Tech

Latin American techs leaving commodities in the rearview mirror

Mercado Libre becoming the region's most valuable company is symbolic, and experts believe that the growth of tech companies will continue

Latin American tech firms leaving commodities in the rearview mirror
Photo: PSGflash/Shutterstock

In the first week of August, Argentinian online marketplace firm Mercado Libre became the most valuable company in Latin America, with its USD 60.6 billion market cap taking the crown from Brazilian miner Vale. That a tech-based company would be worth more than a firm based on extracting and producing commodities is a symbolic shift in the region, similar to what was seen in 2011 in the U.S., when Apple surpassed ExxonMobil for the first time.

Publicly traded on Nasdaq, Mercado Libre achieved excellent results in Q2 2020, with its shares appreciating 101.8 percent in value between April and...

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