The 2013 China-Latin America Economic Bulletin makes it clear:
China has become a major trading partner for Latin America and even the number one trading partner for over ten economies in the region. However, LAC runs the risk to add just another major trading partner to its asymmetrical trading patterns with Europe and North America instead of diversifying it. LAC imports mainly manufactured goods from China, especially electronics and vehicles, and exports raw materials. This has resulted in growing exports in volume, but whose value has recently grown much slower than the import value due to falling commodity prices. The increasing trade deficit in 2011 and 2012 indicates the missing diversification of exports: Half of all LAC exports remain concentrated in three broad sectors (copper, iron and soy) and in few LAC countries (Brail, Argentina and Chile).
To read the entire bulletin click here