Brazil-China trade may hit a record US$120 billion this year.
According to the latest data from the Foreign Trade Secretariat of the Ministry of Economy, by August, Sino-Brazilian trade, both exports and imports, had reached US$93.835 billion, while last year it totalled US$102.566 billion, surpassing the US$100 billion barrier for the first time.
Brazilian exports totalled US$64.422 billion while Chinese sales were US$29.413 billion. The trade balance with China provided Brazil with a surplus of US$35.009 billion. China accounted for approximately 70 per cent of the entire surplus obtained by Brazil in its foreign trade.
From January to August, Brazilian exports to China experienced a sharp increase of 36.1 per cent, and the PRC was the final destination of 34.1 per cent of all exports by Brazilian companies, compared to a share of only 10.1 per cent by the US.
Chinese exports to Brazil also increased significantly in the same period, by 32.1 per cent, elevating the PRC’s stake in the supply of goods to Brazil to 25.1 per cent.
With the US, Brazil’s second main trading partner, trade flow had reached US$42.759 billion by August. It was also the source of the largest Brazilian deficit, of around US$4.406 billion during the same period.