Beijing (TDI): Trade between China and Brazil surged by 9.9% in the first 10 months of 2024 compared to the same period last year, reflecting the strengthening economic ties between the two nations, according to data released by China’s General Administration of Customs on Sunday.
Bilateral trade reached 1.14 trillion yuan ($158.33 billion) during the January-October period, with Chinese exports to Brazil totaling 432.08 billion yuan and imports standing at 708.15 billion yuan.
Both figures showed consistent growth, outpacing the overall growth rate of China’s foreign trade by 4.7 percentage points.
The robust trade figures coincide with the 50th anniversary of diplomatic relations between China and Brazil, marking decades of collaboration and mutual economic benefits.
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Over the years, China has been Brazil’s largest trading partner and export destination for 15 consecutive years, while Brazil remains China’s top trading partner in Latin America.
Brazilian commodities such as soybeans, iron ore, pulp, and crude oil are playing a crucial role in China’s imports, with over 70% of Brazil’s exports of soybeans and iron ore heading to China. Pulp and crude oil exports to China accounted for more than 40% of Brazil’s total in the first 10 months of the year.
On the other hand, China has significantly increased its export of industrial products to Brazil.
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Intermediate goods worth 216.86 billion yuan were shipped to Brazil, marking an 11.8% year-on-year rise and accounting for nearly half of China’s total exports to the South American nation.
The figures highlight the growing economic interdependence between the two countries, with both sides benefiting from a diverse range of trade opportunities.
