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Latin America is a top market for international merchants seeking expansion opportunities. Asia is the fastest growing region for cross-border merchants from Latin America:
By 2016, the goal is to increase e-commerce volume in the region by more than 30% annually.
Nuvei’s new report collates interviews with over 40 industry insiders in the region, accompanied by in-depth desk research and independent analysis.
Latin America and Asia have deep commercial ties that help sustain the global economy, according to the paytech company, which offers over 570 different payment methods and local sourcing in about 50 markets.
Trade between the two regions has grown at an impressive 9% annually since 1995, driven by China’s manufacturing growth and Latin America’s natural resource production.
Products that Latin America imported from China included electronics and machinery, chemicals and plastics, textiles and footwear, and major exports included minerals, agriculture and meat, seafood, processed foods, and beverages. increase.
Latin America has been declining for several structural and cultural reasons, including its experience with digital transformation, high degree of fragmentation, high smartphone penetration, and availability of payment models that enable easy offshore operations. , especially suitable for Asian companies looking for new growth markets.
The commercial ties between the Asian and Latin American markets have had relevant consequences for the global economy and for decades have been responsible for supplying raw materials to Asia and industrialized products to Latin America.
More recently, e-commerce has become a source of commercial connectivity across the region, with APAC businesses successfully selling to over 300 million Latin American e-commerce shoppers.
Despite the recent e-commerce revolution, Latin America still needs development to remove some of its current inefficiencies. remain
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