Argentine E-Commerce Revenues Soar 89%; Ecuador Courts Chinese Investors

A roundup of Thursday’s news from across Latin America

Bloomberg Línea
February 03, 2022 | 09:32 PM

Bloomberg Línea — E-commerce revenues in Argentina grew by 89% last year compared to 2020, almost 40% above the country’s annual rate of inflation, which was 50.9%, with purchases totaling $61.6 billion, and a 25% increase in transactions compared with the previous year, according to a study by Tiendanube.

During Ecuadorian President Guillermo Lasso’s visit to China, which began Thursday, the government will present an investment portfolio valued at $10 billion, and which is aimed at attracting investors for projects related to infrastructure, energy and the health sector, among others.

On the stock markets, losses were posted across the region, with Chile’s index (IPSA) seeing the biggest fall, of 2.20%, while Brazil’s Ibovespa (IBOV) slid 0.18% after Brazil’s Central Bank raised the key interest rate to 10.75%, the highest level since May 2017, on Wednesday. While the 1.5 point increase was widely expected, the statement surprised by indicating a slower pace of tightening in upcoming meetings.

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The Mexican stock market’s IPC index closed with a loss of 1.71%.

Following is a roundup of Thursday’s news from Bloomberg Línea and Bloomberg reporters across Latin America.

Argentina

  • A study by Tiendanube, Nubecommerce 2021, reveals that last year e-commerce turnover grew by 89% compared to 2020 in Argentina, almost 40% above the country’s annual rate of inflation, which was 50.9%, and totaling $61.6 billion in purchases, with 25% more transactions carried out than during the previous year. The study compiled data from 45,000 companies across the country.
  • President Alberto Fernández said Thursday before his Russian counterpart Vladimir Putin that “Argentina has to leave behind the great dependence it has on the International Monetary Fund and the United States”. According to the Argentine head of state, the country must “open the way to other places, and that is where Russia has a very important position”.
Argentina's President Alberto Fernández and Russian President Vladimir Putin. Credit: Casa Rosadadfd

Brazil

Chile

Colombia

Ecuador

Mexico

Peru

  • President Pedro Castillo met with his Brazilian counterpart Jair Bolsonaro on Thursday to discuss binational trade and border cooperation. The two leaders signed agreements on health matters, to promote a bilateral healthcare cooperation program, and discussed the possibility of promoting the commercial exchange of products such as tomatoes, flowers and the opening of agricultural and fruit markets between the two countries. They also discussed the possibility of developing infrastructure to reduce freight costs for foreign trade transportation, and the expansion of pork and cheese exports from Brazil to Peru.
Brazil's President Jair Bolsonaro met with his Peruvian counterpart Pedro Castillo in Brazil on Thursday.dfd

Uruguay

This is how the region’s markets closed on Thursday, February 3: