In this region, just two languages are used officially in their trade market – Spanish and Portuguese – as opposed to the multiple tongues spoken in Africa, Asia and Europe. Of their combined 650 million population, 80% is mainly concentrated in four countries – Argentina, Brazil, Colombia and Mexico. For starters, they have the fourth-largest economy in the world after Asia, North America and Europe, according to World Bank data. Latin America and the Caribbean have what is needed to catch up. and 27% in China, according to research firm eMarketer. In contrast, its share of retail sales was about 10% in the U.S., 13% in Denmark, 16% in South Korea, 18% in the U.K. “But if we look ahead over the next 10 years, we think that the potential is infinitely greater.” Ecommerce as a share of retail sales was just 3.1% in Latin America in 2019. “When we look at what we have done at MercadoLibre over the last 20 years, we can say, ‘Wow, that’s incredible!’” he remarks. “The more connected our communities are, the more opportunities they have.”Įcommerce is growing in Latin America and the Caribbean, but it is still in its infancy, says Sean Summers, CMO of Mercado-Libre, the region’s biggest ecommerce marketplace. ![]() “It will help our companies be much more competitive,” Panama’s president Laurentino Cortizo said of the cable. ![]() This is good news for Panama as it seeks to become the premier gateway to Latin America for trade – particularly including ecommerce, which has experienced exponential growth during the lockdown measures against the spread of the coronavirus. Upon completion of a 10,500-kilometer subsea cable between California and Chile in April 2019, Google started running a 1,000-kilometer branch of the fiber-optic system to Panama to make it a hub for providing increased bandwidth and connectivity in Central America.
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