China-Brazil Trade Continues to Break Records
Bilateral trade between China and Brazil is continuing to break records. From January to September 2021, the total trade volume between China and Brazil not only exceeded the historical record for the entire year of 2020, but also broke the 100 billion U.S. dollar mark, reaching 105.628 billion U.S. dollars.
The bilateral trade between China and Brazil continues to rise, and Brazil is also facing a huge challenge, which is to increase the share of industrialized products in its exports to China. At present, Brazil’s exports to China are still heavily concentrated in primary products and low-value-added products.
According to the Secretariat of Foreign Trade of the Brazilian Ministry of Economy , from January to September, trade with China provided Brazil with a record surplus of 37.608 billion U.S. dollars, higher than the 37.010 billion U.S. dollars for the whole of last year. As of September, China accounted for 65% of Brazil’s surplus.
In 2020, Brazil’s exports to China increased by 7.0% compared with the previous year, and totaled US$67.788 billion. This year’s growth was even stronger, with an increase of 34.1% and exports reaching US$71.618 billion.
As a result, China’s share of Brazil’s total external sales has risen from 32.4% in 2020 to 34.1% from January to September this year. This means that more than one-third of all exports of Brazilian companies are destined for China.
China’s exports to Brazil performed similarly, albeit with a lower total. For the whole year of 2020, China’s total sales to Brazil totaled 34.778 billion U.S. dollars, a decrease of 3.5% compared with 2019.
In January and September 2021, China’s exports to Brazil totaled 34.010 billion U.S. dollars, a year-on-year increase of 35.2%. China’s share of imports in Brazil has dropped slightly from 21.9% in 2020 to 21.7% in the first nine months of this year.
It is worth noting that, with record numbers and a highly positive situation, Brazil’s exports to China have, as always, concentrated on low-value-added commodities.
Only three products accounted for 81% of exports to China. They are: soybeans, total exports to China were 237 billion U.S. dollars, an increase of 10.8% year-on-year, accounting for 33% of total sales; iron ore, total exports of 23.5 billion U.S. dollars, a sharp increase of 89.4% year-on-year, accounting for 33% of total sales; petroleum, exports totaling $10.5 billion, an increase of 9.85% year-on-year, accounting for 15% of total sales.
Brazil’s exports are still concentrated in primary products, while China’s exports are entirely composed of industrialized products. As of September 2021, China’s main exports to Brazil are telecommunications equipment (3.6 billion U.S. dollars), vacuum tubes (2.6 billion U.S. dollars), chemical compounds (1.69 billion U.S. dollars), other manufacturing products (1.64 billion U.S. dollars), and pharmaceuticals (1.4 billion U.S. dollars). Dollar).
China-Brazil Trade Continues to Break Records - /10
Bilateral trade between China and Brazil is continuing to break records.