China-Latin America Trade Surpasses $500 Billion for the First Time in 2024

Trade between China and Latin America reached a new milestone in 2024, exceeding $500 billion for the first time, Chinese President Xi Jinping announced at a high-level summit in Beijing.

This announcement came during the China-CELAC Forum summit, held on Tuesday, where President Xi welcomed officials from Latin America and the Caribbean. He expressed joy at seeing both long-time and new partners working together to deepen cooperation.

A Record Year for China-Latin America Trade

Trade figures between China and Latin America have been growing steadily over the years. In 2024, they crossed the $500 billion mark, marking a historic moment in their economic relations.

President Xi noted this record as a symbol of the strong ties between China and the Latin American and Caribbean nations. He said that both sides have worked closely to promote fair trade and mutual development.

CELAC and China Strengthen Bonds

The China-CELAC Forum is a platform that brings together China and the Community of Latin American and Caribbean States (CELAC). This year’s summit focused on boosting cooperation in trade, infrastructure, energy, and green development.

Xi highlighted China’s commitment to helping CELAC countries strengthen their presence in global forums. He said China will continue to support these nations in gaining more voice and visibility on the world stage.

Trade Growth Driven by Multiple Sectors

The trade boom in 2024 was driven by strong performance in several key sectors:

• Raw Materials: China imported large volumes of lithium, copper, and iron ore from countries like Chile, Peru, and Brazil. These resources are vital for China’s energy and tech industries.
• Agriculture: Soybeans, beef, and other food products saw increased demand from Chinese consumers. Brazil and Argentina were key suppliers.
• Technology and Machinery: China exported a high volume of electronics, vehicles, and industrial machines to Latin American countries.

Experts say this trade relationship is no longer based only on raw materials but is becoming more balanced and diversified.

Long-Term Partnerships

China has signed over 20 free trade agreements with countries in Latin America, including Chile, Peru, and Costa Rica. These deals have helped boost trade and attract investment.

Latin America has also become a key region in China’s Belt and Road Initiative. Many countries have joined the program, which promotes infrastructure development and connectivity.

In 2023, China built or funded several large projects in Latin America. These include roads, ports, and railways in Argentina, Panama, and Ecuador.

China’s Diplomatic Outreach

During the summit, Xi called for unity and cooperation between developing countries. He said China respects the development paths chosen by Latin American nations and is ready to share its experience and resources.

He also emphasized peaceful development and mutual benefit as the foundation of China’s foreign policy. According to Xi, China’s goal is not to dominate but to grow together with other nations.

U.S. Watches Closely

China’s growing presence in Latin America has drawn attention from the United States. Some U.S. officials have expressed concern that China is gaining too much influence in what has traditionally been America’s backyard.

However, many Latin American countries see China as a valuable partner who offers funding with fewer political conditions than Western lenders.

Economists say this dynamic gives the region more options and bargaining power on the global stage.

CELAC Responds Positively

CELAC leaders welcomed China’s continued support and praised the success of their trade relationship. They called for more people-to-people exchanges, student scholarships, and climate cooperation.

Several leaders also expressed interest in adopting Chinese technology in fields like clean energy, smart cities, and digital infrastructure.

What Comes Next?

China and CELAC members agreed to strengthen ties further by:

• Expanding trade in high-value goods
• Promoting investment in clean energy
• Boosting cooperation in science and education
• Creating more opportunities for youth and innovation

The two sides plan to hold more joint forums and technical workshops in 2025.

A Positive Outlook

The $500 billion trade milestone is not just a number. It shows that China and Latin America are entering a new phase in their relationship—one based on shared goals, open markets, and mutual growth.