The United States continued to lead handsomely in the ranking of Latin America's top trade partners last year, according to a Latin Business Chronicle analysis of statistics from a wide range of official sources, including the International Monetary Fund.
However, not only China but Asia as a whole is gaining in importance in the region's commercial relations.
Trade between the US and Latin America came to $771 billion last year, a 20.9 percent increase on 2010. But the rate of growth was higher with China, Korea and Singapore.
China came second to the United states at $236.6 billion, up by 32.3 percent. Japan, Germany, Canada and Korea made up the list of the top six traders with Latin America.
The same six, with the exception of Italy instead of Canada, made up the list of top six exporters to Latin America.
Europe did not feature very strongly, though the Netherlands, Germany and Spain were numbers 6, 7 and 8 among Latin America's export markets.
The winners, in terms of growth in total trade were Singapore, China and India. Spain and Italy came in as numbers four and five.
India, Singapore and China were leaders in the growth of exports to Latin America, while the leaders in imports from the region were Singapore, Korea and China, in that order.