The recent trade boom favoured commodity exporters in Latin America and resulted in a strong concentration of exports to China in a few products, relative to trade with the world overall. Imports from China also increased considerably, and import penetration and competition with regional manufacturing producers grew in certain markets. The impact of imports remains mixed. In some cases, growth in Chinese imports boosted competitiveness and productivity in the region, through the supply of cheaper and more efficient intermediate inputs for its firms. Trade in intermediate goods and through global value chains (GVCs) also expanded considerably between the two regions. Nevertheless, the dynamics appear to be changing. After strong growth in trade between the region and China for the last decade and a half – which increased the value of trade 20 times between 2000 and 2014, versus 3 times with the rest of the world – trade has weakened recently owing to the slacking off in Chinese demand. This decrease in demand signals the importance of re-evaluating the opportunities that trade with China offers the region, such as increasing demand for agricultural products, as well as presenting challenges for diversification. To increase gains, Latin American countries could deepen regional value chains to take advantage of diverse opportunities globally, particularly in stronger integration in services sectors.