Brazil-China trade grew nearly 10 percent year-on-year for the first 10 months of 2024, underscoring the value of the diplomatic and economic ties built over the past half-century between the two countries, reports the Global Times.
Trade between China and Brazil grew by 9.9 percent, outpacing China’s overall trade growth by 4.7 percentage points to hit 1.14 trillion yuan (US$157.62 billion). The January-October period saw Brazil import goods worth 432.08 billion yuan from China, while it exported 708.15 billion yuan in goods to the East Asian nation.
For 15 consecutive years, China has been the top export destination for Brazil, which in January became the first Latin American country to surpass US$100 billion in export value with China – the first time Brazil exceeded that figure with any single trade partner.
[See more: Chinese investment in Brazil rises to US$1.73 billion in 2023]
China bought up a larger share of many top Brazilian exports in the first 10 months of the year, purchasing more than 40 percent of pulp and crude oil exports, and over 70 percent of soybean and iron ore exports.
Exports of Chinese intermediate goods to Brazil rose 11.8 percent year-on-year, accounting for 50.2 percent of all Chinese exports to Brazil for the period, with a value of 216.86 billion yuan. Textiles, auto parts, electrical equipment and display modules also recorded significant growth, with auto parts jumping 26.5 percent, while electrical equipment rose 31.2 percent.
The uptick in Chinese industrial products imported will help fuel Brazil’s re-industrialisation goals, the Global Times says, but analysts point toward the trade relationship supporting modernisation efforts on both sides. Brazilian mining giant Vale, for example, broke the 3-billion-ton mark with its accumulated iron ore exports to China just last year. The ore is critical to the production of steel.
