Trade between China and Latin American and Caribbean (LAC) countries soared to a historic $500 billion in 2024, Chinese President Xi Jinping announced on Tuesday, marking a 40-fold increase since the start of the century. The milestone underscores deepening economic ties between the regions, as China strengthens its role as a pivotal partner in LAC development.
Xi revealed the figures during a keynote speech at the fourth ministerial meeting of the China-CELAC Forum in Beijing, where he highlighted progress under the framework established in 2014. "This achievement reflects our mutual commitment to win-win cooperation," Xi stated, emphasizing enhanced collaboration in infrastructure, technology, and green energy.
The China-CELAC Forum, a key platform for cross-regional dialogue, has facilitated over 200 cooperation projects since its inception. Analysts note the $500 billion milestone aligns with China's broader strategy to expand trade networks amid shifting global economic dynamics. However, challenges such as supply chain resilience and sustainable practices remain focal points for future talks.
For LAC nations, China has emerged as a top export destination for agricultural goods and minerals, while Chinese investments in regional infrastructure continue to reshape local economies. Observers suggest the partnership could further diversify as both sides explore digital innovation and climate-related initiatives.
