Latin American e-commerce giant MercadoLibre (NASDAQ:MELI) has been an incredible growth stock to own, and it doesn't show signs of slowing any time soon. 

In this Industry Focus: Tech segment, Motley Fool analyst Dylan Lewis and contributor Danny Vena discuss some of the most exciting tailwinds behind the company today, from internet penetration rates to a growing middle class in Latin America and more.

A full transcript follows the video.

This video was recorded on June 23, 2017.

Danny Vena: There are some tailwinds behind MercadoLibre that we haven't touched on. You did touch briefly on the fact that e-commerce in general is still in its infancy in Latin America. Not only e-commerce, but internet penetration in Latin America is still only at 62%. If you compare that to 89% in the United States, you can see there's still quite a bit of growth to be had there. Another thing that folks will want to know is, the middle class in Latin America has doubled over the last decade. People that are joining the middle class, they have more income and they're looking for ways to spend it. And as more and more of Latin American consumers get internet connection, as we become aware of and more comfortable with e-commerce, that increases the pool of people that are available to be MercadoLibre's customers.

Dylan Lewis: Yeah, those are some great points there.

Danny Vena owns shares of AMZN and MercadoLibre. Dylan Lewis owns shares of AMZN and MercadoLibre. The Motley Fool owns shares of and recommends AMZN and MercadoLibre. The Motley Fool has a disclosure policy.