China will replace Europe as Latin America's second largest trading partner in next 5 years. Meanwhile, trade competition between European countries and China for Latin American market will intensify, particularly with Germany.
In the past, among export products from Latin America, exports to Europe accounted for 13.8 percent, exports to China accounted for 7.6 percent. Economic Commission for Latin America and the Caribbean expects that China will overtake Europe by 2015, export products from Latin American countries to China will account for 20 percent of all exports by 2020.
China's main export products to Latin American countries are electronic products, machinery parts and textiles; China's main import products are agricultural and mineral commodities.
Experts from the Economic Commission for Latin America and the Caribbean under the United Nations believe that China has become a major strategic business partner of the Latin American and Caribbean region.
Experts predict that the two sides will make large-scale cooperation in minerals, energy, agriculture, infrastructure, science and technology, China's direct investment will focus on expansion of ports, development of railway, tourism, raw material, as well as metal smelting.
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