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Latin American Free Trade Association

Exports (2022)$1.28T
Imports (2022)$1.24T
Main Exporter (2022)Mexico $549B
Main Importer (2022)Mexico$530B
Internal Trade (2022)12.5%of total trade

About

Overview LAFTA (Latin American Free Trade Association) is a Trade Bloc composed by Mexico, Brazil, Chile, Argentina, Colombia, Peru, Ecuador, Bolivia, Uruguay, Paraguay, Panama, Venezuela, and Cuba. In 2022, LAFTA exported $1.28T (5.4% of global exports) and imported $1.24T (5.24% of global imports). Its largest exporter, Mexico exported $549B, which corresponds to 42.9% of the total exports. On the other hand, the largest importer, Mexico, imported $530B, which is 42.7% of the total imports of Latin American Free Trade Association.

Trade In 2022, LAFTA's most exported products were Crude Petroleum Oils ($113B), Soya beans ($52.8B), Copper ores and concentrates ($46.8B), Digital Computer CPU with Storage & I/O ($31.4B), and Unagglomerated Iron Ore Concentrate (Excl. Iron Pyrites) ($29.9B). The same year, the most imported products were Bituminous Petroleum Distillates (Excl. Crude) ($118B), Crude Petroleum Oils ($34.1B), Radio/TV Transmit-Receive Apparatus ($27.2B), Parts & Accessories for Data Processing Equipment (n.e.) ($26.4B), and Digital Monolithic Integrated Circuits ($26.3B).

Partners In 2022, LAFTA's exports went primarly to United States ($515B), China ($181B), Canada ($34.9B), Brazil ($33.8B), and South Korea ($26.7B). The same year, LAFTA's imported primarily from United States ($436B), China ($260B), Brazil ($52.5B), Germany ($41.6B), and Argentina ($27.2B).

Latest Trends

Latest Data

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The following section shows the trade patterns over time for countries that comprise the organization.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Historical Data

Organization Composition

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Value

The following section shows the trade patterns over time for all the countries that comprise the organization, using historical dataset.

Yearly Exports of LAFTA

Internal Trade

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Internal Trade includes all trade between the countries that comprise this organization.

In 2022, the top internal exports of LAFTA were Crude Petroleum ($15.7B), Cars ($8.39B), Delivery Trucks ($7.1B), Refined Petroleum ($4.97B), and Petroleum Gas ($4.64B).

The same year, the principal destinations of internal exports were Brazil ($33.8B), Argentina ($23.4B), Chile ($22.8B), Colombia ($14.6B), and Panama ($13.7B).

Internal Exports (2021)
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Internal Destinations (2021)
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External Trade

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Depth

External trade includes all world trade excluding the countries that comprise this organization.

In 2022, the top external exports of LAFTA were United States ($515B), China ($181B), Canada ($34.9B), South Korea ($26.7B), and Netherlands ($26.1B).

The same year, the principal destinations of external exports were Crude Petroleum ($97.1B), Soybeans ($50.3B), Cars ($47.9B), Copper Ore ($46.4B), and Computers ($38.9B).

External Exports (2021)
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External Destinations (2021)
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Total Trade

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Depth
Top Export (2022)Crude Petroleum$113B
Top Destination (2022)United States$515B

In 2022, LAFTA exported a total of $1.28T. During the last five reported years the exports of LAFTA have changed by $327B from $952B in 2017 to $1.28T in 2022.

The most recent exports are led by Crude Petroleum ($113B), Cars ($56.3B), Soybeans ($52.8B), Copper Ore ($46.8B), and Motor vehicles; parts and accessories (8701 to 8705) ($41.5B). The most common destination for the exports of LAFTA are United States ($515B), China ($181B), Canada ($34.9B), Brazil ($33.8B), and South Korea ($26.7B).

Exports (2021)
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Destinations (2021)
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Largest Export by Country

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The following visualization shows the principal export per country, the product which has grown the most over the past 5 years or the product in which the country has a higher level of specialization, measured by the RCA Index.

Biggest export by country (2021)

Trade between organizations

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This visualization show trade between international organizations. The default selection shows the trade with the rest of the world.

Exports (2021)

Destinations (2021)

Economic Complexity

Complexity and Country Indicators

Indicator

This visualization compares the Economic Complexity Index (ECI) with different indicators about country development such as GDP per capita or Inflation. For more information about ECI, check the Methods page.

In 2022, the countries with higher complexity that belong to Latin American Free Trade Association were Mexico (1.08), Brazil (0.34), Panama (0.18), Uruguay (0.17), and Colombia (0.14).

On the other hand, the countries with higher GDP per capita were Uruguay ($20.8k), Panama ($17.4k), Chile ($15.4k), Argentina ($13.7k), and Mexico ($11.1k).

Finally, the biggest exporters of LAFTA were Mexico ($549B), Brazil ($341B), Chile ($99B), Argentina ($87.2B), and Colombia ($60.3B).

GDP per capita v/s ECI for countries that comprise Latin American Free Trade Association (2022)

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