Hot commodity.

From the streets of Lima to Mexico City, Asia's star is on the rise, spearheaded by China's growth as a manufacturing giant and its insatiable demand for commodities like soybeans, iron ore, copper and wood pulp. In 2004, Latin America posted its best export revenues in the past two decades, due in large part to soaring trade with China--up 34% from the year before, to US$14 billion, according to the Inter-American Development Bank. No wonder Latin American nations are eagerly wooing the world's newest superpower, both as a parking spot for some of China's staggering $600 billion in foreign reserves and as a welcome counterweight to Western nations.