China's trade with Peru, Chile, and Ecuador has reached record levels, driven by mineral demand and the new Chancay port. Despite US President-elect Donald Trump's threats, Beijing's economic ties in the region are strengthening under the Belt and Road Initiative.
China’s trade with some South American nations is accelerating after the opening of Peru’s Chancay port, underscoring Beijing's push to secure resources and bolster industrial supply chains under the Belt and Road Initiative, analysts said.
China’s trade with Peru rose 17.8 per cent last year to US$50.96 billion, according to data from Beijing’s General Administration of Customs. That growth rate was the fastest pace in four years and a record in value terms.
Minerals drove most of the expansion. Chinese imports of ore, slag and ash from Peru jumped 20.7 per cent in value to over US$30 billion, making the South American nation its second-largest supplier after Australia. These products accounted for 87 per cent of China’s total imports from the country.
China’s trade with Chile also reached a record US$66.9 billion, up 8.5 per cent year on year, customs data showed, while merchandise flows with Ecuador surged 24 per cent to US$17.3 billion.
“The recent, dramatic rise in imports of these goods should come as no surprise,” said Charles Austin Jordan, a senior research analyst with Rhodium Group’s China Projects team.
Beijing’s hunger for minerals and raw materials is pushing trade in the region to record levels, even after incidents in Panama and Venezuela.