Russia - Latin America: Evolution of Trade under the Pandemic

Abstract

The purchase of the Russian «Sputnik V» vaccine by seven countries in Latin America and the Caribbean region (LAC) draws attention to this region in terms of possible expansion of trade and economic relations between Russia and Latin American countries. Based on analysis of the evolution of Russia’s trade with the principal LAC countries, the changes in trade are assessed with the periodization in each of the previous decades, and emerging issues are identifi ed. The impact of the COVID-19 pandemic on trade of the LAC countries with Russia and their key trade partners that caused a plunge in exports and imports is revealed. It is concluded that the post-pandemic recovery of the Latin American countries creates new conditions for the resumption of trade growth and its restructuring, and opens up opportunities for new suppliers of goods and services to these countries. Russian exporters could also take advantage of this situation, especially those who use digitalization to promote their products in new markets.