As such, the economy has fallen into a relatively deep recession, which has not only greatly hampered imports but has made it difficult for companies to efficiently export products. Though the country is still experiencing some political and economic inefficiencies, people are now saying that the country may have reached the bottom. Which of course means there's no where to go but up. As the region's largest trader, Brazil has always represented the economic epicentre of South America. Most of that volume goes outside of the Mercosur trading bloc.
Brazil relies much more significantly on trade with Europe and Asia.
Within Latin America itself, as you would probably presume, Brazil trades mostly with Argentina. Chile Over the last decade, Chile has become the pre-eminent model of economic stability in the region, one of only two Latin American countries which has been given investment grade status. Even still, it has been impossible for the country to avoid the residual effects from the plight of its neighbours. As an affiliate of the Mercosur trading bloc, Chile is reliant upon Brazil and Argentina. So when their economies tumble Chile cannot stay clear.