India's exports to Latin America likely to be highest in a decade in FY23

Exports crossed $16 billion as of February; trade deficit shrinking from pre-pandemic levels

A surge in Indian exports to its Latin American counterparts, post-pandemic, would suggest a renewed push in trade ties between these regions. As of February 2023, Indian exports to the region have crossed $16 billion and are likely to be the highest in a decade in FY23.

With close to $15 billion in exports to the 43 countries in Latin America (according to the commerce ministry, which has Caribbean nations) in 2021-22, India’s merchandise exports had recorded a 67 per cent jump since 2018-19.

Though India’s imports from the region outstrip its exports, data indicates that the trade deficit is