When you look at a map or listen to the media, it is clear that Brazil is not a country to be ignored when discussing British exports. The potential of Brazil has been discussed elsewhere in this blog, but it’s not the easiest country to penetrate for any exporter (that even includes those from other Mercosur countries such as Argentina and Uruguay). More importantly, it is not your one and only option in South America.
Take Chile, for example. The International Monetary Fund (IMF) forecast that in 2013, Chile will be amongst the top six most dynamic economies in the world. Whilst the growth forecast for 2013 (4.6%) is lower than the 5.6% of 2012, it is still impressive compared to the 0.9% for the UK. And Chile is the only country in South America forecast by the IMF to have a per capita GDP of over USD 20,000 by 2017.
Another country with great potential is Peru – “Latin America’s economic performer”, according to the IMF. As one of the recent success stories of the region, Peru has been achieving annual growth rates of nearly 10% and is one of the five top economies that the IMF forecasts to grow the most this year.
Colombia is another country to watch. Standard & Poor’s and Moody’s have both significantly increased Colombia’s credit rating in the last few years and the World Bank says GDP growth is consistently strong. Medellin has been chosen as the world’s most innovative city, beating Tel Aviv and New York, transforming the country into one of the top economies in Latin America. Remember the BRICS? Well, Colombia is part of the CIVETS group of nations with Indonesia, Vietnam, Egypt, Turkey and South Africa, the next group of countries to target.
And did I mention that all three countries now have free trade agreements in place with the EU? So what are you waiting for? Get trading today!