Singapore-Latin America Trade: Panama Leads Growth

Venezuela replaces Mexico as Singapore’s second-largest trade partner in Latin America.

BY LATINVEX STAFF

Panama posted Latin America’s strongest real increase in two-way trade with Singapore last year, according to a Latinvex analysis of data from the International Monetary Fund (IMF). Other winners include Colombia, Venezuela, Brazil and Costa Rica.

As a result of Venezuela’s increase and a decrease in trade with Mexico, Venezuela last year replaced Mexico as Singapore’s second-largest trade partner in Latin America. Meanwhile, Brazil moved up from fourth to third place among Singapore’s top partners in the region.

Panama remains the top partner, accounting for nearly half of total Singapore trade with Latin America.