Brazil leading exports depend on China, 70% of soybeans

Published 2023년 3월 29일

Tridge summary

In 2022, Brazil's exports to China reached over US$90 billion, accounting for around 26% of Brazil's total exports, and resulting in a US$30 billion surplus. The main exports included soy, crude oil, and iron ore, with soy being the highest revenue generator, bringing in over US$46.5 billion, and more than 68% of this revenue came from China. Other significant exports were oil, iron ore, beef, and various agricultural products, with beef exports to China seeing a significant increase of 7,140% over the past ten years. Overall, China is a crucial trading partner for Brazil, but the government is looking to diversify its markets.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Brazil’s main trading partner, China, is the destination for over a quarter of total Brazilian exports, involving more than US$90 billion in 2022 in transactions of commodities such as soy, crude oil, and iron ore – products that dominate the bilateral agenda between the two nations. Brazil’s trade with the Asian superpower resulted in a US$30 billion surplus, half of the total surplus in the Brazilian trade balance. These figures underscore China’s importance to Brazilian foreign trade, but also Brazil’s dependence on Chinese purchases of raw commodities, as President Lula da Silva’s government tries to open up more markets. According to data from Brazil’s Foreign Trade Secretariat, exports to China (including Hong Kong and Macau) totaled US$91.26 billion last year, out of a total US$335 billion overseas sales. Soy, beef, pulp, sugar, chicken meat, cotton, and pork are seven of the ten most exported goods from Brazil to China, earning Brazilian exporters around US$48 billion in ...

Source: MercoPress