Chinese consumers are experiencing an unexpected drop in cherry prices this season, attributed to an increased supply of Chilean cherries since December. China remains the largest market for Chilean cherries, with over 92% of Chile's production destined for Chinese consumption, as reported.
In addition to cherries, a diverse range of Latin American products such as Ecuadorian bananas, Nicaraguan honey, Peruvian blueberries, and Honduran whiteleg shrimp are becoming more prevalent in China. These imports are broadening consumer options while enhancing trade relations between China and Latin America.
Since 2012, China has been the second-largest trading partner for Latin America and the Caribbean (LAC), and it is now the primary trade partner for Chile, Brazil, and Peru. By 2024, the bilateral trade between China and LAC countries reached $500 billion, marking a nearly 40-fold increase since 2000. China's direct investment in the region hit $600 billion, surpassing the United States' annual investment for the first time in 2024, according to Chinese Ambassador to Panama Xu Xueyuan.
China has established free trade agreements with five LAC countries, including Peru, Chile, Costa Rica, Ecuador, and Nicaragua. Since 2024, China has signed an early harvest arrangement of a free trade agreement with Honduras and concluded negotiations to upgrade the agreement with Peru.
The Port of Guangzhou launched a direct route to Chancay Port in Peru on April 29, reducing transit time to 30 days with a 20% cost saving. Chancay Port, inaugurated in November 2024, is South America's first smart and green port and a flagship project under the Belt and Road Initiative (BRI).
To date, 23 LAC countries have signed BRI memoranda of understanding with China. Through grants, loans, and projects, China has implemented over 200 infrastructure projects in the region, including roads, railways, schools, hospitals, and more, creating nearly 1 million local jobs, Xu said.
Pavel Aleman, from the University of Havana, emphasized the mutual benefit and pragmatism of China-LAC cooperation. Qiu Xiaoqi highlighted the 10th anniversary of the China-CELAC Forum, noting upcoming initiatives to advance relations. Miao Deyu announced that the fourth ministerial meeting of the China-CELAC Forum will adopt a joint action plan outlining cooperation in various sectors.
Source: CGTN