Central and South America and the Caribbean

With continental dimensions and a population of over 212 million, Brazil ranks among the world’s top 10 economies. The country possesses an estimated $21.8 trillion in natural resources, including vast reserves of gold, uranium, iron ore, and timber. Economic growth from the mid-1990s through the 2008-09 global financial crisis lifted approximately 40 million Brazilians out of poverty and into the middle class, with GDP per capita reaching $8,717 during that period. Brazil has gone through structural reforms in tax and administration and efforts to attract infrastructure investment through modernized regulatory frameworks. The government’s agenda also includes advancing trade negotiations between Mercosur and the European Union, as well as strengthening economic ties with the United States, positioning Brazil for long-term competitiveness in global markets.

Brazil is both an industrial and an agricultural powerhouse, endowed with abundant natural resources, a well-developed industrial base, advanced scientific research capabilities, and substantial human capital. The country continues to invest in productivity enhancements and modernization, creating excellent business opportunities for Wisconsin exporters across nearly every industry sector. Of particular interest are opportunities in infrastructure development, industrial and electrical machinery, agricultural equipment, medical and scientific instruments, vehicles, and construction equipment. Additional prospects exist for companies supplying products and equipment for telecommunications networks, power generation, natural gas distribution pipelines, and large-scale infrastructure projects, including the construction of more than 17,000 kilometers of highways, more than 600 kilometers of railroads, and significant port upgrades aimed at improving efficiency and competitiveness. Furthermore, Brazil is prioritizing renewable energy and sustainability initiatives, with major investments in wind, solar, and biofuels, as well as projects to modernize its energy grid and reduce carbon emissions—creating new opportunities for companies offering clean energy technologies and sustainable solutions.

As one of South America’s most stable and secure nations, Chile has emerged as a global leader in trade and investment. With a population of nearly 20 million, Chile ranks as the 46th-largest economy in the world, with a nominal GDP of approximately $330 billion in 2024, representing 0.31% of global GDP. GDP per capita reached $16,710, among the highest in Latin America. Chile’s economy grew 2.6% in 2024, and projections indicate continued moderate growth of around 2-2.5% annually in the coming years.

U.S. companies value Chile’s open market policies, zero tariffs under the U.S.-Chile Free Trade Agreement, stable democratic government, transparent business practices, and low corruption levels. Despite its relatively small domestic market, Chile’s pro-trade stance and extensive network of 31 free trade agreements with 65 economies make it an attractive hub for global business. While some firms overlook Chile due to its size, this creates niche market opportunities for Wisconsin exporters in sectors such as mining (especially copper and lithium), renewable energy (solar, wind, and green hydrogen), infrastructure, information and communications technology, advanced manufacturing, and agribusiness—areas where Chile is actively investing to maintain competitiveness and sustainability.

Chile’s exports are focused on raw mineral and agricultural products. As a country that does not possess a developed manufacturing sector, it is highly dependent on imports of equipment and supplies needed in the country’s agricultural, mining, food processing, and power sectors. The country is moving more toward digitization, and sectors of interest also include medical technology, financial technology, and more.

Peru is one of the most open and investor-friendly economies in Latin America and has consistently ranked among the region’s best performers. With a population of 34 million and a nominal GDP of approximately $250 billion in 2024, Peru is the sixth-largest economy in Latin America and accounts for about 0.23% of global GDP. GDP per capita stands at $6,190, and while growth slowed during the pandemic, Peru has returned to a positive trajectory, supported by strong macroeconomic fundamentals and trade liberalization. Peru ranks 29th among U.S. trading partners and offers a favorable business environment with an attractive legislative and fiscal framework for foreign investors. Its geographic advantage—situated at the heart of South America and connecting Colombia, Ecuador, Brazil, Bolivia, and Chile—combined with a robust free trade policy and membership in the Pacific Alliance position Peru as a strategic hub for regional and global commerce.

Over the past three years, Peru’s economy has experienced significant fluctuations. After a strong post-pandemic rebound of 2.7% growth in 2022, the country faced challenges in 2023, contracting by 0.55% due to social unrest, adverse weather conditions, and weaker mining output. In 2024, Peru returned to positive growth, expanding by an estimated 3.3%, supported by recovery in mining, agriculture, construction, and services. Despite these swings, Peru remains one of Latin America’s most open and investor-friendly economies, with structural reforms and trade liberalization continuing to attract foreign investment and position the country for sustainable growth.

Some of the best prospects for Wisconsin exports to Peru include construction equipment, mining equipment, educational supplies, safety and security equipment, food processing and packaging equipment, water resources, medical equipment, biofuels, and dairy. Since the pandemic, certain opportunities have opened up, such as the adoption of technology to facilitate both the medical and business areas—including the adoption of medical technology, software as a service (SaaS), and payment methods.

The Republic of Colombia is an upper-middle-income country (the fourth-largest economy in Latin America, after Brazil, Mexico, and Argentina) and has the third-largest population on the continent, with approximately 51 million inhabitants. The dominant sectors of the economy are agriculture, mining, and tourism. Colombia is the most industrially diverse country of the Andean Community, with four major industrial centers: Bogotá, Medellín, Cali, and Barranquilla. Colombia saw 0.61% GDP growth in 2023, a sharp slowdown from 7.29% in 2022. For 2024, estimated full-year growth was 1.6%. Total GDP in 2024 was about $418.5 billion USD. Colombia represents roughly 0.39% of the global economy.

Colombia maintains 17 trade agreements with various countries and regional organizations, providing preferential access to markets worldwide. Its main export and import partners include the U.S., China, Brazil, the European Union, India, and Mexico. Colombia has free trade agreements or is negotiating trade agreements with all of these partners. Notably, the U.S.-Colombia Trade Promotion Agreement has been in force since 2012, eliminating most tariffs and expanding bilateral trade opportunities. Additionally, Colombia is an associate member of MERCOSUR, which facilitates economic integration with South America’s largest economies. This membership offers benefits such as preferential tariffs, improved market access, and cooperation in trade and investment, strengthening Colombia’s position in the regional market

Colombia’s economy is highly diversified, making it one of the most resilient in Latin America. Key sectors include agriculture, with major exports such as coffee, flowers, bananas, and sugarcane; mining and energy, driven by oil, coal, gold, and emeralds; and manufacturing, which spans textiles, processed foods, chemicals, and electronics. The services sector accounts for more than 60% of GDP, led by finance, retail, education, health care, and a growing tourism industry. Additionally, Colombia is emerging as a hub for technology and innovation, with strong growth in information technology, financial technology, and creative industries, particularly in Bogotá and Medellín. Infrastructure and logistics investments continue to support trade and connectivity, while renewable energy projects complement the country’s traditional reliance on hydropower.