Mercosur Mercosur or Mercosul (Spanish: Mercado Común del Sur, Portuguese: Mercado Comum do Sul, Guarani: Ñemby Ñemuha, English: Southern Common Market) is an economic and political agreement among Argentina, Brazil, Paraguay, Uruguay, and Venezuela;
Mercosur Its purpose is to promote free trade and the fluid movement of goods, people, and currency. The official languages are Spanish,Portuguese and Guaraní. It has been updated, amended, and changed many times since. It is now a full customs union. Bolivia, Chile, Colombia, Ecuador, Guyana, Peru and Suriname currently have associate member status.
Merchandise trade Intra-Mercosur merchandise trade (excluding Venezuela) grew from US$10 billion at the inception of the trade bloc in 1991, to US$88 billion in 2010; Brazil and Argentina each accounted for 43% of this total. The trade balance within the bloc has historically been tilted toward Brazil, which recorded an intra-Mercosur balance of over US$5 billion in 2010.
Merchandise trade Trade within Mercosur amounted to only 16% of the four countries' total merchandise trade in 2010, however; trade with the European Union (20%), China (14%), and the United States (11%) was of comparable importance. Exports from the bloc are highly diversified, and include a variety of agricultural, industrial, and energy goods.
Merchandise trade Merchandise trade with the rest of the world in 2010 resulted in a surplus for Mercosur of nearly US$7 billion; trade in services, however, was in deficit by over US$28 billion. The EU and China maintained a nearly balanced merchandise trade with Mercosur in 2010, while the United States reaped a surplus of over US$14 billion; Mercosur, in turn, earned significant surpluses (over US$4 billion each in 2010) in its trade with Chile and Venezuela. The latter became a full member in 2012.