India-Latin America trade up at $3.59 bn

Latin America has emerged as a major trading partner of India in 2004-05 with its trade growing by 77.66 per cent to $3.596 billion as against a negative trade of 0.81 per cent in 2003-04, according to industry body Assocham analysis.

While, New Delhi's total trade with SAARC stood at $5.216 billion against $4.829 billion in 2003-04, a growth of mere 8.0 per cent.

The growth rate, however, had fallen to 8 per cent from 48.85 per cent in the preceding year, a chamber release said in New Delhi on Tuesday.  India's exports to SAARC in 2004-05 were at $4.309 billion against $4.159 billion in 2003-04.

Its trade with other international groups like the ASEAN declined marginally to 9.02 per cent from 9.33 per cent in 2003-2004 and with EU to 11.56 per cent in 2004-2005 from 12.92 per cent in previous fiscal, it said.

According to the chamber the main reason for the downturn was imposition of non-tariff barriers as also anti-dumping investigations.