| Sumario: | This paper studies the Trade Complementarity (TC) and the Intra-industry Trade (ITT)
between MERCOSUR and its main European partners during 1992-2012 using sectoral
Krugman and the Grubel-Lloyd Indexes. The decline in TC between Argentina and Brazil
together with a convergence to similar levels with their key partners (Germany and Spain)
indicates that the South American economies have tended to resemble in some aspects
during the last 20 years rather than complementing themselves. Additionally, the increase in
ITT between Argentina and Brazil in major manufacturing sectors seems to be consistent
with the hypothesis of productive diversification, although the reduction in IIT with their
European partners suggests that such diversification does not occur under a technologytransfer process.
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