How much economic power does Russia have over Latin America?

Published 2024년 2월 22일

Tridge summary

Ecuador's recent halt on the delivery of former Soviet military equipment to Ukraine, due to Russia's temporary ban on its banana imports, underscores the country's economic reliance on Russia. However, Russia only accounts for 0.86% of Latin America's imports in 2022, with key exports including Ecuadorian bananas, Brazilian soybeans, Chilean fish, and Jamaican artificial corundum. Despite a growing trend of increased trade relations between Latin America and Russia, the potential for growth is constrained by logistical issues, lack of established partners, and Russia's demand for high-tech products that Latin America cannot provide.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In early January, the Government of Ecuador agreed to deliver former Soviet military equipment to the United States, which would make it available to Ukraine in its war against Russia. In exchange, Washington promised Quito modern weapons, which the South American country needs in its fight against organized crime. Did Moscow put pressure on Quito? A few weeks later, Russian authorities banned imports of bananas from five Ecuadorian companies, claiming that they had detected an insect. This announcement shook the South American country, the main exporter of bananas in the world, since Russia is the second destination market for its fruit. In 2023, it imported about 23% of Ecuadorian bananas. Regardless of whether or not there is a connection between both announcements, the trade tensions exposed Ecuador's economic dependence on Russia. After Moscow lifted the ban on bananas, Quito announced that it would no longer send military material to Ukraine. “Russia is not China” What other ...

Source: Biobiochile