Code - 71)  – The annual export revenue generated by the export of  Gold in 2023 – 30 billion US dollars

• Automobiles( HS Code -87)  – The annual export revenue generated by the export of  Automobiles in 2023 – 20 billion US dollars

• Pharmaceuticals( HS Code - 30)  – The annual export revenue generated by the export of  Pharmaceuticals in 2023 – 15 billion US dollars

• Chemicals( HS Code - 84)  – The annual export revenue generated by the export of  Chemicals in 2023 – 10 billion US dollars

• Textiles( HS Code - 59)   – The annual export revenue generated by the export of  Textiles  in 2023 – 8 billion US dollars

• Fish and Seafood( HS Code - 03)  – The annual export revenue generated by the export of  Fish and Seafood in 2023 – 7 billion US dollars

Top Traded Agricultural Goods of South America

Accompanying the tourism and other trade sectors, the agricultural trades of the region are also growing in an exponential manner accounting for a massive share in the annual generated trade revenue. As per the South America Trade Data, the top 10 traded agricultural trades of 2023 with their trade values are discussed below,

• Soybeans – The trade value of soybeans in 2023 – 40 billion US dollars

• Beef – The trade value of beef in 2023 – 20 billion US dollars

• Corn – The trade value of corn in 2023 – 8 billion US dollars

• Coffee – The trade value of coffee in 2023 – 7 billion US dollars

• Poultry – The trade value of poultry in 2023 – 6 billion US dollars

• Sugar – The trade value of sugar in 2023 – 5 billion US dollars

• Wheat – The trade value of wheat in 2023 – 4 billion US dollars

• Dairy Products – The trade value of dairy products in 2023 – 3 billion US dollars

• Tobacco – The trade value of tobacco in 2023 – 2 billion US dollars

• Fruits and Vegetables – The trade value of fruits and vegetables in 2023 – 1.5 billion US dollars

Top Leading Producers of South America

The South America Import Data enlists the below-mentioned companies as the top producers of exports in the region; their trade values with destination cities are discussed below,

• Petrobras – The trade value of Petrobras in 2023 – 45 billion US dollars

• Vale– The trade value of Vale in 2023 – 32 billion US dollars

• Codelco – The trade value of Codelco in 2023 – 28 billion US dollars

• JBS – The trade value of JBS in 2023 – 20 billion US dollars

• BRF – The trade value of BRF in 2023 – 18 billion US dollars

• ArcelorMittal Brasil – The trade value of ArcelorMittal Brasil in 2023 – 17 billion US dollars

• Banco do Brasil S.A. – The trade value of Banco do Brasil S.A. in 2023 – 12 billion US dollars

• Embraer – The trade value of Embraer in 2023 – 11 billion US dollars

• Yara International ASA  – The trade value of Yara International ASA  in 2023 – 10 billion US dollars

• Randon S.A Implementos e Participações – The trade value of Randon S.A Implementos e Participações in 2023 – 9 billion US dollars

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