Since the establishment of
the CELAC, the per capita GDP has ranked among the top of the developing
countries, and the market has great potential for consumer demand. Most
countries in the region have entered the ranks of middle-income early, and some
of them have entered the ranks of high-income countries and are firmly in the
forefront of developing countries. Higher income levels determine the region's
strong consumer demand potential, and it is a world market that cannot be
ignored. Its influence in the global economy continues to expand, the fragility
of its economic structure has improved, and its social stability has improved.
Entering the 21st century, with rapid economic growth, many Latin American countries are committed to poverty reduction and income inequality. The implementation of a series of poverty reduction policies has effectively alleviated the poverty situation in the region. Latin American countries have also adopted redistribution policies such as taxation and social security to narrow the social income gap. The Gini coefficient has been declining year by year. From 2002 to 2014, the Gini coefficient fell by an average of 1.0% annually, and the average annual decline from 2014 to 2019 was 0.6%. The reduction of poverty and income inequality alleviated social conflicts and created an increasingly stable economic development environment for Latin American countries.
With the economic development of Latin American countries, the region is becoming more and more important to the world economy. At present, Mexico, Chile, Colombia and Costa Rica are as OECD members, and Mexico, Brazil and Argentina are as G20 members. Brazil is a member of the BRIC Countries. The influence of the global economy continues to expand, and the fragility of the economic structure has improved. Latin American economic leaders of Brazil, Mexico, and Argentina have established a relatively strong industrial foundation, and the steel industry is relatively developed. In the manufacturing sector of Latin American countries, foreign-funded enterprises occupy a dominant position, concentrated in machinery and other industries, becoming the "second factory in the world" second only to East Asia. In order to promote the development of local enterprises, the governments of Latin American countries pay attention to the development and cultivation of local enterprises, use continuous technological innovation to improve the competitiveness of enterprises, and gradually gain industrial advantages in some fields.
In 2005, the 17-year-old Shenxi Group opended up overseas markets. For Shenxi, Latin America is a fertile soil that needs to be developed urgently. Shenxi Group was very optimistic about the Latin American market. Although Latin America has been affected by the epidemic in 2021, the people's demand for high-altitude machinery and equipment is still high. The sales of Shenxi's products in Latin America are also relatively satisfactory, such as suspended platforms and mast climbing work platforms that have achieved good results in the Latin American market. Construction hoists and transport platforms still have a lot of room for growth in the Latin American market. Among them, Brazil, Mexico, Colombia, Argentina, Chile, and Peru are the countries with a relatively high level of development in this region, and they have also become the markets that Shenxi focuses on. For Latin American consumers, Shenxi's products are still very popular products in the region. Shenxi's performance in Latin America is very impressive. The suspended platform alone accounts for 70% of the market. Of course, there are also some other high-altitude machinery brands that are eroding this fertile soil. Shenxi still has a long way to go in order to truly predominate in Latin America’s market shares.
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