Question

How are the economies of south america similar? How are they different?

Answer 1

Latin America as a region has about twelve countries, and they all have various level of economies, however, South America can be considered as an export-based economy. Statistically, 10% of the world's agricultural product export comes from South America, with a different climatic region different crops are been harvested from all over the region each year, also it should be noted that  South America dominates the global market in coffee production. The main exports from Latin America are agricultural products and natural resources such as copper, iron, and petroleum.

However, the differences in the economy of South America can be found mainly in the manufacturing sector, out of the twelve countries, 80% of manufacturing in Latin America falls on Argentina, Brazil, and Mexico.

This shows that Agricultural products drives the economy to a large extent, and all the countries in the region depend on agriculture to boost their economy, however, the maufacturing sector lies in the hand of about three to four countries.