Latin America's imports are 300 billion dollars in 2000. India should try to get at least one percent of these imports, which is 3 billion dollars. The imports of Latin America are expected to steadily increase and reach 400 billion US dollars by the year 2003. India's export target should, therefore, be 4 billion US dollars in the next three years. This is a modest and achievable target.
Chemicals have the largest share in our exports to Latin America.
These go into industries in areas such as food items, leather, plastics, mining etc. These were earlier being imported by the Latin Americans through European traders. Now they have started buying directly from India. India has established its name as a reputed supplier of bulk drugs. Since most Latin American countries do not produce bulk drugs, India can hope to be a regular supplier.